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Frolov, D. P. "From transaction costs to transaction value: Overcoming the frictional paradigm." Voprosy Ekonomiki, no. 8 (August 3, 2020): 51–81. http://dx.doi.org/10.32609/0042-8736-2020-8-51-81.
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The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.
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Rambe, Patient, and Johan Bester. "Financial cost implications of inaccurate extraction of transactional data in large African power distribution utility." Problems and Perspectives in Management 14, no. 4 (December 14, 2016): 112–23. http://dx.doi.org/10.21511/ppm.14(4).2016.14.
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In view of the increasingly competitive business world, prudent spending and cost recovery have become the driving force for the optimal performance of large public organizations. This study, therefore, examined the cost-effectiveness of a Large Energy Utility (LEU) in a Southern African country by exploring the relationship between extraction of transactional customer data (that is, data on the servicing and repairing energy faults) and the Utility’s recurrent expenditure (especially its technicians’ overtime bill). Using data mining, a large corpus of the LEU Area Centre (AC) data was extracted to establish the relationship between transactional customer data extraction including capture and the financial cost of the LEU (e.g., recurrent expenditure on overtime bill). Results indicate that incorrect extraction and capturing of transactional customer service data has contributed significantly to the LEU’s escalating overtime wage bill. The data also demonstrate that the correct extraction and capturing of transactional customer service data can positively reduce the financial costs of this LEU. The paper demonstrates one of the few attempts to examine the effects of correct data extraction and capture on the financial resources of struggling large public energy utility. Using Resource Based Theory, the study also demonstrates how technicians’ feedback on incorrect transactions enhances the measurement of inaccurate transactional data albeit a burgeoning overtime wage bill incentives. Keywords: Large Energy Utility, inaccurate transactional data extraction, financial costs, Resource Based View. JEL Classification: L94, L97, C8
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Dwyer, F. Robert, and Sejo Oh. "A Transaction Cost Perspective on Vertical Contractual Structure and Interchannel Competitive Strategies." Journal of Marketing 52, no. 2 (April 1988): 21–34. http://dx.doi.org/10.1177/002224298805200202.
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Despite potent theory to contrast transactional governance in “markets and hierarchies,” the variety of extant channel systems strains this dichotomy. The authors examine three contractually integrated channel systems in the hardware industry: wholesale voluntary chains, dealer cooperatives, and independents. They extrapolate from a transaction cost perspective to frame hypothesized differences in decision making structures and competitive strategic postures across relational forms. Results from a sample survey of retail informants are generally supportive.
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Higashi, Susan Yuko, Mayra Batista Bitencourt Fagundes, Silvia Morales de Queiroz Caleman, Leandro Sauer, and Maria Sylvia Saes. "Plural Forms of Governance at Central Supply Markets." Revista de Administração Contemporânea 21, no. 6 (November 2017): 743–63. http://dx.doi.org/10.1590/1982-7849rac2017160166.
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Abstract This study consists of analyzing the transactional relationship between farmers and authorized contractors at Ceasa-MS. In order to reach the objective proposed by the study, 78 semi-structured questionnaires were distributed among the contractors at Ceasa-MS. The questionnaires had as a theoretical framework the TCE in conjunction with the plural forms theory. Analyzing the transaction dimensions between the farmers and contractors at Ceasa-MS, we perceived that the assets studied possess: (a) average specificity; (b) uncertainty of the transactions is high; (c) and transactions occur on a recurring basis. Keeping such dimensions in mind, the TCE theory foresees that those transactions should happen in hybrid form, however the contractors served themselves with vertical integration and plural forms, the latter being the combination of hybrid forms and vertical integration. The presence of plural forms is explained by the ambiguity in the governing structure and the complexity in the way transactions are monitored. We verified that the use of plural forms or the simultaneous use of vertical integration with hybrid forms within all organizational arrangements, to reduce the transaction cost for the contractors as the combined positive aspects of the hybrid forms and vertical integration nullify their weak points.
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King, Ruth C., Ravi Sen, Fergle D’Aubeterre, and Vikram Sethi. "A Trade Value Perspective on Ecommerce Research." International Journal of E-Business Research 6, no. 2 (April 2010): 59–77. http://dx.doi.org/10.4018/jebr.2010040104.
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The impact of web-based electronic commerce on the process of disintermediation and re-intermediation has been extensively studied. Two major limitations of the existing work are the focus on a single economic measure (i.e., transaction cost minimization) and the examination of channel-structure decisions from only a single perspective (the seller’s). This paper introduces transactional value theory in the context of channel-structure research and integrates it with transaction cost theory to generate a trade value framework. The trade value framework considers channel-structure decisions from the perspectives of both buyers and sellers and is used to analyze the impact of web-based e-commerce on intermediated channel-structures. The proposed framework suggests that intermediaries function best in a channel-structure if they can reduce trade-inhibiting factors and improve trade-enhancing factors. Intermediaries may also prosper if they deliver extraordinary value on one side of the trade value framework to the point that inhibiting factors on the other end of the trade can be overlooked. Intermediaries maximize the value of the trade for both the buyers and the sellers by trading through an intermediated channel-structure as opposed to trading directly.
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Jambulingam, Thanigavelan, and Ravi Kathuria. "Antecedents to buyer-supplier coordination in the pharmaceutical supply chain." International Journal of Pharmaceutical and Healthcare Marketing 14, no. 2 (April 16, 2020): 289–303. http://dx.doi.org/10.1108/ijphm-08-2019-0058.
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Purpose The purpose of this study is to understand the antecedents that influence supply chain coordination in the pharmaceutical supply chain using the transaction cost analysis framework. Design/methodology/approach Data from 156 retail pharmacies on their relationship with the pharmaceutical wholesalers are used to test the hypotheses. Findings The findings of this paper show the importance of antecedents that are based on the transactional cost theory, such as asset specificity and environmental uncertainty. These antecedents impact the supply chain process coordination at different levels – transactional, operational and strategic. Research limitations/implications Future research may investigate additional antecedents using other theoretical lenses. Practical implications Pharmaceutical wholesalers are dependent on pharmaceutical manufacturers for the supply of products and face intense competition that results in lower profit margins. Given that the pharmaceutical industry is strictly regulated, the wholesaler facilitates regulatory compliance of the manufacturers in the distribution process by coordinating with them. But the wholesalers do also face a constant threat from the manufacturers, who could potentially bypass the wholesalers (disintermediation) and go directly to the pharmacies. To counterbalance the dependence, the wholesalers strive to achieve loyalty with the retail pharmacies. Through supply chain coordination, the wholesalers achieve efficiency in procurement for the pharmacies, thus reducing cost and improving their competitive advantage. Social implications Supply chain coordination in the pharmaceutical supply chain improves the safety and security of the pharmaceutical distribution system. Originality/value This paper contributes to the supply chain coordination stream of literature. To the best of the authors’ knowledge, this is the first study to develop the three levels of process coordination in the pharmaceutical supply chain context. This paper shows how process coordination can be achieved between the dyad without vertical integration.
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Aguiar, Leandro Guedes de, Giuliana Ap Santini Pigatto, Sandra Cristina de Oliveira, and Luiz Fernando Paulillo. "Governance and Social Network: Analysis in Cooperatives of Small Citrus Producers in the São Paulo State, Brazil." International Journal of Social Science Studies 9, no. 1 (December 28, 2020): 52. http://dx.doi.org/10.11114/ijsss.v9i1.5074.
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The purpose of this paper is to investigate if the network governance structure adopted by small producers’ citrus cooperatives has allowed the reduction of risks in transactions, ex-ante (adverse selection) and ex-post (moral hazard), and the problems of opportunism downstream and upstream of the production chain. The planned methodological procedure included the structuring and research of two case studies in cooperatives of small orange producers in the interior of the state of São Paulo, Brazil, comprising a sample of 35 cooperative members surveyed between the two cooperatives analyzed. The analyzes were supported by the Transaction Cost Economics and Social Network approaches. Results indicate the importance of the cooperatives and their network format, as economic agents, in maintaining small producers in the citrus industry activity, allowing the reduction of risks in transactions and the problems of opportunism, downstream and upstream of the chain. It was verified the academic contribution and theoretical reinforcement brought by this study - through the empirical surveys and results produced - to the theory of hybrid governance formats, which lacks empirical support and greater analytical strengthening on the part of the academy, according to its own authors. It is suggested, for future analysis, the use of the network governance approach aimed at strengthening the class of small producers of other agribusiness cultures, also using the theoretical basis belonging to NIE, TCE and Networks. The continuity of analyzes based on relational governance, with institutional and transactional economics as a basis, represents not only academic documentation and support for small rural producers of different cultures, but also the guarantee of theoretical robustness to a structure that is still incipient in historical terms, which finds in Brazilian agribusiness a fertile ground for its development and materialization.
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Wan, Qingyao, Yang Yuan, and Fujun Lai. "Disentangling the driving factors of logistics outsourcing: a configurational perspective." Journal of Enterprise Information Management 32, no. 6 (October 11, 2019): 964–92. http://dx.doi.org/10.1108/jeim-10-2018-0236.
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Purpose The purpose of this paper is to explore how external pressures, internal capability and transaction attributes of logistics outsourcing synergically influence the extent of asset-based and non-asset-based logistics outsourcing. Design/methodology/approach Based on the data surveyed from 250 manufacturing companies in China, this study employed fuzzy-set qualitative comparative analysis (fsQCA) to deduce multiple configurations for logistics outsourcing decisions. Findings The results suggest that asset-based logistics outsourcing is primarily driven by external imitation pressures or internal demands for logistics technologies, while non-asset-based logistics outsourcing is mainly driven by the demands for external management-based logistics services. Asset specificity plays a positive role in promoting both asset-based and non-asset-based logistics outsourcing. The requirement for third-party logistics (3PL) management capability depends on the outsourcing types and outsourcing causes. Practical implications This study provides guidance to practitioners for them to make outsourcing decisions. It suggests that asset-based logistics outsourcing is more appropriate when there are high external imitation pressures or more internal logistics demands, while non-asset-based logistics outsourcing should be used only when a firm needs management-based logistics services. Besides, 3PL users are suggested to outsource their logistics when their 3PL providers are required to make specific investments. In addition, managers should carefully evaluate firms’ capabilities in managing outsourcing relationships. Originality/value Previous studies largely ignored the interaction effects of a set of factors on logistics outsourcing decisions, and to date, little research empirically examined how outsourcing is driven in terms of different types of outsourcing. Drawing on the institutional theory, dynamic capability view, and transaction cost theory and overarching under the complexity theory, this study examines how institutional, organizational and transactional factors interplay with each other to influence different types of logistics outsourcing (i.e. asset based and non-asset based). Methodologically, the configural analysis (i.e. fsQCA) is applied to explore complex causal configurations that drive logistics outsourcing.
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A. Hammad, Mahmoud, Ahmed Ali, Ahmed Barakat, Ahmed Dabees, Mohamed Gamil, Sobhy Mostafa, and Islam Hanafi. "A Comparative Study of Antecedents to Contracting Practice in Buyer-Seller Relationships in Egypt and China." Archives of Business Research 7, no. 12 (January 3, 2020): 187–206. http://dx.doi.org/10.14738/abr.712.7513.
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The purpose of this study is to analyze the influences of transaction factors on inter-firms relationships in different businesses. The study focuses on the comparison between the Chinese and Egyptian business with regarding to buyer and seller relationships in textile industry in order to find out the differences in buyer-seller relationships between Egypt and China and how the cultural factors influence the contracting practice between these two countries. Therefore, transaction cost analysis (TCA), relational contracting theory (RCT) and resource dependence theory (RDT) would act as the important tools to find out how the business relationship works in different culture background. Combining the three theories, we can conclude the general view about the transaction mechanism in the two countries. Chinese market situation, weak legal system and informal institutions combining with the “guanxi” embedded business environment make the Chinese small firms rely on the relational contracting more than formal contracting. Meanwhile, the high value for law makes Egyptians prefer to formal contracting. The findings highlight the fact that the level of contracting mechanism was found to be more positive in Egypt than in China and was statistically significant. In other words, the Egyptians tend to use the formal transactional mechanisms which emphasize legal conditions and incentive systems, whereas the Chinese prefer the relational mechanisms that govern exchanges through moral control and trust in the relationships between the buyers and suppliers. A hierarchical multiple regression approach employing the OLS regression model was carried out and the findings show that almost 30% of contracting mechanisms can be explained by the model, while the remaining percentage (70%) can be explained by other factors not included in the research model. In addition, the findings revealed that the association between supplier specific investments and contracting becomes significantly more enforced in Egypt than in China when the size of the buying firm increases. Furthermore, contracts have a control effect on buyer-supplier relationships in case of unanticipated eventualities.
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Prakash, Chandra, Maria Besiou, Parikshit Charan, and Sumeet Gupta. "Organization theory in humanitarian operations: a review and suggested research agenda." Journal of Humanitarian Logistics and Supply Chain Management 10, no. 2 (March 31, 2020): 261–84. http://dx.doi.org/10.1108/jhlscm-08-2019-0051.
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PurposeThe purpose of this paper is to review the current application of organization theory (OT) in the humanitarian supply chain (HSC) and identify the future OT-based research opportunities that can advance knowledge of humanitarian operations.Design/methodology/approachThe study uses a systematic literature review methodology to identify the current status and future direction of the OT-based study in HSC literature. The applied theories are those that have been mentioned in at least two research articles in the HSC literature. The proposed theories are either adopted from the top four referred organizational theories in the supply chain literature or those that can explain the issue of information asymmetry in HSC.FindingsThe study identifies and describes eight organizational theories and their possible future research questions in HSC. Among these, the first four theories (i.e. resource-based theory, resource dependence theory, social exchange theory and contingency theory) have already been initially applied in the humanitarian field, while the remaining theories (i.e. institutional theory, stakeholder theory, transactional cost theory and information theory) have potential for future application.Research limitations/implicationsThe reviewed literature is limited to peer-reviewed journals listed in Thomson Reuters’ journal citation reports.Practical implicationsThis study may help future researchers better understand and solve, using organizational theory, the behavioral challenges faced by humanitarian operations.Originality/valueThe study presents current applications of and future prospects for OT-based research in HSC, effectively providing the first review of OT applications in this area. The novel framework and new theories proposed herein may enable fresh directions for HSC research.
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Peng, Shuang, Ming You Zhou, and Wei Xin Yu. "On how the Knowledge Network Reduces Knowledge Transaction Cost: From the Prospect of Transaction Cost Theory." Applied Mechanics and Materials 357-360 (August 2013): 2834–38. http://dx.doi.org/10.4028/www.scientific.net/amm.357-360.2834.
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Nowadays more and more organizations choose to set up knowledge networks to share knowledge or create new knowledge. Why organizations choose the way of setting up knowledge networks, a kind of inter-firm organization, instead of creating the knowledge by themselves or marketing transactions to obtain the needed knowledge is that the knowledge network can create and obtain new knowledge at the cost less than that of self-creation and market transactions. This article studies how the knowledge network can reduce the internal and inter-organizational knowledge transaction cost.
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Moser, Sabine, Jan H. Schumann, Florian von Wangenheim, Fabian Uhrich, and Felix Frank. "The Effect of a Service Provider’s Competitive Market Position on Churn Among Flat-Rate Customers." Journal of Service Research 21, no. 3 (January 24, 2018): 319–35. http://dx.doi.org/10.1177/1094670517752458.
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Flat-rate pricing, as opposed to charging customers for actual usage, dominates many service industries (e.g., telecommunications, health clubs, and music streaming), and customers often express a flat-rate bias and choose flat rates even if a pay-per-use tariff would be less expensive for them. However, evidence of the effect of this bias on churn is mixed. The competitive market position of a service provider may represent a relevant contingency factor related to this effect; building on attribution theory, the current study predicts that customers attribute their flat-rate bias differently, depending on service providers’ strategic positioning, which leads to varying churn behavior. A survival analysis of approximately 2 years’ transactional data gathered from 21,490 customers of a premium Internet service provider affirms that a flat-rate bias leads to churn in the premium segment. Two experimental studies show that customers of premium service providers attribute their flat-rate bias more externally and exhibit lower fairness perceptions but increased churn intentions compared to low-cost customers who make internal attributions and who thus have less negative perceptions and lower churn intentions. Therefore, premium service managers must proactively manage customers who exhibit flat-rate biases to prevent their negative reactions. Low-cost providers generally have less need for such action and can benefit from flat rates without risking increased churn, despite higher price sensitivity of their customers.
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Hillemann, Jenny, and Alain Verbeke. "Efficiency-driven, comparative institutional analysis in international business." Multinational Business Review 23, no. 3 (September 21, 2015): 188–99. http://dx.doi.org/10.1108/mbr-06-2015-0023.
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Purpose – This paper aims to apply internalization theory in the context of economic efficiency-driven institutions interacting with societal institutions that pursue broader goals. Design/methodology/approach – The analysis builds upon Buckley and Boddewyn’s (2015, this issue) recent work on the perceived need for multinational enterprises (MNEs) to supply public goods outside of their sphere of technical competences. This paper proposes a more restrictive approach: external markets will only be internalized if, on balance, the efficiency benefits of internalization outweigh its costs at the firm level, in line with orthodox internalization theory. Findings – MNEs replacing the activities of failing (or even absent) public sector institutions is a business phenomenon commonly observed in less developed economies. However, positive distributional effects and societal externalities without the required efficiency benefits at the firm level are insufficient for MNEs’ supply to occur. Practical implications – Managerial decisions in the internalization sphere will be guided by the transactional characteristics of the MNEs’ firm-specific advantages (FSAs) and the requisite complementary resources held by host country economic actors. Internalization theory thinking suggests applying various, specific principles to assess in a comparative institutional fashion whether “diversification” into supplying public goods will serve the MNEs’ efficiency goals, namely, the “cost of entry” test, the “better-off” test and the “value capture” test. Originality/value – Internalization theory provides a solid, efficiency-driven rationale to guide MNE choices on which activities the firm will conduct internally. The nature of the MNEs FSAs and the most efficient, feasible option to bundle firm-level resources and locally held resources in host environments are critical to these choices.
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Cordelia, Antonio. "Transaction Costs and Information Systems: Does IT Add Up?" Journal of Information Technology 21, no. 3 (September 2006): 195–202. http://dx.doi.org/10.1057/palgrave.jit.2000066.
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Transaction cost theory has often been used to support the use of information and communication technology (ICT) to reduce imperfection in the economic system. Electronic markets and hierarchies have repeatedly been described as solutions to inefficiencies in the organisation of transactions in complex and uncertain settings. Far from criticising this assumption, this paper highlights the limits associated with this application of transaction cost theory that has been prevalent in IS research. Building on the concepts first proposed by Ciborra, the paper argues that information-related problems represent only some of the elements contributing to transaction costs. These costs also emerge due to the interdependencies among the various factors contributing to their growth. The study of the consequences associated with ICT design and implementation, grounded in transaction cost theory, should consider the overall implication associated with the adoption and use of ICT and not only the direct effect on problems associated with information flow, distribution, and management.
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Hu, Qianqian, Tianlun Zhu, Chien-Liang Lin, Tiejun Chen, and Tachia Chin. "Corporate Social Responsibility and Firm Performance in China’s Manufacturing: A Global Perspective of Business Models." Sustainability 13, no. 4 (February 23, 2021): 2388. http://dx.doi.org/10.3390/su13042388.
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In a globalized and digital world, manufacturing firms have used internet technology to conduct value appropriation (VA). However, during the COVID-19 crisis, export-led manufacturing firms around the world, particularly those in developing countries, have been forced to lay off workers and cope with VA-related problems, and serious survival problems have resulted in critical corporate social responsibility (CSR)-related challenges. Whereas limited research has discussed relevant issues in nonwestern contexts, we adopt a global perspective of business model and transactional cost theory, aiming to fill this gap by investigating the mechanisms among different dimensions of CSR implementation, firm performance, and VA herein. Based on a sample of listed Chinese manufacturing firms, the results show that the CSR technique dimension is negatively related to firm performance, that the CSR content dimension is positively related to firm performance, and that VA positively moderates the relationships of all three CSR dimensions to firm performance. The main contribution here is providing a more comprehensive understanding of how different CSR dimensions reflect firms’ multiple ethical behaviors, which influence their sustainable performance, respectively, thus enriching the existing knowledge of CSR studies in a new digital era riddled with uncertainties and complexities. We also offer practical implications for other export-led manufacturing firms in developing countries facing turbulent times.
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Hsieh, Ching-Tang, Hao-Chen Huang, and Wei-Long Lee. "Using transaction cost economics to explain open innovation in start-ups." Management Decision 54, no. 9 (October 17, 2016): 2133–56. http://dx.doi.org/10.1108/md-01-2016-0012.
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Purpose The basic concept of transaction cost theory is that firms like to conduct transactions in a channel with lower transaction costs. Therefore, the purpose of this paper is to use the transaction cost perspective to identify which conditions cause companies to choose between outbound open innovation (hierarchy governance) and inbound open innovation (market governance). Design/methodology/approach Accordingly, transaction cost economics was used to relate the choice and implementation of open innovation using a sample of 250 electronics and information start-ups in China. Structural equation modeling was used to conduct confirmatory factor analysis to evaluate measurement model, while logistic regression analysis was used to test the hypotheses. Findings As expected, the dedicated asset specificity, human asset specificity, behavioral uncertainty, transaction frequency, and small number exchange were positively associated with outbound open innovation. Originality/value The contribution of this paper lies in explaining the role played by transaction cost economics in the process of open innovation for start-ups through empirical analysis.
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Subirana, Brian, and Patricia Carvajal. "Transaction Streams: Theory and Examples Related to Confidence in Internet-Based Electronic Commerce." Journal of Information Technology 15, no. 1 (March 2000): 3–16. http://dx.doi.org/10.1177/026839620001500102.
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This paper analyses how transactions related to the exchange of goods and services are being performed on the Internet. The adoption of electronic markets in an industry has a disintermediation potential because it can create a direct link between the producer and the consumer (without the need for the intermediation role of distributors). Electronic markets lower the searches cost allowing customers to choose between more providers. This ultimately reduces both the costs for the customer and the profits for the producer. In this paper it is contended that electronic markets on the Internet have the opposite effect, resulting in an increase in intermediators. It introduces transaction streams which model how transactions are being conducted and helps explain the types of new intermediators that are appearing on the Internet. The mechanisms by which companies are exploring ways of extending transaction streams are also described. To illustrate the model, the paper briefly analyses transaction streams in the insurance industry and provides examples related to confidence in electronic commerce.
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Nwabuzor, Emmanuel O. "Real Property Security Interests in Nigeria: Constraints of the Land Use Act." Journal of African Law 38, no. 1 (1994): 1–18. http://dx.doi.org/10.1017/s0021855300011426.
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The modern idea of secured transactions is based on the notion of economic efficiency, which implies the minimization of transaction costs while ensuring optimal returns. The efficiency theory posits that unclear definitions and unprotected allocation of property rights inhibit the production of wealth, because they raise the transaction costs of land and impede exchange. The more precisely property rights are stated and assigned, the lower the cost of establishing ownership, and the extent of one's interest in any given piece of land.1 Proceeding from the efficiency theory, contemporary commercial practice is not willing to accommodate the ancient, unnecessarily complicated system of conveyancing, which makes the taking of security in real property expensive. Thus, an efficient regime of secured transactions should be simple, fast, cheap and predictable.
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Szkudlarek, Piotr. "Telecommunications services market in the light of the Agency Theory and the Transaction Cost Theory under New Institutional Economics: case for Poland." JOURNAL OF INTERNATIONAL STUDIES 7, no. 3 (November 20, 2014): 70–80. http://dx.doi.org/10.14254/2071-8330.2014/7-3/6.
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Hasan, Mohammad Raihanul, Deng Shiming, Mollah Aminul Islam, and Muhammed Zakir Hossain. "Operational efficiency effects of blockchain technology implementation in firms." Review of International Business and Strategy 30, no. 2 (March 23, 2020): 163–81. http://dx.doi.org/10.1108/ribs-05-2019-0069.
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Purpose The purpose of this study is to evaluate the effect of blockchain technology on firms’ operational efficiency in the context of China. Design/methodology/approach The authors use panel data for blockchain-based companies listed on stock exchanges in China (Shanghai, Shenzhen and Hong Kong) between 2014 and 2018. The operational efficiency of firms that deploy blockchain technology is evaluated using ordinary least squares and system generalized method of moments estimation. Findings Results suggest that companies’ current year performance exceeds the previous year performance because of blockchain deployment in firms’ operations. Firms with higher financial leverage and return on assets reap more benefits from blockchain. Larger and older firms benefit less from blockchain implementation. Stochastic frontier estimation suggests that, on average, firms attain a 57.76 per cent technical efficiency level, or, put differently, they operate 42.24 per cent below their maximum level of potential output. Originality/value Blockchain can benefit firms in terms of consensus, security and trust, spurring the evolution of a new form of organizational dynamics. This study explores the theory of transactional cost analysis under blockchain technology. In addition, this study hypothesizes and empirically demonstrates the significant impacts of blockchain technology on corporations’ operational efficiency, using audited, externally reported financial data. Industry professionals can reap benefits from this research by noticing the magnitude of changes in firms’ financial parameters attributable to blockchain adoption.
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Shin, Youngran, Vinh Thai, and Kum Fai Yuen. "The impact of supply chain relationship quality on performance in the maritime logistics industry in light of firm characteristics." International Journal of Logistics Management 29, no. 3 (August 13, 2018): 1077–97. http://dx.doi.org/10.1108/ijlm-10-2016-0227.
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Purpose Anchoring on configuration theory, the purpose of this paper is to evaluate how supply chain relationship quality (SCRQ) differs across firm characteristics (FC) in the maritime logistics industry. In addition, it utilises transactional cost theory to establish the relationship between SCRQ and supply chain performance (SCP). Design/methodology/approach The data were obtained from a survey with 205 maritime logistics service players (shipping firms, shippers and freight forwarders) in Singapore. MANOVA and t-test analyses are used to examine the difference in SCRQ (i.e. trust and commitment) across FC which includes firm types and ownership types. Thereafter, structural equation modelling is employed to examine the influence of SCRQ on SCP. Findings The results indicate that the effects of trust and commitment on SCRQ vary significantly. It was also found that trust as an aspect of SCRQ has a significant impact on SCP, whereas commitment does not. Research limitations/implications As the field data were obtained from only one industry, future replication of the findings to other industries should consider industry-specific factors, if applicable. Practical implications It is suggested that maritime logistics service players should carefully manage trust and commitment to simultaneously enable SCP. By identifying the various aspects of FC that contribute to SCRQ, maritime logistics service providers could devise appropriate strategies for different customer segments more effectively. Originality/value This study expands current supply chain research by linking two dimensions of SCRQ in relationship marketing with SCP in supply chain management. It is also one of the first empirical attempts to explore the role of FC in the linkage between SCRQ and SCP in the maritime logistics industry.
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Deng, Meie, and Anlu Zhang. "Effect of Transaction Rules on Enterprise Transaction Costs Based on Williamson Transaction Cost Theory in Nanhai, China." Sustainability 12, no. 3 (February 5, 2020): 1129. http://dx.doi.org/10.3390/su12031129.
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The high transaction costs due to the incomplete information and transaction rules of the rural collective construction land (RCCL) market indicate that the government must improve the rural collective construction land market. Transaction rules are an important means for the government to intervene in the market and promote the development of market order, to secure land tenure, and to improve the disclosure of information. Vertical integration may reduce enterprise transaction costs but will increase the governance cost of internal organizations in enterprises. Land commercialization and corporate governance restructuring is a considerable challenge worldwide. Using a field survey in Nanhai district, Guangdong province, China, we estimated how the transaction costs of the RCCL are influenced not only by three dimensions of transaction rules—openness, equity, and justice—but also by the human asset in EC or EJC. Tobit models were constructed, and the results show that (1) the greater number of collective leaders, the higher the enterprise transaction cost (human asset in EC or EJC increases transaction costs of enterprises) and (2) the transaction rules are not sufficiently open or fair, which leads to high costs of market information searching, opportunism, and corruption. The transaction information is not transparent and the lag in transaction supervision mode gives rise to unfair transactions, in which the formation mode of land price is unreasonable. Therefore, we suggest that the transaction rules of RCCL market should be further improved in the three dimensions of openness, equity, and justice. Chinese authorities should strengthen their current efforts to build a more open and fair market by reducing the transaction costs of enterprises and improving the transaction efficiency. Our work provides some insights into the improvement of market efficiency which will contribute to the development of the RCCL market in other areas of China and worldwide.
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Liu, Jun, Jinchun Chen, Chao Wang, Zhang Chen, and Xinglei Liu. "Market Trading Model of Urban Energy Internet Based on Tripartite Game Theory." Energies 13, no. 7 (April 10, 2020): 1834. http://dx.doi.org/10.3390/en13071834.
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As an important driving force to promote the energy revolution, the emergence of the energy internet has provided new ideas for the marketization and flexibility of multi-energy transactions. How to realize multi-energy joint trading is a key issue in the development of the energy market. An urban energy internet market trading model among energy suppliers, energy service providers and the large users in the urban area, based on tripartite game theory, is established in this paper. Considering the cost–income function of each market entity and the basic market trading mechanism, a new game-tree search method is proposed to solve the Nash equilibria for the game model. The Nash equilibria of the tripartite game can be obtained, and the market transaction status corresponding to the Nash equilibria is analyzed from the perspective of the market transactions. The multi-energy joint transaction and market equilibria can be easily implemented for the bids and offers of the multiple energy entities in the urban energy internet market.
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Darabi, Hassan, and Danon Jalali. "Illuminating the formal–informal dichotomy in land development on the basis of transaction cost theory." Planning Theory 18, no. 1 (June 5, 2018): 100–121. http://dx.doi.org/10.1177/1473095218779111.
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Transaction cost theory is largely used to investigate the formal domain of land and housing. In the informal domain, however, this perspective has been employed largely as a supplement in addressing the other fundamental notion in new institutional economics—property rights—despite the possibility that informality in land development can emerge regardless of the informality or formality of such rights. To cover this gap, this study developed a theoretical framework based on transaction cost theory to explain the formal–informal dichotomy in land development. The proposed framework maintains that land development depends on engaging in transactions that involve total or partial ownership of a combination of capital and land through lease and/or sale contracts, which enable landowners to earn from the new rental prices produced by the increase in land prices. Landowners are afforded two avenues from which to reduce transaction costs, namely, formal and informal institutional frameworks, each defining and enforcing restrictive rules on agents’ actions. These avenues, however, are simultaneously a source of new transaction costs that can affect the expected financial return of land development. Landowners therefore tend to choose the institutional framework that entails lower transaction costs but enables higher gains. Thus, the higher transaction costs associated with a formal institutional framework are the primary deterrents to the selection of this structure. In turn, informal land development continues to expand, regardless of the existence of formal prohibitive measures. We investigated the formal–informal dichotomy in the rural land development process in Tehran Province, Iran. The results indicated that transaction costs cause inefficiency in formal institutions, thereby driving the perpetuation of informal development.
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Saravia Matus, Jimmy A., and Silvia Saravia-Matus. "Corporate governance and transaction cost economics: A study of the equity governance structure." Corporate Board role duties and composition 12, no. 1 (2016): 33–44. http://dx.doi.org/10.22495/cbv12i1art4.
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This paper extends the Transaction Cost Economics (TCE) theory of the equity governance structure by introducing a (hitherto absent) full analysis of the key TCE issue of bilateral dependency between the firm and its shareholders. In addition, the paper discusses the implications of the analysis for the topic of corporate governance and firm performance. We find that when bilateral dependency holds contractual hazards are mitigated as predicted by TCE, but that when it does not contractual safeguards are altered to the disadvantage of shareholders and managerial discretion costs increase as reflected by lower firm valuation. Importantly, our study documents for the first time a class of transactions where business relationships persist indefinitely even though transaction costs are not minimized.
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Zhao, Wenting, Jun Lv, Xilong Yao, Juanjuan Zhao, Zhixin Jin, Yan Qiang, Zheng Che, and Chunwu Wei. "Consortium Blockchain-Based Microgrid Market Transaction Research." Energies 12, no. 20 (October 9, 2019): 3812. http://dx.doi.org/10.3390/en12203812.
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The microgrid trading market can effectively solve the problem of in-situ consumption of distributed energy and reduce the impact of distributed generation (DG) on the grid. However, the traditional microgrid trading model has some shortcomings, such as high operation cost and poor security. Therefore, in this paper, a microgrid market trading model was developed using consortium blockchain technology and Nash game equilibrium theory. Firstly, blockchain container is used to authenticate the users who want to participate in the transaction. Then, the pricing system collects and integrates transaction requests submitted by users, then formulates transaction pricing strategy of microgrid using Nash equilibrium theory. Finally, the price, trading volume, and user information are submitted to the blockchain container for transaction matching to achieve the transaction. After the transaction is completed, its related information is recorded in the hyperledger and the dispatch system is called. The scene simulation was implemented on Fabric 1.1 platform and the results analyzed. Results show that the trading model proposed in this paper greatly reduces the cost of electricity purchase and improves the benefits of electricity sales. Besides, the model is far more capable of handling transactions than the models based on Bitcoin and Ethereum.
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Merz, Markus. "Contemporaneous financial intermediation." Digital Finance 3, no. 1 (March 2021): 25–44. http://dx.doi.org/10.1007/s42521-021-00029-3.
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AbstractDigital innovations in banking and payments recently have garnered a great deal of attention. Specifically, distributed ledger technology (DLT) has the potential to fundamentally change the roles and responsibilities of stakeholders in the financial sector. DLT is a novel and fast-evolving approach to record and share data, e.g., payment transactions, among members of a decentralized network. Using transaction cost theory, the paper examines how DLT will change the cross-border payment infrastructure. DLT can reduce the overall transaction costs potentially resulting in the disappearance of correspondent banks.
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Guan, Xinjian, Qiongying Du, Wenge Zhang, and Baoyong Wang. "Study on the Pricing of Water Rights Transaction between Irrigation Water Users Based on Cooperative Game in China." Water 13, no. 12 (June 16, 2021): 1672. http://dx.doi.org/10.3390/w13121672.
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China’s water rights transaction is still in the initial stage of development. There is no systematic pricing method for water rights transactions between farmers. This paper puts forward a pricing model of water rights transactions among farmers in water-deficient areas. The price of water rights transaction consists of cost price and earnings price. The earnings price is determined by studying the crop water production function, calculating the crop’s marginal benefit of the two parties, and combining the Cooperative Game Theory. Finally, the pricing model was applied to the water rights transactions among the farmers of Hetao Irrigation District of Bayannaoer City, Inner Mongolia Autonomous Region. Results showed that under the A4 trading strategy, the overall income increased without losing the interests of any farmer. The increasing income of the three farmer households N1, N2, and N3 after the alliance was 8.14 thousand dollars, 4.66 thousand dollars, and 20.33 thousand dollars, respectively, and the water rights transaction prices of N3 and N1, N2 were respectively 0.485 $/m3, 0.565 $/m3. It is estimated that the model can provide a scientific basis for water rights trading between farmers and the efficient use of water resources.
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Panova, Anna A. "Transaction Cost Theory: Origin and Development." Economic Policy 13, no. 4 (2018): 90–107. http://dx.doi.org/10.18288/1994-5124-2018-4-05.
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Hennart, Jean-François. "Transaction Cost Theory and International Business." Journal of Retailing 86, no. 3 (September 2010): 257–69. http://dx.doi.org/10.1016/j.jretai.2010.07.009.
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North, Douglass C. "A Transaction Cost Theory of Politics." Journal of Theoretical Politics 2, no. 4 (October 1990): 355–67. http://dx.doi.org/10.1177/0951692890002004001.
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Alexander, Ernest R. "A Transaction Cost Theory of Planning." Journal of the American Planning Association 58, no. 2 (June 30, 1992): 190–200. http://dx.doi.org/10.1080/01944369208975793.
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WILLIAMSON, OLIVER E. "Transaction Cost Economics and Organization Theory." Industrial and Corporate Change 2, no. 1 (1993): 107–56. http://dx.doi.org/10.1093/icc/2.1.107.
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WILLIAMSON, OLIVER E. "Transaction Cost Economics and Organization Theory." Industrial and Corporate Change 2, no. 2 (1993): 107–56. http://dx.doi.org/10.1093/icc/2.2.107.
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Quélin, Bertrand. "Outsourcing: A transaction cost theory approach." Réseaux. The French journal of communication 6, no. 1 (1998): 75–98. http://dx.doi.org/10.3406/reso.1998.3338.
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Zhang, Zhong-jie, Jian Huang, and Ying Wei. "FI-FG: Frequent Item Sets Mining from Datasets with High Number of Transactions by Granular Computing and Fuzzy Set Theory." Mathematical Problems in Engineering 2015 (2015): 1–14. http://dx.doi.org/10.1155/2015/623240.
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Mining frequent item set (FI) is an important issue in data mining. Considering the limitations of those exact algorithms and sampling methods, a novel FI mining algorithm based on granular computing and fuzzy set theory (FI-GF) is proposed, which mines those datasets with high number of transactions more efficiently. Firstly, the granularity is applied, which compresses the transactions to some granules for reducing the scanning cost. During the granularity, each granule is represented by a fuzzy set, and the transaction scale represented by a granule is optimized. Then, fuzzy set theory is used to compute the supports of item sets based on those granules, which faces the uncertainty brought by the granularity and ensures the accuracy of the final results. Finally, Apriori is applied to get the FIs based on those granules and the new computing way of supports. Through five datasets, FI-GF is compared with the original Apriori to prove its reliability and efficiency and is compared with a representative progressive sampling way, RC-SS, to prove the advantage of the granularity to the sampling method. Results show that FI-GF not only successfully saves the time cost by scanning transactions but also has the high reliability. Meanwhile, the granularity has advantages to those progressive sampling methods.
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Jarka, Sławomir. "THE PROBLEM OF THE OPTIMAL VOLUME OF ENTERPRISE PRODUCTION IN THE LIGHT OF THE THEORY OF TRANSACTION COSTS AND THE PRACTICE OF OUTSOURCING." Acta Scientiarum Polonorum. Oeconomia 17, no. 4 (December 30, 2018): 79–86. http://dx.doi.org/10.22630/aspe.2018.17.4.54.
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The purpose of the article was to determine the importance of outsourcing and transaction costs accompanying it in the process of optimizing company structures. The practical reference of the adopted research objective was to indicate the optimal size of the enterprise. The aim is also to indicate, based on literature research, the impact of the transaction cost theory on the development of outsourcing. The findings of research show that the optimal size of the enterprise corresponds to the production volume at which the transaction function indicates the decreasing level of their marginal product, until the value reaches 0. With a high specificity of the company’s resources, which requires the use of specific technologies, there are transaction costs on this account that shape the price of the goods being the subject of the transaction. Thus, when further increasing the size of the production company, one should also take into account the added transaction costs, among others, control and monitoring of transactions. Modern enterprises focus their actions on key areas of activity. They give up production of what outsourcing providers can do more effectively, leaving what is specific for a given product, determining the company’s identity and the essence of production.
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VALENTINOV, V. "Third sector organizations in rural development: a transaction cost perspective." Agricultural and Food Science 18, no. 1 (December 4, 2008): 3. http://dx.doi.org/10.2137/145960609788066825.
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In many parts of the world, rural development is supported by third sector organizations, such as nongovernmental organizations, farmer associations, and cooperatives. This essay develops a transaction cost explanation of these organizations role in rural areas. Since the traditional transaction cost theory is concerned with the choice of governance mechanisms within the for-profit sector, this essay adopts an alternative conceptualization of the notion of transaction cost by building on the theory of the division of labor. This theory regards transaction cost as a constraint on the division of labor causing the replacement of exchange with self-sufficiency. The proposed transaction cost explanation of rural third sector organizations consists of two arguments: 1) third sector organizations embody partial reliance on self-sufficiency; and 2) rural areas exhibit rurality-specific transaction cost acting as a constraint on the division of labor and thus creating a niche for third sector organizations. The essay concludes with suggesting a research program on developing an economic theory of the rural third sector.;
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TIMOSHENKOV, I. V., and O. M. NASHCHEKINA. "Вusiness taxation: a transaction cost theory perspective." ECONOMIC THEORY AND LAW 32, no. 1 (2018): 86–112. http://dx.doi.org/10.31359/2411-5584-2018-32-1-86.
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Rindfleisch, Aric. "Transaction cost theory: past, present and future." AMS Review 10, no. 1-2 (August 5, 2019): 85–97. http://dx.doi.org/10.1007/s13162-019-00151-x.
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Carlos, Ann M., and Stephen Nicholas. "“Giants of an Earlier Capitalism”: The Chartered Trading Companies as Modern Multinationals." Business History Review 62, no. 3 (1988): 398–419. http://dx.doi.org/10.2307/3115542.
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Much has been written about late-nineteenth-century multinationals and their relationship to the transnational firms of the present, but both historians and economists have largely discounted the relevance of the earlier chartered trading companies to this discussion. In an article emphasizing transaction cost analysis and the theory of the firm, Professors Carlos and Nicholas argue that the trading companies did meet the criteria of the modern MNE—the growth of a managerial hierarchy necessitated by a large volume of transactions and of systems to control those managers over space and time.
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P C, Abdul Rasheed, T. Mallikarjunappa, and K. T. Thomachan. "Promoter Ownership, Related Party Transactions and Firm Performance: A Study Among Selected Companies in India." FIIB Business Review 8, no. 3 (April 21, 2019): 205–17. http://dx.doi.org/10.1177/2319714519834400.
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Related party transactions (RPTs) either bring efficiency in transaction or result in conflict of interest between majority and minority shareholders. RPTs realize efficiency in transactions by reducing the transaction cost and facilitating smooth transfer of goods and services between parties. Conflict of interest may arise if the majority shareholders use RPTs as a tool for expropriating the wealth of minority shareholders. When RPTs are in line with efficiency enhancing theory, they help to improve firm performance; and when they are the results of opportunistic behaviour of the majority shareholders, they negatively affect the performance of firm. Since most companies in India engage in various kinds of business dealings with their related parties, it is relevant to analyse RPTs in India. The study based on 2002 firms listed in BSE for the period of 2011–2017 shows that RPTs positively affect firm performance. Considering various types of RPTs, total revenue income from related parties and revenue expenses by them positively affect firm performance. Also, the results underline that promoters’ holding does not have any interaction effects on the association between RPTs and firm performance.
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Tsang, Eric W. K. "Transaction Cost and Resource-Based Explanations of Joint Ventures: A Comparison and Synthesis." Organization Studies 21, no. 1 (January 2000): 215–42. http://dx.doi.org/10.1177/0170840600211004.
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Transaction cost theory has been the dominant theoretical lens used in the study of joint ventures. The purpose of this paper is to explain the formation of joint ventures from the resource-based perspective and to compare this perspective with transaction cost theory. By focusing on the cost aspect of a transaction, the transaction cost logic explains joint ventures in terms of market failure for intermediate inputs, asset specificity, and high uncertainty over specifying and monitoring performance. Putting more emphasis on the benefit side of a transaction, resource-based theory regards joint ventures as a means of exploiting and developing a firm's resources. The transaction cost and resource-based explanations are, to a certain extent, complementary. Taking the stance of theoretical pluralism, an attempt is made to synthesize the two theories into a more comprehensive perspective which takes both costs and benefits into account.
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Abdulfattah, M. Rizky Wady, and Rachmat Rizky Kurniawan. "Uang Elektronik Dalam Perspektif Islam." JURNAL EKONOMI DAN PERBANKAN SYARIAH 6, no. 1 (August 26, 2019): 90–106. http://dx.doi.org/10.46899/jeps.v6i1.89.
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Payment system into non-cash payment form is more efficient and economical. Electronic money arises as an answer to the community's need for a micro payment instrument that is expected to make the payment process faster, more efficient and safer at a relatively cheaper cost, but not all electronic money issued in accordance with the concept of sharia. This study is intended to find out electronic money in Islamic perspective on the contract and sharia principles applied to electronic money transactions. This research uses descriptive method using library learning method, that is studying theory, system, and how to work electronic money so that can found the relation of law and provision in electronic money transaction. This writing produces information about the legal contract and sharia principles in transactions that exist in electronic money.
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Hussain, Dildar, Lindia Moritz, and Josef Windsperger. "The Choice Between Single-Unit And Multi-Unit Franchising: Combining Agency And Transaction Cost Perspectives." Journal of Applied Business Research (JABR) 28, no. 5 (August 21, 2012): 769. http://dx.doi.org/10.19030/jabr.v28i5.7221.
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This study investigates the factors explaining the franchisors choice between single-unit and multi-unit franchising based on agency theory and transaction cost theory. We examine the impact of behavioral uncertainty due to shirking and free-riding, franchisees transaction-specific investments, and environmental uncertainty on the franchisors choice of multi-unit franchising. Our empirical results from the German franchise sector provide strong support of the transaction cost hypotheses and relatively weak support of the agency-theoretical hypotheses. This study contributes to the literature by showing that the transaction cost explanation complements the agency cost explanation of multi-unit franchising.
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Pym, Anthony. "Translation as a Transaction Cost." Meta 40, no. 4 (September 30, 2002): 594–605. http://dx.doi.org/10.7202/003880ar.
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Abstract The author develops a translation theory which considers source and target elements as social actors engaged in communication in order to achieve mutual benefits. The model suggests, among other things, that the social effort put into communication should not exceed the mutual benefit ensuing from the interaction. Applied to translation, the aim of the model is to formulate general hypotheses about the context in which translation should occur and the social costs it should involve.
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Bowles, Samuel, and Herbert Gintis. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy." Journal of Economic Perspectives 7, no. 1 (February 1, 1993): 83–102. http://dx.doi.org/10.1257/jep.7.1.83.
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Recent developments in microeconomic theory have shown that the self-interested behavior underlying neoclassical theory is artificially truncated: it depicts a charmingly Victorian but Utopian world in which conflicts abound but a handshake is a handshake. But a handshake is not always a handshake. Studies of principal-agent analysis, the economics of information, radical political economy, mechanism design, and transactions cost economics have all focused on the difficulties involved in policing and enforcing the actual process of market exchange. Abandoning the Victorian world of neoclassical theory will redirect economists to an older conception of their profession: what once was called political economy. By taking optimizing more seriously, post-Walrasian economics has inspired a revolution in economic thought fostering both new theoretical departures and alternative conceptions of the capitalist economy. We will offer our own interpretation of this literature, focusing on the widely recognized fact that the terms arising from exchange are not generally enforceable at zero cost to the exchanging parties. Where some aspect of the good or service supplied is both valuable to the buyer and costly to provide, the absence of third-party enforcement of claims gives rise to endogenous enforcement strategies. We refer to this relationship as a “contested exchange” because, unlike the transactions of Walrasian economics, the benefit the parties derive from the transaction depends on their own capacities to enforce competing claims.
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Ketokivi, Mikko, and Joseph T. Mahoney. "Transaction Cost Economics As a Constructive Stakeholder Theory." Academy of Management Learning & Education 15, no. 1 (March 2016): 123–38. http://dx.doi.org/10.5465/amle.2015.0133.
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Spraakman, Gary. "Transaction cost economics: a theory for internal audit?" Managerial Auditing Journal 12, no. 7 (October 1997): 323–30. http://dx.doi.org/10.1108/02686909710180670.
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Martinez, Richard J., and M. Tina Dacin. "Efficiency Motives and Normative Forces: Combining Transactions Costs and Institutional Logic." Journal of Management 25, no. 1 (February 1999): 75–96. http://dx.doi.org/10.1177/014920639902500104.
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This paper provides a synthesis of transaction cost economics and institutional theory. It reviews each of these approaches and provides suggestions on how these perspectives might be broadened via this synthesis. It presents an illustrative model of organization theorizing that combines relevant aspects of transaction cost theory and institutional theory in order to strengthen the explanatory power of both. The model explores conditions under which one or both theories may be most appropriate in explaining decision behavior, focusing on two important situational factors--the degree of ambiguity surrounding transaction cost analyses and the organization’s temporal survival orientation.