No full-text available
To read the full-text of this research,
you can request a copy directly from the authors.
The Economic Institutions of Capitalism
... Na hierarquia, os incentivos são fracos (uma vez que os benefícios não estão fortemente correlacionados com o desempenho dos agentes), mas os controles são fortes. As formas híbridas combinam diferentes proporções de incentivos e controles (Williamson, 1985(Williamson, , 1996; ver exemplo empírico em Souza & Miranda, 2019). ...
... Dada uma divisão esperada de rendas econômicas ex ante, os atores racionais analisarão se a divisão das rendas econômicas será de fato aceitável ex post ao decidir fornecer o insumo do fator (veja, por exemplo, o experimento realizado por Mesquita et al., 2021). No entanto, existe 'contratação incompleta em sua totalidade' (Menard et al., 2014;Williamson, 1985;Schnaider et al., 2022), especialmente porque os fornecedores de insumos de fatores muitas vezes não são totalmente compensados pelos custos incorridos na produção desses insumos que, em última análise, contribuem para as rendas econômicas da empresa. Essa lógica nos leva a considerar um aspecto crítico da geração de rendas econômicas: as combinações de recursos potencialmente geradoras de rendas podem não ser realizadas devido aos custos de transação, definidos em um sentido amplo à la North (1990). ...
... Essa lógica nos leva a considerar um aspecto crítico da geração de rendas econômicas: as combinações de recursos potencialmente geradoras de rendas podem não ser realizadas devido aos custos de transação, definidos em um sentido amplo à la North (1990). A ECT (Williamson, 1985(Williamson, , 1996 e a moderna teoria dos direitos de propriedade (Hart & Moore, 1990) (Lippman & Rumelt, 2003). Se o ativo possui baixa especificidade (commodity) e os mercados são incompletos (faltam alternativas de venda e acesso à informação), podemos inferir a seguinte proposição: ...
Objective: this article identifies the mechanisms that guide governance and determine the possibilities of appropriation of value (income) by extractive producers who participate in different value chains of the cocoa bioeconomy in Amazonas.
Theoretical approach: transaction cost economics, with an emphasis on the relationships between the specific conditions of assets and bargaining power over the appropriation of value, represents the basis for the two theoretical propositions formulated.
Methods: a qualitative approach to multiple case studies was used in two regions (Madeira and Juruá rivers), which are representative of the value chains of the cocoa bioeconomy in Amazonas. Secondary (documents) and primary (interviews and focus group) data were analyzed using thematic analysis.
Results: in the commodity and specialty cocoa chains, differentiated relational governance mechanisms have been established, which configure the distribution of bargaining power between intermediaries and producers and consequently the ability of these agents to appropriate value.
Conclusion: swaying bargaining power in favor of producers depends on the presence of specific assets positioned to their benefit. The higher the level of specific assets involved in the transaction in favor of extractivists, as occurs in the specialty cocoa chain, the greater their bargaining power tends to be and, consequently, their opportunity to appropriate value. Encouraging the creation of value chains based on specific assets that increase producers’ ability to appropriate income is imperative to achieve an inclusive bioeconomy in the Amazon.
Keywords: bargaining power; specific assets; governance; appropriation of value
... Third, backing contains within it the ontological and epistemological premises that the warrant must adhere to. For example, using a transaction cost economics backing implies adhering to the premise that economic agents are boundedly rational, and the choice of governance structures entails a comparative assessment along the lines of efficiency (Ketokivi et al., 2024;Williamson, 1985). ...
... According to this dominant theory, economic organization was technologically driven, and restrictive contractual arrangements were a sign of anticompetitive intent rooted in firms' attempts at gaining market power (Williamson, 1983). Williamson was dissatisfied with this argument and maintained that it was a source of public policy errors (Williamson, 1975(Williamson, , 1985(Williamson, , 1996. This dissatisfaction spurred Williamson to "examine vertical integration from a combined economics and organization perspective" (Williamson, 2014: 131) to which insights from law were later added (Williamson, 2008(Williamson, , 2010. ...
... Williamson disagreed with this conclusion. His key insight was that organization as well as technology matter (Williamson, 1975(Williamson, , 1985. This key insight was a rejection of the core idea in neoclassical theory that regarded the firm solely as a production function that was technologically determined. ...
In a marketplace of ideas where theories can act as substitutes, theorists seek to persuade peers to engage with their theories. Given this critical role of persuasion, how do theorists do so? To address this question, the current study adopts a pragmatist perspective and employs the Toulmin model of arguments to examine how Oliver Williamson persuaded his peers to engage with transaction cost economics. The study unpacks how Williamson structured his arguments, introduced new constructs and language, and employed analogies and metaphors to foster a consensus, giving rise to an epistemic community. The study highlights that not only do values influence how arguments are crafted and evaluated, but also appealing to them plays a key role in persuasion. In doing so, the study considers both the rational and non-rational aspects of theorizing and persuasion. Finally, the study discusses the significance of argumentation in the context of AI and theorizing in strategic management.
... Opportunism can be defined simply as self-interest seeking with guile (Williamson, 1985;Hill, 1990). It is typically characterized by a partner's inclination to engage in deceptive and self-serving behaviors (Rindfleisch et al., 2010). ...
... It is typically characterized by a partner's inclination to engage in deceptive and self-serving behaviors (Rindfleisch et al., 2010). The key aspect of opportunistic behavior is its calculated and deliberate nature (Williamson, 1985). ...
... Opportunism is often viewed as a behavioral trait of economic actors that generates uncertainty in economic transactions (Williamson, 1985;Wathne, 2010). This implies that each economic transaction is exposed to the risk of opportunistic actions by partners, thereby incurring transaction costs stemming from this risk. ...
Over the past two decades, there has been a marked increase in both theoretical
and empirical research focused on understanding foreign direct investment (FDI). This growing interest within the academic community can be largely attributed to the substantial rise in global FDI flows. Consequently, the determinants of FDI have been a primary focus of scholarly inquiry. On the other hand, there has been a global surge in nationalistic rhetoric and actions, as evidenced by events such as Brexit, policies and public attitudes towards immigration, and the Russian-Ukrainian war. While nationalism appears to influence various fields, particularly international business, its specific impacts on international business activities remain underexplored. This study, therefore, examines the relationship between nationalism and FDI.While research on the topic remains limited, recent studies indicate that
nationalism can negatively influence FDI flows. This adverse effect is often analyzed
within the conceptual frameworks of nationalism and FDI. The inherent nature of FDI,
typically involving the acquisition of strategic assets in host countries, clashes with
nationalism’s focus on strengthening and preserving national power and prestige on
the global stage. In this context, FDI is frequently viewed as a potential threat to
national sovereignty, leading to the perception of nationalism as a risk factor that deters
FDI inflows into nationalist-leaning countries.
Contrary to the literature, this study aims to explore the possibility of a new form
of nationalism that consistently supports FDI flows. Using the unique case of
Azerbaijan and Türkiye, this study introduces the concept of “nationalism as
vi
brotherhood” as a new form of nationalism. The Azerbaijan-Türkiye relationship
provides a unique context for examining this type of nationalism, as these two nations
embody the slogan “One Nation, Two States,” reflecting their commitment to acting
in unity despite being separate countries.
In this context, the research first investigates the unique features of nationalism
as brotherhood by analyzing the perspectives of various stakeholders through thematic
analysis and content analysis. Upon identifying the defining features of nationalism as
brotherhood, the study addresses how these distinctive characteristics influence firms’
FDI decisions by proposing three mechanisms grounded in Institutional Theory, Social
Network Theory, and Transaction Cost Theory, utilizing document analysis. Finally,
the research assesses the positive impact of nationalism as brotherhood on FDI flows
at the macroeconomic level through quantile regression analysis.
Utilizing a sequential mixed-method and a case study design, this study has
yielded the following findings: (i) nationalism as brotherhood is defined by eight
themes: strong relationships, mutual support, mutual interests, nationalist feelings,
future, market, firm perspective, and market perspective; (ii) nationalism as
brotherhood supports FDIs between brother nations by fostering legitimacy, building
trust, and reducing transaction costs; and (iii) the impact of nationalism as brotherhood
on FDI flows at the macroeconomic level is statistically significant and positive.
While this research offers several original contributions to the literature, three
stand out as particularly significant. First, it presents a unique and entirely different
perspective on the relationship between nationalism and FDI by introducing a form
of nationalism that consistently supports FDI flows. Second, it demonstrates that
nationalistic discourses do not merely remain rhetorical but can also have tangible
economic and practical outcomes. Third, the research provides a unique context and
introduces a novel concept for further exploration within the frameworks of
Institutional Theory, Social Network Theory, and Transaction Cost Theory.
... The TCT assumes that individuals are generally opportunistic and this is the main cause of costs in transactions which food processing firms (FPFs) need to understand. In managing these inter-firm relationships, complexities emerge due to differences in objectives, interests and values leading to further costs of monitoring and coordination (Williamson, 1985). To maintain these multi-level relationships, firms have to focus on the interdependencies (Helfat and Raubitschek, 2018). ...
... As firms integrate with multiple suppliers in the market, they are faced with different kinds of costs like bargaining costs and switching costs (Huang and Huang, 2018;Williamson, 1971). This is because such firms are investing in specific assets like location specificity, dedicated specificity and human specificity to meet the different needs of the market (Williamson, 1985;Jambulingam and Kathuria, 2020). This also increases the cost of monitoring the behavior of partners, usage of assets for intended purpose and coordinating transactions in the different markets (Williamson, 1975(Williamson, , 1985Yigitbasioglu, 2010). ...
... This is because such firms are investing in specific assets like location specificity, dedicated specificity and human specificity to meet the different needs of the market (Williamson, 1985;Jambulingam and Kathuria, 2020). This also increases the cost of monitoring the behavior of partners, usage of assets for intended purpose and coordinating transactions in the different markets (Williamson, 1975(Williamson, , 1985Yigitbasioglu, 2010). Christopher (2011) warns that external partners are connected to a web of many other firms and this may result into opportunistic tendencies, create visibility and forecasting challenges. ...
Purpose
This study investigates the effect of asset specificity, inter-firm ecosystem and firm adaptability on supply chain integration. The study also investigates the mediation effect of firm adaptability on the relationship between asset specificity and supply chain integration and inter-firm ecosystem and supply chain integration.
Design/methodology/approach
This research applied a quantitative research methodology to investigate the interdependencies between study variables. A disproportionate stratified simple random sampling technique was used to select the firms that participated in the study. As a result, 103 food processing firms were selected from a total population of 345 firms located in Kampala district.
Findings
The findings reveal that the direct relationship between asset specificity and supply chain integration and inter-firm ecosystem and supply chain integration was found positive but insignificant. Both asset specificity and inter-firm ecosystem are associated positively with firm adaptability. A partial mediation was established between asset specificity and SCI while a full mediation effect was found in inter-firm ecosystem and SCI.
Research limitations/implications
The study used perceptual measures to obtain responses on the various constructs investigated and how these constructs relate. To avoid biasing the results, key suppliers and customers were not involved due to multi-level relationships that they maintain with various firms.
Originality/value
This study contributes to existing studies by applying two theories. First, the study applies the Transaction Cost Theory to study the effect of asset specificity on supply chain integration. Secondly, the Complexity Adaptive System Theory was applied to examine the influence of firm adaptability and inter-firm ecosystem on supply chain integration. Few studies have focused on the effect of inter-firm ecosystem in the supply chain; yet, SCI involves network of various player making supply chains complex This study is among the few studies that have focused on adaptability in the food processing sector in a developing country like Uganda.
... They can be considered as densities of interfaces in an environment that is otherwise more loosely connected. Within a niche, competitive advantages are achieved by reducing transaction costs (Biggiero, 1998;Williamson, 1985). Niches can thus be shaped, for example, within the context of a multinational and diversified corporation or within a regional economy. ...
... (Lundvall, 1988, at pp. 349f.) After arguing-with a reference to Williamson's (1975Williamson's ( , 1985 theory of transaction costs in organizations-that interactions between users and producers belonging to the same national system may work more efficiently for reasons of language and culture, Lundvall (1988, at pp. 360 ff.) proceeded by proposing the nation as the main system of reference for innovations. Optimal interactions in user-producer relations enable developers to reduce uncertainties in the market more rapidly and over longer stretches of time than in the case of less coordinated economies (Hall and Soskice, 2001;Teubal, 1979). ...
... The second (horizontal) axis thus corresponds with Lundvall's micro-foundation in userproducer interactions. National systems of innovation can then be considered as specific forms of organization which reduce transaction costs (Williamson, 1975(Williamson, , 1985. For example, the Scandinavian environment might generate an institutional framework which changes transaction costs to such an extent that a second independent dynamics can be sustained in addition to the market mechanism. ...
1. Introduction - the metaphor of a "knowledge-based economy"; 2. The Triple Helix as a model of the knowledge-based economy; 3. Knowledge as a social coordination mechanism; 4. Neo-evolutionary dynamics in a Triple Helix of coordination mechanism; 5. The operation of the knowledge base; 6. The restructuring of knowledge production in a KBE; 7. The KBE and the systems-of-innovation approach; 8. The KBE and neo-evolutionary theories of innovation; 8.1 The construction of the evolving unit; 8.2 User-producer relations in systems of innovation; 8.3 'Mode-2' and the production of scientific knowledge; 8.4 A Triple Helix model of innovations; 9. Empirical studies and simulations using the TH model; 10. The KBE and the measurement; 10.1 The communication of meaning and information; 10.2 The expectation of social structure; 10.3 Configurations in a knowledge-based economy
... A long-standing puzzle is why fees paid by franchisees to their franchisor remain stable over so many years (Lafontaine and Shaw 1999). Such fees are the main source of franchisors' profits and a key mechanism for incentivizing continued franchisor contributions to the system (Williamson 1985, Lafontaine 1992). This rigidity is surprising because one would expect fees to change with macroeconomic and industry changes, and as individual franchisors grow, learn, and form reputations (Rubin 1978, Mathewson and Winter 1985, Gallini and Lutz 1992. ...
... When fees for renewal or for new units are increased, franchisees' investments in learning how to operate their franchise lose value. Such increases are thus a mild form of "holdup" (Williamson 1985). 9 Another possibility, however, is that raising royalty fees creates value for the entire franchise system, benefiting franchisees as well as the franchisor. ...
Please scroll down for article-it is on subsequent pages With 12,500 members from nearly 90 countries, INFORMS is the largest international association of operations research (O.R.) and analytics professionals and students. INFORMS provides unique networking and learning opportunities for individual professionals, and organizations of all types and sizes, to better understand and use O.R. and analytics tools and methods to transform strategic visions and achieve better outcomes. For more information on INFORMS, its publications, membership, or meetings visit Abstract. It has long been argued that acquisitions can enable new owners to make changes to target firms that target owners could not make due to implicit commitments to the target's stakeholders. The empirical evidence for this idea has been thin, however. We develop evidence for it in data on acquisitions of entire franchise systems. We show that acquisition of these systems tends to result in higher royalty fees, especially in systems in which "entitlement constraints" bind more tightly, namely where multiunit franchising is emphasized and where franchise units are older. The implication is that relieving entitlement constraints may be an important motive for, or at least an additional benefit of, some acquisitions.
... Transaction cost theory (TCT) has garnered significant attention in supply chain management literature (Williamson, 1985;Williamson, 1991). In a nutshell, TCT is concerned with how an employer should organize its cross-border sports in order to decrease overall production and transaction costs. ...
... Transaction costs are increased by a trading associate's capacity to exhibit opportunistic behaviour, which is typified by dishonest or alluring actions. In his early articles, Williamson (1985) distinguished between markets and hierarchies as the two organizing mechanisms. He then pointed out the extra role that supply chain connection plays in these processes. ...
The purpose of this study is to identify current themes in supply chain management (SCM) and explore opportunities for SCM growth by examining theoretical perspectives in SCM. In order to map the application of theories in the Supply Chain Management sector, it conducts a review of the literature. We examine the main areas of SCM research, highlight important theories, and offer recommendations for future developments in the area. There has been little theory development in SCM, with a few well-known macro theories from other fields impacting the themes and conceptualization of Supply Chain Management that have been researched thus far. By using particular approaches, looking at less-studied elements of SCM, and testing novel frameworks, more theoretical advances could be made. Based on our assessment, we offer a thorough map of the most widely held theories in SCM and suggest future directions for the field’s advancement. A number of suggestions are offered to direct further investigation. This study represents a first step towards comprehending the development of Supply Chain Management theories and the conceptualization of SCM.
... Building on the insights of Tullock (1967), Krueger (1974), North (1990) and others, the political economy approach to rent-seeking exposed the role of institutions and political power in shaping rent distribution. Works of new institutional economics, Olson (1982), Williamson (1985Williamson ( , 1996, Coase (2013) demonstrated how decisions of politicians and regulatory frameworks can influence both the rent-seeking behavior and the distribution of economic rents. ...
... Building on the insights of Tullock (1967), Krueger (1974), North (1990) and others, the political economy approach to rent-seeking exposed the role of institutions and political power in shaping rent distribution. Works of new institutional economics, Olson (1982), Williamson (1985Williamson ( , 1996, Coase (2013) demonstrated how decisions of politicians and regulatory frameworks can influence both the rent-seeking behavior and the distribution of economic rents. ...
In most countries public sector workers are paid more than their private sector peers with similar characteristics. This results in the re-distribution of income to the public sector employees as their wage premiums are paid out of taxes on private sector workers. For that reason, we call such premiums “horizontal rents,” as opposed to “top rents” earned by those at the top of income distribution. The paper discusses the concept of horizontal rents and presents the theoretical model of horizontal rents developed in the framework of the game theory approach. The main players in the model are the politician and the trade-union representative acting on behalf of public sector workers. The model evaluates linkages between various parameters and the rent premium paid to the public sector workers. The model outcomes indicate that an increase in the share of state spending in the GDP brings about an increase in horizontal rent while an increase in the share of people employed in public sector results in decrease in per person horizontal rent, all else equal. These effects capture the long-term dynamics between variables. The implication of these result is that the horizontal rent load will likely rise with the increase in the share of public-sector employment.
... Recent efforts have aimed to address this gap through theory development and testing. Some studies apply established theories to sustainability issues (Sarkis et al. 2011), such as using the resource-based view of the firm (Barney 1991) to explore sustainable supply chain management (Shi et al. 2023, Paulraj 2022, or employing transaction cost economics (Williamson 1985) to examine remanufacturing (Martin et al. 2010). Alternatively, contemporary research is developing conceptual frameworks to better understand and explain sustainable OM and SCM (Carter and Easton 2011). ...
... Accordingly, interdependencies will affect the strategic level, which could be examined in further studies. Note 1. Opportunism is defined as "the pursuit of self-interest in an exchange that violates either explicit or implicit norms of contract and that has an adverse effect on the other party" (Williamson 1985;MacNeil 1978). ...
Mandated service delivery networks have become common in both developing and developed worlds; however, our understanding of what makes these arrangements work is still limited. In this study, we draw upon existing business literature, specifically focusing on dependency relationships and resulting opportunism within mandated networks, a critical but often overlooked aspect. Further, within mandated networks characterised by limited autonomy and trust, ways in which network members navigate dependency relationships remain unexplored. We conduct a comparative case analysis, examining network arrangements within India's National Health Insurance Programme. Based on our findings, we propose that the nature of interdependence among network members and the resultant dependency relationships impact the conduct of network members and, thereby, network performance. If the dependency relationships are not governed effectively, conflict bargaining and opportunistic behaviours get manifested. Contrary to expectation, network performance tends to be higher in jurisdictions where dependency relationships are effectively governed through hierarchical authority. These findings hold significant relevance ; as mandated networks are created under the shadow of hierarchy but governed through clan or trust-based mechanisms.
... Williamson's (2012) logic, organizations offer a governance logic that positions them as an alternative to the governance of markets, internalizing several decisions whose transaction costs of execution by market mechanisms (arms' length transactions) would make excessively expensive. Integrated contracting, in the firm's hierarchy, can produce the incentives for the construction of specific assets.It would be very stimulating to establish, along the lines professed by Williamson, a parallelalready touched on by him in his seminal work "The Economic Institutions of Capitalism" and in previous articles, of the hierarchy of organizations with the hierarchy of administrative infrastructure contracts. ...
This theoretical essay aims to investigate the existence of general contours for an economic-legal theory of imperfect long-term contracting, within the scope of non-mature jurisdictions, in Private Sector Participation (PSP) contracts. To achieve this objective, we follow a set of methodological steps: first, we describe the paradigm of the Arrow-Debreu World (ADW), in which long-term contracting is endogenous to opportunities, generating an ergodic environment of administrative contracting, which is no longer consistent with the economic-legal structure of infrastructure projects. As a second step, we have relaxed the major premises of the ADW, notably regarding ergodicity, contractual completeness, rational expectations, among others; in addition, we defined a Standard Administrative Contract (SAC), in a derivative of French civil law tradition, assuming a standardized risk allocation matrix, in which the operational, investment, demand and capital risks are allocated to the concessionaire, while the public partner bears the risks of force majeure, fortuitous event and factum principis, and the demand risk is fully allocated to the concessionaire even when the sources of the demand variation arise from macroeconomic actions. Subsequently, we have created three scenarios for the unfolding of demand, which is the main source of involuntary results for the concessionaire: adverse scenario, business-as-usual scenario (BAU) and benign scenario; we evaluated the consequences of the adverse scenario, seeking to understand the incentives for contracting, ex ante, in view of the possibility of its materialization. We work on the distinction between the concepts of flexibility and adaptability within the scope of long-term administrative contracts. Our essay concludes that, in a non-Arrow Debreu environment, with certain specifications on the existence of liquid markets for hedging certain risks (x, y, z), permeated by non-ergodicity, by the limited rationality of the agents, by the opportunism of the parties, the ex-ante incentive to contract depends on the adaptability of the contractual renegotiation, notably for the exploration of specific assets. Full flexibility of contractual renegotiation would incentivize opportunism; on the other hand, adaptability (a pre-ruled amount of flexibility) would increase ex-ante incentives to contract without a dangerous increase in opportunism. It is also concluded that, under the axiomatics and the postulates presented, the validity of Klink Boat Theorem (KBT) is a possible analytical solution to, in the face of a positive probability of materialization of events qualified as "uncertainties", still have an incentive, ex ante, for long-term contracting without the production of an adverse selection of bidders. The KBT's statement is: "in a non-Arrow Debreu environment, with limited existence of liquid markets for hedging certain risks, in a non-ergodic environment and limited rationality of the agents, in the presence of market failures typical of strong informational asymmetry and property issues (indivisibilities à-la natural monopoly), the current incentive system will lead to actual contracting of long-term concessions if there is adaptability for contractual renegotiation in the event of the materialization of the most adverse economic scenarios to the contract". This adaptability solution can be extended to the various situations in which the uncertainties of the original negotiation (elements not contemplated by the risk matrix) effectively materialize, changing the starting conditions on which the contracting was based.
... Additionally, Melitz (2003) in their heterogeneous firm model showed that trade liberalization leads to resource reallocation as only the most efficient firms participate in export markets, significantly impacting industry dynamics. Coase's (1937) and Williamson's (1985) foundational theories on transaction cost economics explore how transaction costs affect the firms' boundaries and the decision to organize economic activity within a firm versus through contracts and markets. Further, it explains minimizing the costs of exchanging goods in the market. ...
Purpose
Currently, India has forayed into signing numerous trade agreements with heightened activity being witnessed in recent times. Although government officials anticipate that free trade agreements (FTAs) may potentially enhance exports, numerous exporting firms, particularly the smaller firms remain unaware of the benefits of preferential tariffs. To understand the perceptions relating to the utility of these trade agreements by India’s textile and garment exporter community.
Design/methodology/approach
To accomplish this aim, we conducted in-depth interviews with 16 Indian exporters and two policymakers in the textile and clothing sector. Further, themes and subthemes were obtained using qualitative content analysis.
Findings
The results reveal a lack of exporters’ knowledge on the use of trade agreements and their complementary nature as a major impediment to the trade agreements’ usage, the administrative costs are considered high, especially by the smaller enterprises. Further, more public support is demanded by the exporters in the employment of trade agreements.
Practical implications
To ensure the success of FTAs, coordinated government efforts in the sector are essential to boost production and, consequently, enhance trade. The study offers vital policy implications for making the FTA model successful for the stakeholders as well as meeting the government’s economic objectives.
Originality/value
This is the first study, specifically targeting India’s textile and garment exporters to explore their perceptions of trade agreements. This study offers a novel understanding of how trade agreements are perceived and utilized at the grassroots level of international trade.
... Special attention has been paid here to Canary Islands (Spain), because tourism is the region's main economic sector and they are one of the oldest cases of tourismphobia and the tourism paradox. Also, the Canary Islands case allows us to show the new-institutional theory of the failure of nations in action [88], as an empirical and comparative illustration, connected with other theoretical and methodological heterodox frameworks from Austrian economics and new-institutional economics (i.e., the theory of social cost, property rights ethics, patronage and rent seeking, and crony capitalism) [14,16,[89][90][91][92][93][94][95][96]. In this sense, the contrast of two Spanish cases of tourismphobia is proposed here (as in the work of Acemoglu and Robinson [88] concerning Nogales-USA. ...
The growth of the tourism sector has led to overtourism in many destinations, which can negatively affect sections of the local population. This often results in a phenomenon known as tourismphobia, which describes the fact that residents develop reservations about tourists and take -not always legal- countermeasures; these measures are not sustainable in the long term, leading to the tourism paradox (with less economic activity). The origins of this phenomenon have so far been insufficiently analyzed. This article aims to present an explanatory approach for the emergence of this phenomenon based on the structural-cognitive model and to illustrate it using the example of the Canary Islands. For the Canary Islands, it can be shown that both the political opportunity structures allow for significant scope, and resource mobilization is comparatively easy to achieve. On the micro level, the high costs of overtourism for many residents, combined with relatively low returns from tourism and the non-prohibitive costs of countermeasures, lead to collective action against overtourism –manifesting as tourismphobia. In this way, this article provides a viable explanation for the emergence of tourismphobia and thus makes a significant contribution to knowledge in this field of research. Complementary analytical resources are also outlined, combining Austrian economics and new-institutional economics.
... By involving diverse perspectives in the decision-making process, women leaders ensure that stakeholder's feel valued and aligned with organizational goals (Ahmed et al., 2018). For Williamson (1985), reducing uncertainty is a fundamental aspect of minimizing transaction costs, as it diminishes the need for extensive monitoring and contingency planning. Women leaders, through their emphasis on analytical rigor, establish a stable and resilient decision-making framework that enhances organizational efficiency. ...
Purpose: This study underscores the importance of integrating organizational practices, sectoral nuances, and individual abilities and capabilities to create supportive promotion for women leadership. Design/methodology/approach: For this study, 432 Lebanese women in top managerial positions completed the survey. The research hypotheses were tested using structural equation modeling (SEM) Findings: The findings highlight the pivotal role of women leaders in conflict resolution, strategic orientation, risk-taking, and credibility, emphasizing their ability to navigate biases, redefines organizational norms, and drive equity. Sector-specific analysis reveals unique challenges, particularly in male-dominated industries such as construction. Originality: Practical implementation of inclusive policies and leadership models remains inconsistent, particularly concerning participative leadership styles and risk management frameworks. Organizations must address biases and stereotypes that undervalue women’s competencies and adopt more comprehensive strategies to foster equitable leadership environments.
... The collaborative environment within FPOs also facilitates knowledge sharing and mutual assistance, where women can learn from each other's experiences, exchange information and support one another in tackling challenges. This collective action not only improves agricultural productivity but also strengthens social cohesion and trust among women in rural communities [24,88] . ...
... A variant of the NIE is the transaction cost approach, which goes back to a large extent to the work of Williamson (1975Williamson ( , 1985. The initiators of this approach acknowledge that markets are rarely efficient in reality (Dugger 1983, p. 96), as there is a cost of using the price mechanism (of a market), which is the so-called transaction cost. ...
... agility and quick decision-making processes), effective collaborations are more easily created. Effective interorganisational partnerships are also built on the ability to generate trust (Williamson, 1985;Daellenbach & Davenport, 2004); which is described by Koza and Lewin (1998: 259) as "the magic ingredient necessary for alliances to succeed". Evidence from the cases highlighted the ability of ORE SME leaders to develop swift trust with partners i.e. based on little information and time to investigate past performance (Meyerson et al., 1996;Blomqvist & Cook, 2018). ...
Offshore Renewable Energy (ORE) could be pivotal in combating climate change, offering reliable and sustainable energy with less intermittency than other renewables. However, unlocking its potential requires robust collaboration across many different actors. The purpose of this study is to explore the ‘human element’ of how SME leadership manage the technology transfer process and the underlying inter-organisational interactions across the triple helix. To achieve this, we adopt a management as practice perspective using Whittington’s (2016) framework, which delineates praxis, practices, and practitioners. The research study employed a multiple case study design, and the primary sample included eight European ORE SME case studies. The study finds SMEs operate within a heavily strained triple helix environment, requiring them to navigate complex bureaucratic dynamics with universities and government partners. This is further compounded by fragmented governance structures across the EU, making collaboration reliant on forging strategic alliances. We find that the ‘human element’ within SMEs embodying an innate blend of ability, experience, pragmatism, and adaptability is central to executing successful interactions. We discuss the policies needed for ORE SMEs to navigate the multifaceted challenges surrounding the human element of triple helix interactions.
... Transaction Cost Economics (TCE) (Coase, 1995;Williamson, 1985;Williamson, 1975;Williamson, 1981) proposes that the primary objective of a firm is to structure governance arrangements to economize on the cost of transactions. TCE argues that a determination to produce or deploy an asset internally versus externally requires a company to calculate the sum of two types of costs and decide which source will minimize them. ...
The decision to source services from cloud computing vendors is becoming increasingly complex. Over time, more IT products, processes, data, information, and security have been offered ‘as a service.’ The present study replicates one by Schwarz et al. (2009) examining the first instance of cloud computing, the Application Service Provider (or ASP), but includes decision-making about Software as a Service (SaaS) to determine whether the drivers of ASP adoption parallel those of SaaS. The findings suggest that despite the similarity in theoretical lenses, there is a shift in resource heterogeneity from one study to the next, specifically how the application differentiates the firm.
... Siksi valintaratkaisut ovat aitoja ongelmia mutta samalla keskeisia yrityksen toimintastrategian valintoja. Nain paadytaan siis siihen, etta taloudellisten instituuti oiden muotoutumista yleensakin ohjaa liiketoimikustannusten minimoinnin pyrkimys (Williamson 1985). Nobelisti Kenneth Arrow'n mukaan liiketoimikustaimukset ovat talouden koneiston pyorittamisessa syntyva kitka, jota voidaan vahentaa etsimalla sopivia rakenteellisia ratkaisuja. ...
Monessa maassa julkinen terveydenhuollon organisointi ja rahoitus muodostavat perustan, mutta ohessa käytetään myös yksityistä terveydenhuoltoa. Yksityisen toiminnan varaan rakentuvat järjestelmät ovat teoreettinen poikkeus. Tämä johtuu mm. siitä, että terveydenhuoltopalveluissa on paljon kollektiivihyödykkeiden piirteitä, ja julkista sektoria tarvitaan toiminnan tehokkuuden turvaamiseksi. Terveydenhuollossa yksityistäminen on terveydenhuollon erityispiirteiden takia monimutkaisempi ongelma kuin muilla sektoreilla. Periaatteessa ratkaisu on markkinoiden ja hierarkisten rakenteiden sopiva työnjako. Terveyspalvelut vaihtelevat hyvin spesifeistä toiminnoista rutiinitoimintoihin. Hierarkinen tuotantorakenne tiukkoine työnjakoineen on voinut johtaa tehottomuuteen. Terveydenhuollon rakenteet ovat muuttumassa. Joissain tapauksissa keskitetty kontrolli voi olla tehokkain ratkaisu. Markkinoilla on taipumusta epäonnistua, jos tuote on epätavallinen, esimerkiksi kun tieto on epätäydellistä tai epäsymmetristä. Erityisesti vakuutusmarkkinoilla tehottomuusongelmat ovat johtaneet pakolliseen vakuutukseen ja julkiseen interventioon. Samoin kuin yksityisissä yrityksissä, myös julkisissa terveyspalveluissa tulisi käyttää hyväksi verkostotalouden mahdollisuuksia. Yksityistäminen ei ole yksinkertainen patenttiratkaisu; olennaista on toimialan rakenne.
... 32 The occurrence of strategic alliances, joint ventures, franchising, consortia, networks, subcontracting, and public-private partnerships can also be considered in this light. Therefore, taking into account the existence of various modalities allowing parties to organise transactions, the conditions for the development of the bioeconomy are presented as opportunities for arranging exchanges conditioned by transaction costs resulting from physical attributes/ characteristics, institutional factors and modalities of negotiation and enforcement, 33 the nature of people entering into contracts (opportunism, bounded rationality), the characteristics of the contracts themselves (the systematic nature of contracting, the uncertainty inherent in the contract, the level of specificity of assets necessary to be included in the contract 34 ) in organisational structures created as part of the functioning of the bioeconomy. Additionally, it is worth taking into account that activities involving natural conditions (weather, climate change, etc.), including agricultural production, create opportunities for moral hazard (taking excessive risks or failing to exercise due diligence once insured, or under conditions of the promise of compensation of losses from public funds, and so on), limitations on possibilities of specialisation (relatively weak possibilities of exploiting benefits/economies of scale). ...
... laws and shared notions of appropriateness make complex market interactions possible (Greif, 2006;North, 1990). Much like how norms can resolve social dilemmas in other domains, legal frameworks and commercial customs enable reliable exchange and indirect cooperation between actors who may never meet (Bowles, 2004;Williamson, 1985). Property rights, contract enforcement, and standardized rules of commerce create an infrastructure for complex economic collaboration-as illustrated in Leonard Read's " I, Pencil" essay (Read, 1958), where thousands of people across the world, from cedar farmers to graphite miners all coordinate their efforts through market mechanisms, and unwittingly collaborate to make pencils. ...
What is appropriateness? Humans navigate a multi-scale mosaic of interlocking notions of what is appropriate for different situations. We act one way with our friends, another with our family, and yet another in the office. Likewise for AI, appropriate behavior for a comedy-writing assistant is not the same as appropriate behavior for a customer-service representative. What determines which actions are appropriate in which contexts? And what causes these standards to change over time? Since all judgments of AI appropriateness are ultimately made by humans, we need to understand how appropriateness guides human decision making in order to properly evaluate AI decision making and improve it. This paper presents a theory of appropriateness: how it functions in human society, how it may be implemented in the brain, and what it means for responsible deployment of generative AI technology.
... According to transaction cost theory, the higher the trust among parties in economic transactions, the lower the various costs involved, thereby increasing the efficiency of economic activities [64,65]. Trust reduces additional transaction costs arising in processes such as contract writing, information exchange, and supervision, naturally inducing cooperation among participants [66]. ...
This study aims to empirically analyze the direct effects of local government competencies on regional economic revitalization within the broader context of local communities and to investigate the moderating role of social trust in this relationship. Using panel data constructed from the 2012–2019 Seoul Survey provided by the Seoul Metropolitan Government and panel data from South Korea’s National Statistical Office, we employed feasible generalized least squares to account for potential heteroscedasticity and serial correlation. The results demonstrate that local government competencies positively impact regional economic vitality within local communities, with high levels of social trust among residents in these communities further strengthening this positive effect. This study highlights the theoretical importance of integrating resource-based and social capital theories to advance the field of urban regeneration and emphasizes the role of local communities in economic development. The findings suggest that even where local government competencies may be limited, a strong foundation of community social trust within local communities can drive economic revitalization. This underscores the need for central and local governments to actively enhance social trust within communities as a means of fostering sustainable economic growth.
... Entry mode choice is contingent on a range of factors including the level of ownership or control, the level of commitment, firm size, the level of risk, international experience, market size, psychic distance and the nature of local market and competition (Rosenbaum and Madsen 2012;Hsieh, Shen, and Lee 2010;Madhok 1996). Entry modes with a higher degree of control will provide safeguards against opportunism (Oxley 1997(Oxley , 1999Williamson 1985). Rosenbaum and Madsen (2012), researching the foreign entry mode choice of professional services firms, find firms prefer high control entry modes when there are uncertainties, such as when partnering with unfamiliar firms and when the services delivered involve a high degree of tacit knowledge. ...
Purpose
This study examine how provider- and customer-related factors interact to influence servitization success. It adopts the transaction cost theory along with a configurational approach and hypothesizes that different configurations of five key conditions—service offering, specific investments, perceived customer opportunism, willingness for integration and demand uncertainty—can lead to servitization success or failure.
Design/methodology/approach
The study applies fuzzy-set Qualitative Comparative Analysis (fsQCA) to a sample of 143 German manufacturers, addressing the complex causalities involved in servitization success.
Findings
The analysis identifies six sufficient configurations for servitization success and five for servitization failure. The findings reveal that servitization can succeed through various types of service offerings. While opportunism does not hinder success, the decision to offer an extensive service portfolio is influenced by anticipated opportunism and complex customer needs. Specific investments function primarily as drivers for success, particularly when combined with a limited service offering and complex customer needs. However, these investments can increase transaction costs when linked to an extensive service portfolio. Though not essential, customer integration emerges as a relevant success factor, acting as a safeguard against opportunism.
Practical implications
Servitization can be successful even with opportunism. Developing methods to assess customers’ readiness for integration can mitigate opportunistic behavior and foster successful servitization.
Originality/value
This study advances servitization research by addressing the often-overlooked interplay between provider- and customer-related factors. Applying the transaction cost theory and a cutting-edge fsQCA, it contributes to the theoretical and methodological plurality of the field.
Agri-food supply chain relationships are becoming ever more important as a source of competitive advantage. Thus, aspects of transactional/relational exchanges, levels, content and timeliness of information communication, power, trust etc. becomes important discussions. This paper explores the role of information and communication in business relationships from the context of the tea industry. The critique adds to knowledge about exchange theory and shapes a research agenda relating to information communication in business relationships.
Pengawasan persaingan usaha yang efektif dan kepastian hukum adalah faktor penting dalam menciptakan pasar yang adil dan kompetitif. Tantangan dalam pengawasan persaingan usaha di Indonesia dan mengusulkan solusi untuk meningkatkan kepastian hukum. Tantangan utama termasuk regulasi yang tidak memadai, implementasi yang tidak konsisten, dan keterbatasan sumber daya di lembaga pengawas. Solusi yang diusulkan mencakup penguatan regulasi, peningkatan kapasitas pengawas, dan kolaborasi dengan pemangku kepentingan.
The dominant conceptual approach in Anglo-American corporate law literature is to represent the company as a series of voluntary bilateral arrangements. Under such a contractarian approach, the role for company law is to facilitate private bargaining and transactions. This representation is far from uncontroversial, and is frequently challenged on both descriptive grounds (that it does not accurately describe company law) and normative grounds (that its claims as to what the law should be are unfounded). Yet it remains the primary analytical paradigm within corporate law. It presents as an internally coherent representation, which can adequately defend itself from external challenges. The purpose of this article is to explore tensions within the internal argumentation structure of certain claims of this representation. Specifically, this article identifies and unpacks tensions of logical coherence within two key moves advanced within this representation. First, hasty generalisations are provided, extrapolating from unrepresentative samples. Second, there is a circularity in normative claims as to the allocation of corporate rights: the fact that rights are currently provided is frequently used as a reason to justify such rights being initially allocated. This commits the logical fallacy of ‘begging the question’. These two main weaknesses of contractarianism undermine its claim to be an inevitable result of logic. Instead, it is best seen as a series of rhetorical moves: they arise as a result of pre-existing value judgments, and therefore cannot be utilised to justify such value judgments.
Eastern European realities provide examples of the full range of possible experiments, be they successful or unsuccessful. Generously endowed by nature, once detached from the shell of the planned economy, Eastern countries applied economic policy recipes resulting in notable differences in terms of rhythm and end results of their objectives. The differences have primarily institutional origins. Private property and the free market are the informal institutions directly and substantially targeted. As a liberating unwinding gesture, the Easterners have always wanted to become owners, often at all costs. Dominated by this feeling, they fail to acknowledge or completely ignore that the usufruct rights can be more important than ownership itself. Bound by historically explainable property ownership, they see themselves caught in the insidious straps of some residual rights of control, disarmed witnesses of the exploitation of the substance of the ”free gifts” of their nature by others. The picture is completed by the presence, in the ocean of their very free market, of some transnational players. The chapter aims to identify who takes advantage of and who is granted resilience by such an economic show.
High and sustainable economic growth must always be pursued to promote sustainable long-term economic development, improve welfare, and change the nation's economic foundation. Economic growth influences the welfare of society and is a benchmark for every country to see the growth and development of the country's economy. Several factors can affect economic growth in Indonesia, such as Islamic capital markets, foreign debt, and exchange rates. This study was conducted to analyze the ability of the exchange rate to moderate the influence of macroeconomic factors on the rate of economic growth for the period 2011-2023. This type of study is quantitative research using Moderated Regression Analysis as an analytical tool. The data used is secondary data with a quarterly period time series pattern obtained from official websites, such as the Financial Services Authority website for Sharia stock and Sharia mutual fund data, the Bank Indonesia website for foreign debt and exchange rate data, and the Central Statistics Agency for Gross Domestic Product. The sample in this study uses saturated sampling, which takes the entire quarterly data. For analysis assisted by Eviews 12 software with the results of foreign debt has a positive but insignificant effect on the rate of economic growth, the exchange rate has a positive and significant effect on the rate of economic growth, the exchange rate is not able to moderate Islamic stocks on the rate of economic growth, and the exchange rate can moderate foreign debt on the rate of economic growth.
This chapter proposes a conception of stakeholder management from the perspective of Relational Economics, emphasizing justice based on business ethics and corporate social responsibility (CSR). CSR embodies equity and justice among stakeholders, forming the core of good corporate citizenship. The chapter links corporate social responsibility with sustainable development goals (SDGs), highlighting their importance for business development and ethical stakeholder relations. The concept of Relational Economics views firms as being embedded in social relations, integrating governance, leadership, and management with ethical values and societal responsibilities. Stakeholder management, as envisioned in this framework, supports a new vision of the firm and civil society, promoting decision-making for the common good through reflective judgment. This research explores how Relational Economics and stakeholder theory converge, presenting firms as nexuses of stakeholders and emphasizing the importance of sustainable development in global business practices. The chapter further discusses how stakeholder theory enhances strategic planning by integrating social, cultural, and environmental considerations. It questions traditional economic theories, advocating a more inclusive and ethical approach to business that aligns with global sustainability goals. The study underscores the role of stakeholder management in addressing the complex challenges of sustainability, ethics, and global corporate responsibility, proposing it as essential for the development of just and sustainable business practices.
The chapter deals with the nature of the firm. The question of the nature of the firm is posed here from the perspective of the firm as a cooperative actor. Based on arguments for a perspective of the firm as a corporate actor, the nature of the firm is the (corporate) intention of the corporate actor to realize shared value creation and therefore to relationalize stakeholders’ ability and willingness to cooperate in the process and to enable and ensure it in the form of legitimate governance of stakeholder resources and interests. This perspective requires a distinction between a traditional theory of the firm and a relational (constructivist) theory of the firm. Against the background of this distinction, the understanding of corporate intentionality must be defined, on the one hand, and questions of leadership and the logic of economic action within the firm as well as the consideration and involvement of stakeholders must be redefined, on the other. An alternative theory of the firm is necessary if we do not want to remain at the level of bonobo monkeys in economic theorizing.
The potential of Small and Medium Enterprises (SMEs) to expand internationally is still largely untapped, especially in developing economies. The purpose of this study is to determine the different internationalization antecedents and their impact on the internationalization of SMEs in Sri Lanka. This study was conducted following a triangulation approach, where the quantitative findings are triangulated using qualitative techniques. The results of the study ascertained that marketing capabilities and networking capabilities significantly and positively affect the internationalization of Sri Lankan SMEs. Further, the study discovered that firm size moderates the relationship between networking capabilities and the internationalization of Sri Lankan SMEs. The study’s findings provide SMEs’ managers and owners with greater knowledge about how to take advantage of crucial elements that make internationalization successful. The results of this study assist policymakers in developing more effective measures and policies to assist SMEs in diversifying their global operations. Moreover, this study contributes to the existing theory by revealing how firm-level resources and capabilities affect the internationalization of SMEs from a resource-based point of view and a dynamic capability standpoint.
This chapter explores the integration of artificial intelligence (AI) in police education by examining the case of Taiwan's Central Police University (CPU). It focuses on the institution's top-down approach to implementing AI technologies within its curriculum and training programs. The findings indicate that as the landscape of law enforcement evolves with rapid technological advancements, CPU has aimed to modernise its educational offerings since 2023 to better prepare future police officers for contemporary challenges. The study highlights the crucial role of institutional leadership in guiding AI adoption among faculty and students, ensuring that educational strategies align with both technological relevance and traditional pedagogical values. By enhancing its capabilities through various projects, conferences, workshops, and guidelines, CPU sets a precedent for other law enforcement vocational education institutions seeking to incorporate AI into their training frameworks.
While growing disparities in wealth and income are well-documented across the globe, the role of intellectual property rights is often overlooked. This volume brings together leading commentators from around the world to interrogate the interrelationship between intellectual property and economic inequality. Interdisciplinary and globally oriented by design, the book features economists, legal scholars, policy analysts, and other experts. Chapters address the impact of intellectual property rights on economic inequality, the effect of economic inequality on the protection and enforcement of these rights, and the potential use of innovation law and policy to help reduce economic inequality. The volume also tackles timely issues like race and gender disparities and the North-South divide in innovation. This book is available as Open Access on Cambridge Core.
Today, a business ecosystem has become a model that maximizes profits by creating a pool of key stakeholders and strengthening its position in the innovative economy. The authors believe that one of the ways to determine the order of stakeholder interactions in a business ecosystem based on digital platforms is assessment of the transaction costs associated with these interactions. The purpose of this study is to develop an algorithm for adjusting the institutional support structure of a business ecosystem in order to rationalize transaction costs and ensure the ecosystem growth. The neo-institutional approach and the theory of transaction costs were chosen as research methodologies, on the basis of which the findings obtained from the analysis were supported and adapted to the determinants of business ecosystem structures. This study presents a causal model of the relationship between transaction costs and interactions within a platform-based ecosystem. As a result, the authors have developed an algorithm that aims to create a pool of stakeholders in the business ecosystem in order to achieve sustainable development within the innovative economy through optimized transaction costs. This algorithm has been tested in the ENSONS company, serving as a testing ground for the research. The authors’ developments allow firms to combine information from various actors on the platform in order to comprehend complex interdependencies between participants, identify potential areas for cost reduction and efficiency improvement through coordinated service exchange.
In this chapter, we extend the reflections made in the first edition of this book on the nature of the Global Financial Crisis (GFC) of 2008, by including further observations on the consequences of the Covid-19 crisis and of the Ukraine war up to the deflagration of Israeli-Hamas crisis in October 2023. Observations lead to acknowledge a change of nature in the current crisis time: from cyclical crisis made of short-term critical events, largely analyzed by management literature, to what we called “never ending crisis”, where crisis is intense, global, and lengthy. The overall impact of the change of nature of crisis on Boards is manifold. First, short termism exacerbates since an enduring crisis stimulates quick, almost immediate, reactions. Boards are therefore called for reacting fast. Second, centralization remains a common reaction to uncertainties, but if the crisis is lengthy the negative consequences of centralization emerge in terms of organizational effectiveness. Therefore, Boards get more careful about the adoption of centralization in the long run. Third, the never-ending crisis encourages parochial attitudes in the Boards given the ongoing uncertainty about business results. By being intense, global, and lengthy, current crisis envisages a deep transformation of society whose direction is not yet clear. The crisis persists delaying the arrival of any foreseeable future. In such a context, short-termism and parochialism seem to characterize even more the Boardroom since Boards cannot see the end of crisis. In conclusion, the change of nature of the current crisis seems to be detrimental to the decision-making process at the Board level: the more intense, global, and lengthy the crisis is, the less effective the decision-making process may become.
The need to restore and create new production chains in machine-building and other complexes requires modeling the final results of the activities of such structures. In this regard, the methodology of the analysis of integrated production chains needs further improvement. The object of the study is a technological chain with full integration of participants, in which the degree of influence of the cumulative nature of cost growth on the results of the system is studied. It is proposed to determine the volume of output of end products by participants in the chain based on demand functions. The article is devoted to substantiating the mechanism of obtaining additional profit by the system by directing part of the profit to reduce production costs. The influence of this process on the volume of the final product of the system and market prices has been established. The article uses matrix modeling as a formal tool for describing the activities of production and technological chains, based on the methodology of forming an intersectoral balance. The results of the study showed that in an integrated system with vertical and horizontal interconnections of firms, directing part of the total profit to cost reduction measures is justified. However, there is an effective (threshold) profit level, deviation from which worsens the parameters of the entire chain: prices, production volumes, profit. The model, based on the principles of intersectoral balance, makes it possible to explain investment processes in integrated chains of any configuration. The results of the study contribute to understanding the mechanism of optimal investment activity of industrial and economic complexes.
In the digital era, data security and governance have become essential pillars for corporate ESG (Environmental, Social, and Governance) development and for maintaining social stability. This paper employs machine learning-based textual analysis to map cybersecurity governance in Chinese firms and government digital economy regulatory indicators. From the perspectives of investor trust and supply chain trust, and incorporating legitimacy theory, we empirically examine the relationship between cybersecurity governance, government digital economy regulation, and corporate market value. The study finds that cybersecurity governance significantly enhances corporate market value, primarily through a reputation-building mechanism that strengthens both investor trust and supply chain trust. Heterogeneity analysis shows that the market reputation effect of cybersecurity governance is more pronounced in firms with non-short-sighted management, stronger protection of trade secrets, higher media attention on ESG, and in high-tech industries. Furthermore, government digital economy regulation can further amplify the positive impact of corporate cybersecurity governance on market value, with the most significant effects observed in areas such as rights protection, data sharing, and security safeguards. The findings of this paper provide important practical insights for firms in emerging economies to address cybersecurity risks, stabilize supply chains, and enhance investor cooperation.
Resumo
Nesse estudo buscou-se analisar a estrutura de governança do setor apícola na região Norte de Mato Grosso caracterizando os tipos de transações dos apicultores da região. A base teórica foi fundamentada na Nova Economia Institucional (NEI), porém utilizou-se também de algumas considerações dos modos de coordenação em função dos níveis garantias abordado pela Economia das Convenções. Na elaboração deste trabalho fez-se o uso de dados primários através de uma pesquisa de campo feita no Norte de Mato Grosso. Os dados foram obtidos pela aplicação de 52 questionários junto aos apicultores da região. Verificou-se que a estrutura de governança dos apicultores da região Norte de Mato Grosso é predominantemente via "Mercado Spot". Esse modo de coordenação vem favorecendo o desenvolvimento da atividade no contexto vivenciado pelos apicultores locais. O preço de mercado vigente, praticado na região, demonstrou ser mais atrativo para os produtores do que aqueles estipulados por meio de acordos contratuais com garantia fraca. Pôde-se concluir também que não só os atributos das transações, mas fatores como a informalidade da atividade (a falta dos selos dos Serviços de Inspeção Federal, Estadual e Municipal) e o problema da produção em escala também influenciam nas transações e consequentemente afetam a estrutura de governança local.
Palavras-chave: governança, transação, apicultura.
В статье анализируются сетевые структуры двух лидеров мировой автомобильной промышленности — Volkswagen AG (Германия) и Ford Motors Company (США). Сравниваются такие параметры сетей, как принципы формирования состава участников, стадии создания стоимости, способы координации деятельности участников сети, основания власти фокального участника, способы извлечения ценности, устойчивость сети. Для каждой из сетей определяется ее тип и перечисляются участники первого уровня. Выявлены общие черты сетей создания стоимости в автомобилестроении: существенные размеры (количество участников всех уровней), использование стандартизации как ведущего способа координации деятельности, существенная рыночная доля интегратора и вложения партнеров в специфические активы как основание власти интегратора, использование участников сети для выхода на новые рынки, локализация производства в странах с относительно дешевой рабочей силой, высокие требования к репутации поставщиков и субподрядчиков, концентрация основных исследовательских и конструкторских разработок в рамках фокальной компании при передаче на аутсорсинг значительной части логистических, маркетинговых и дистрибьютерских функций. Определены также существенные различия в принципах формирования сетей. К ним относятся: число участников первого уровня (различается на два порядка), стабильность участия (высокая для Ford Motors и относительно низкая для Volkswagen AG), опора на помощь правительства (полное исключение для компании Ford и активное использование компанией Volkswagen AG), значительная доля рынка при низкой рентабельности (Volkswagen AG) или меньшая доля рынка при высокой рентабельности (Ford Motors Company).
The article examines network structures of two leaders of the global automotive industry: Volkswagen AG (Germany) and Ford Motors Company (USA). The author compares such features of the networks as principles of including the participants, stages of value creation, methods of coordinating the activities of network participants, fundamentals of the power of the focal participant, methods of extracting value and sustainability of the network. For each of the networks the author determines its type and lists the participants of the first tier. The general features of value networks in the automotive industry are revealed. These include: a significant size (number of participants at all levels), the use of standardization as a leading method of coordinating activities, a significant market share of the integrator and partners’ investment in specific assets as the basis of the integrator’s power, use of network members for entering new markets, localization of production in countries with relatively cheap labor, high requirements for suppliers and subcontractors, performing research and development within a focal company while outsourcing a significant part of logistics, marketing and distribution functions. Significant differences in the principles of network formation have also been identified. These include: the number of first-tier participants (differs by 2 orders), stability of participation (high for Ford Motors and relatively low for Volkswagen AG), reliance on government assistance (not possible for Ford and high for Volkswagen AG), a significant market share with low profitability (Volkswagen AG) or a lower market share with high profitability (Ford Motors Company).
One of the major industries significantly affected by the new sanctions is the Russian automotive industry. The withdrawal of Western brands, restrictions on the import and maintenance of foreign cars and their components already imported into the country, as well as the curtailment of car production in Russia have significantly changed industry and market structures, accelerated price growth and led to a change in the characteristics of products on the market towards their technical simplification. The research methodology is based on statistical analysis and comparison of discrete institutional alternatives. Using the methods of the new institutional economics, the main directions for adapting business models in the Russian passenger car industry to sanctions restrictions were identified. In particular, special attention is paid to the specifics of international transactions in the context of sanctions. Based on the analysis of the process of changing business models in the market, it can be concluded that current changes only partially compensate for the impact of sanctions, but at the same time create restrictions for the long-term development of the domestic car market, undermining incentives for technological improvement of cars on the market. Moreover, current measures can have a significant negative impact on consumer welfare, provoking an increase in the volume of unsatisfied demand. To solve this problem, it is advisable to adjust the state regulation of the domestic automotive market. In particular, it is advisable to ease foreign trade restrictions (including reducing the size of the recycling fee for cars) and review the import substitution policy in terms of providing the automotive industry with technologically sophisticated components.
In principle, risk sharing divides the stakeholders’ economic and financial risk burden. The method of risk sharing varies across economies and countries; modern capitalism has evolved different frameworks and approaches to sharing risks.
Teece (J Int Bus Stud 45(1):8–37, 2014) identifies two theories of the emergence of multinational enterprises (MNEs)—one that focuses on how MNEs solve transactional difficulties that can emerge in market exchanges and another that focuses on how MNEs facilitate economic value creation that is difficult to realize through market exchanges—and suggests that both theories are important in understanding MNE emergence. However, the organizational and managerial implications of these two theories are very different. MNEs that solve transactional difficulties are typically hierarchical in nature, where senior managers exercise managerial fiat to direct subordinates, firm boundaries are well defined, and subordinate behavior is monitored to minimize opportunism. MNEs that create economic value are typically less hierarchical, involve the creation of cooperative relations among stakeholders to facilitate co-specialized investments, have less well-defined boundaries, and reduce the threat of opportunism by ensuring that stakeholders gain more continuing in this exchange than other exchanges. The organizational and managerial implications of these two theories suggest that MNEs that form to both solve transactional difficulties and to create economic value will face difficult challenges trying to reconcile the organizational and management imperatives implied by these theories. This paper concludes by discussing how MNEs might address these organizational and managerial conflicts.
ResearchGate has not been able to resolve any references for this publication.