Empirical Research in Transaction Cost Economics: Challenges, Progress, Directions

1996 ◽  
pp. 43-64 ◽  
Author(s):  
Scott E. Masten
Keyword(s):  
Transaction Cost ◽  
Empirical Research ◽  
Transaction Cost Economics

Governance of supplier-customer relations: An empirical review

2007 ◽  
Vol 158 (12) ◽  
pp. 406-416
Author(s):  
Jon Bingen Sande
Keyword(s):  
Transaction Cost ◽  
Empirical Research ◽  
Customer Relations ◽  
Transaction Cost Economics ◽  
Exchange Theory ◽  
Forest Industry ◽  
Relational Contracts ◽  
Relational Exchange ◽  
Exchange Relationships ◽  
Relational Exchange Theory

The forest industry is riddled with exchange relationships. The parties to exchanges may have diverging goals and interests, but still depend upon each other due to non-redeployable specific assets. Formal and relational contracts may be used to deal with the resulting cooperation problems. This paper proposes a framework based on transaction cost economics and relational exchange theory, and examines to what extent empirical research has found formal and relational contracts to deal with three different governance problems. To that end, I review the results from 32 studies in a range of settings. These studies generally support the view that exchanges characterized by high degrees of specific assets should be supported by formal and relational contracts.

Epilogue: Popperian Perspectives on Transaction Cost Economics and Future Directions of Empirical Research☆

2010 ◽  
Vol 86 (3) ◽  
pp. 284-290 ◽  
Author(s):  
Robert Dahlstrom ◽  
Arne Nygaard
Keyword(s):  
Transaction Cost ◽  
Empirical Research ◽  
Transaction Cost Economics ◽  
Future Directions

scholarly journals Transaction Cost Economics: An Assessment of Empirical Research in the Social Sciences

2008 ◽  
Vol 10 (1) ◽  
pp. 1-63 ◽  
Author(s):  
Jeffrey T. Macher ◽  
Barak D. Richman
Keyword(s):  
Social Sciences ◽  
Public Policy ◽  
Transaction Cost ◽  
Empirical Research ◽  
Transaction Cost Economics ◽  
Empirical Work ◽  
Empirical Literature ◽  
Comprehensive Review ◽  
The Social ◽  
Considerable Support

This paper provides a comprehensive review of the empirical literature in transaction cost economics (TCE) across multiple social science disciplines and business fields. We show how TCE has branched out from its economic roots to examine empirical phenomena in several other areas. We find TCE is increasingly being applied not only to business-related fields such as accounting, finance, marketing, and organizational theory, but also to areas outside of business including political science, law, public policy, and agriculture and health. With few exceptions, however, the use of TCE reasoning to inform empirical research in these areas is piecemeal. We find that there is considerable support of many of the central tenets of TCE, but we also observe a number of lingering theoretical and empirical issues that need to be addressed. We conclude by discussing the implications of these issues and outlining directions for future theoretical and empirical work.

Across the Great Divide: Bridging the Gap between Economics- and Sociology-Based Research on Management Accounting

2019 ◽  
Vol 32 (2) ◽  
pp. 1-15 ◽  
Author(s):  
Sven Modell
Keyword(s):  
Agency Theory ◽  
Transaction Cost ◽  
Empirical Research ◽  
Transaction Cost Economics ◽  
Critical Realism ◽  
Management Accounting ◽  
Research Approach ◽  
Economic Perspective ◽  
Economic Theories ◽  
Opening Up

ABSTRACT This paper reviews emerging attempts to bridge the gap between economics- and sociology-based research on management accounting and discusses how such research may be advanced. Particular attention is paid to research combining insights from various economic theories such as agency theory and transaction cost economics, and institutional theory. This body of research has made important contributions by opening up a discussion of how different kinds of institutions constrain as well as enable economic agency. However, I argue that the two dominant approaches in this area of research still display strong, paradigmatic legacies of economics- and sociology-based research, respectively, and that they have not yet produced a unified, socio-economic perspective on management accounting. I advance a third research approach, rooted in critical realism, that transcends the paradigmatic constraints of these approaches. I discuss the paradigmatic premises of this approach and how it may be applied in empirical research.

From transaction costs to transaction value: Overcoming the frictional paradigm

2020 ◽  
pp. 51-81
Author(s):  
D. P. Frolov
Keyword(s):  
Transaction Costs ◽  
Transaction Cost ◽  
Path Dependence ◽  
Transaction Cost Economics ◽  
Cost Minimization ◽  
Low Cost ◽  
Coase Theorem ◽  
Transactional Analysis ◽  
Transaction Sector ◽  
Transaction Value

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.

Why transaction cost economics needs evolutionary economics

1994 ◽  
Vol 68 (1) ◽  
pp. 7-26 ◽  
Author(s):  
Nicolai J. Foss
Keyword(s):  
Transaction Cost ◽  
Transaction Cost Economics ◽  
Evolutionary Economics
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