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Joseph T. Mahoney - One of the best experts on this subject based on the ideXlab platform.
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How property rights economics furthers the resource-based view: Resources, Transaction Costs and entrepreneurial discovery
International Journal of Strategic Change Management, 2006Co-Authors: Jongwook Kim, Joseph T. MahoneyAbstract:An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and Transaction Costs Theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Foss' (2005) application of property rights Theory in explaining economic value creation to include not only economising on Transaction Costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for Transaction Costs economising, particularly as a basis for managing strategic change.
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Revisiting agency and Transaction Costs Theory predictions on vertical financial ownership and contracting: electronic integration as an organizational form choice
Managerial and Decision Economics, 2006Co-Authors: Kaouthar Lajili, Joseph T. MahoneyAbstract:This paper provides an organizational economics foundation to guide managers in matching the comparatively more efficient organizational mode with Transactional characteristics such as: (1) the degree of (human capital) asset specificity involved in the Transaction, (2) the degree of uncertainty surrounding the Transaction, and (3) the number of trading partners (suppliers and buyers) in the vertical supply chain. The key role of technology, and more specifically the e-business infrastructure and its effects on organizational mode choice, is highlighted. The main results from this analysis suggest that changes in information technology are changing the nature of Transaction Costs leading to more efficient management through an electronic integration solution thus favoring contracting and outsourcing than would have been technologically possible when Williamson's Markets and Hierarchies (Markets and Hierarchies: Analysis and Antitrust Implications. Free Press: New York, 1975) was published. It is emphasized that the Transaction cost economics principles are durable but that the breathless advances in information technology, especially in the past decade, have comparatively favored lower Transaction Costs of markets over hierarchies. Copyright © 2006 John Wiley & Sons, Ltd.
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property rights Theory Transaction Costs Theory and agency Theory an organizational economics approach to strategic management
Managerial and Decision Economics, 2005Co-Authors: Joseph T. MahoneyAbstract:Property rights Theory has common antecedents with contractual theories of the firm such as Transaction Costs and agency theories, and is yet distinct from these theories. We illustrate fundamental theoretical principles derived from these three theories by analyzing the business case of oil field unitization. Theoretical principles and application of Theory to oil field unitization are each summarized. From this, it is possible to see how property rights Theory is well suited to explain business situations where inefficient economic outcomes persist. Additionally, property rights Theory forges new theoretical connections with other branches of organizational economics, in particular, resource-based Theory. Copyright © 2005 John Wiley & Sons, Ltd.
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revisiting agency and Transaction Costs Theory predictions on vertical financial ownership and contracting electronic integration as an organizational form choice
2005Co-Authors: Kaouthar Lajili, Joseph T. MahoneyAbstract:Following an efficiency perspective and a micro-analytic approach, this paper provides an organizational economics foundation to guide managers in matching the comparatively more efficient organizational mode with firm-level Transactions possessing certain Transactional characteristics. In particular, this paper focuses on the following Transactional characteristics: (1) the degree of specificity of the assets involved in the Transactions (including human capital asset specificity), (2) the degree of uncertainty surrounding the Transaction, and (3) the number of trading partners (suppliers and buyers) in the vertical supply chain. The role of technology, and more specifically the e-business infrastructure and its effects on the choice of organizational modes, is highlighted. The main results from this Transaction Costs analysis suggest that changes in information technology are changing the nature of Transaction Costs leading to more efficient management through an electronic integration solution thus favoring contracting and outsourcing as the preferred organizational form choice than would have been possible when Williamson's (1975) Markets and Hierarchies was published. It is emphasized that the Transaction cost economics principles are durable but that the breathless advances in information technology, especially in the past decade, have comparatively favored lower Transaction Costs of markets over hierarchies.
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Economic Foundations of Strategy
2004Co-Authors: Joseph T. MahoneyAbstract:Editor's Introduction - Anne Huff Foreword - Oliver E. Williamson Preface Overview Chapter 1 Behavioral Theory of the Firm Chapter 2 Transaction Costs Theory Chapter 3 Property Rights Theory Chapter 4 Agency Theory Chapter 5 Resource-based/Dynamic Capabilities Chapter 6 The Theoretic Building Blocks of Organizational Economics
Yi Liu - One of the best experts on this subject based on the ideXlab platform.
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qualitative analysis of cross border e commerce based on Transaction Costs Theory
International Conference on e-Business Engineering, 2015Co-Authors: Li Wang, Yueting Chai, Yi LiuAbstract:Cross-border e-commerce is a newly arising and burgeoning model of cross-border trade. This paper qualitatively analyzes the reasons of cross-border e-commerce's emerging based on Transaction Costs Theory. First, we introduce cross-border e-commerce and describe the supply chains of B2C and B2B2C cross-border e-commerce models. Then we give an overview of the development of Transaction Costs Theory and analyze the composition of Transaction Costs from four different perspectives. Finally, we compare the Transaction Costs of three main cross-border e-commerce models to traditional cross-border trade based on the work above and draw a conclusion that the decrease of Transaction Costs is a fundamental cause of its development.
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ICEBE - Qualitative Analysis of Cross-Border E-Commerce Based on Transaction Costs Theory
2015 IEEE 12th International Conference on e-Business Engineering, 2015Co-Authors: Li Wang, Yueting Chai, Yi LiuAbstract:Cross-border e-commerce is a newly arising and burgeoning model of cross-border trade. This paper qualitatively analyzes the reasons of cross-border e-commerce's emerging based on Transaction Costs Theory. First, we introduce cross-border e-commerce and describe the supply chains of B2C and B2B2C cross-border e-commerce models. Then we give an overview of the development of Transaction Costs Theory and analyze the composition of Transaction Costs from four different perspectives. Finally, we compare the Transaction Costs of three main cross-border e-commerce models to traditional cross-border trade based on the work above and draw a conclusion that the decrease of Transaction Costs is a fundamental cause of its development.
Jean-françois Hennart - One of the best experts on this subject based on the ideXlab platform.
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the Transaction Costs Theory of joint ventures an empirical study of japanese subsidiaries in the united states
Management Science, 1991Co-Authors: Jean-françois HennartAbstract:This paper offers the first large sample empirical study of the factors which influence the choice of Japanese firms between full or partial ownership of their U.S. manufacturing subsidiaries. It studies for the first time the ownership policies of investors of a single home country in a single host country, thus keeping variations within home and host countries constant. One methodological improvement over previous studies is the use as independent variables of the relevant characteristics of the investing firms. These had been proxied in previous studies by data on U.S. industries entered. The results suggest that the degree of ownership taken by Japanese manufacturing investors in their American subsidiaries is driven by the same general Transaction Costs variables that determine the choices made by their U.S. counterparts: Japanese parents joint venture when they need to combine with other firms intermediate inputs which are subject to high market Transaction Costs. An intriguing result, however, is the lack of significance of two variables which, in the U.S. case, strongly push towards full control of foreign subsidiaries. In this study neither the Japanese parent's R&D nor its advertising intensities had any significant impact on their ownership policies.
Li Wang - One of the best experts on this subject based on the ideXlab platform.
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qualitative analysis of cross border e commerce based on Transaction Costs Theory
International Conference on e-Business Engineering, 2015Co-Authors: Li Wang, Yueting Chai, Yi LiuAbstract:Cross-border e-commerce is a newly arising and burgeoning model of cross-border trade. This paper qualitatively analyzes the reasons of cross-border e-commerce's emerging based on Transaction Costs Theory. First, we introduce cross-border e-commerce and describe the supply chains of B2C and B2B2C cross-border e-commerce models. Then we give an overview of the development of Transaction Costs Theory and analyze the composition of Transaction Costs from four different perspectives. Finally, we compare the Transaction Costs of three main cross-border e-commerce models to traditional cross-border trade based on the work above and draw a conclusion that the decrease of Transaction Costs is a fundamental cause of its development.
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ICEBE - Qualitative Analysis of Cross-Border E-Commerce Based on Transaction Costs Theory
2015 IEEE 12th International Conference on e-Business Engineering, 2015Co-Authors: Li Wang, Yueting Chai, Yi LiuAbstract:Cross-border e-commerce is a newly arising and burgeoning model of cross-border trade. This paper qualitatively analyzes the reasons of cross-border e-commerce's emerging based on Transaction Costs Theory. First, we introduce cross-border e-commerce and describe the supply chains of B2C and B2B2C cross-border e-commerce models. Then we give an overview of the development of Transaction Costs Theory and analyze the composition of Transaction Costs from four different perspectives. Finally, we compare the Transaction Costs of three main cross-border e-commerce models to traditional cross-border trade based on the work above and draw a conclusion that the decrease of Transaction Costs is a fundamental cause of its development.
Jongwook Kim - One of the best experts on this subject based on the ideXlab platform.
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How property rights economics furthers the resource-based view: Resources, Transaction Costs and entrepreneurial discovery
International Journal of Strategic Change Management, 2006Co-Authors: Jongwook Kim, Joseph T. MahoneyAbstract:An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and Transaction Costs Theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Foss' (2005) application of property rights Theory in explaining economic value creation to include not only economising on Transaction Costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for Transaction Costs economising, particularly as a basis for managing strategic change.
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Property Rights Theory, Transaction Costs Theory, and Agency Theory: An Organizational Economics Approach
2002Co-Authors: Jongwook Kim, Joseph T. MahoneyAbstract:Property rights Theory has common antecedents with contractual theories of the firm such as Transaction Costs and agency theories. Yet, property rights Theory is distinct from these contractual theories. The objectives of the current paper are to analyze extant property rights Theory and to connect property rights Theory to more mainstream strategic management perspectives of Transaction Costs Theory and agency Theory. We then illustrate fundamental theoretical principles derived from these three organizational economic theories by analyzing the business case of oil field unitization (where a single firm is designated as the unit operator to develop the oil reservoir as a whole) in the United States. Theoretical principles and application of Theory to the business case of oil field unitization are each summarized in table format. By comparing the different theoretical perspectives, it is possible to see how property rights Theory is well suited to explain business situations where inefficient economic outcomes persist. Furthermore, property rights Theory complements Transaction Costs and agency theories by addressing strategic questions of shared ownership, such as joint ventures, and intellectual property rights. As a general Theory of contractual choice, property rights Theory bridges the differences between agency and Transaction Costs theories by requiring residual control rights to match residual rights to income in conceptualizing ownership. Through ownership, property rights Theory clarifies the firm's boundary choice. Additionally, property rights Theory forges new theoretical connections with other branches of organizational economics that are relevant to strategic management, in particular, resource-based Theory.