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1.
We investigate sourcing decisions related to the back‐office operations of 108 processes used by financial services companies. Guided by the arguments of transaction cost economics and the resource‐based and knowledge‐based view of organizations, we hypothesize that service customization and volume represent two key drivers of a service company's sourcing decisions. The inherent uncertainty of service customization gives rise to the transaction cost risks of opportunism and holdups and thus favors insourcing. Moreover, the competency gained from performing high‐volume back‐office operations aligns with the tenets of the resource‐based view, which also favors insourcing. The empirical results corroborate these theoretical expectations. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
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Firms boundary choices have undergone careful examination in recent years, particularly in information services. While transaction cost economics provides a widely tested explanation for boundary choice, more recent theoretical work advances competing knowledge-based and measurement cost explanations. Similar to transaction cost economics, these theories examine the impact of exchange attributes on the performance of markets and hierarchies as institutions of governance. These theories, however, offer alternative attributes to those suggested by transaction cost economics or offer alternative mechanisms through which similar attributes influence make–buy choices. Traditional empirical specifications of make–buy models are unable to comparatively test among these alternative theories. By developing and testing a model of comparative institutional performance rather than institutional choice, we examine the degree of support for these competing explanations of boundary choice. Hypotheses are tested using data on the governance of nine information services at 152 companies. Our results suggest that a theory of the firm and a theory of boundary choice is likely to be complex, requiring integration of transaction cost, knowledge-based, and measurement reasoning. © 1998 John Wiley & Sons, Ltd. 相似文献
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Most prior research has focused on vertical integration or strategic outsourcing in isolation to examine their effects on important performance outcomes. In contrast, we focus on the simultaneous pursuit of vertical integration and strategic outsourcing. Our baseline proposition is that balancing vertical integration and strategic outsourcing in the pursuit of taper integration enriches a firm's product portfolio and product success, and in turn contributes to competitive advantage and thus to overall firm performance. We derive a set of detailed hypotheses, and test them on a unique and fine‐grained panel of longitudinal data documenting over 3,500 product introductions in the global microcomputer industry. The results provide strong support for the notion that carefully balancing vertical integration and strategic outsourcing when organizing for innovation helps firms to achieve superior performance. Copyright © 2006 John Wiley & Sons, Ltd. 相似文献
4.
Little research has examined the performance implications of the parent‐child relationship post spin‐off. Although the parent provided oversight of the child prior to the spin‐off, effects of post spin‐off links to the child remain unclear. Applying transaction cost and agency theories, our study of 142 firms spun‐off between 1986 and 1997 examines how oversight and ownership by the parent firm influence stock market performance post spin‐off. We find that while child firms benefit from some links to the parent, having too many links is negatively related to performance. The findings suggest that there is a balance between having too much parental involvement and not enough. Our study extends understanding of post spin‐off child firm performance and provides valuable insights for both parent and child firms. Copyright © 2011 John Wiley & Sons, Ltd. 相似文献
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中国铁路重组的企业边界问题分析 总被引：12，自引：0，他引：12
中国铁路的重组问题实际上是一个企业边界重新划分的问题，本文试图根据科斯关于交易成本的概念和威廉姆森关于规制结构随交易性质而变化的观点，提出分析中国铁路重组中企业边界问题的思路。 相似文献
7.
Anoop Madhok 《战略管理杂志》2002,23(6):535-550
In this paper, three points are argued. The first is that Ronald Coase, best known as the forefather of transaction cost theory, foresaw many of the critical questions that proponents of the resource‐based view are concerned with today. The second is that resource‐based theory plays a potentially much more critical role in economic theory and in explaining the institutional structure of production than even many resource‐based scholars recognize. The last point is that a more complete understanding of the organization of economic activity requires a greater sensitivity to the interdependence of production and exchange relations. The arguments presented in this paper highlight important, but relatively ignored, elements in Coase's work that inform strategy research. More importantly, this paper makes the case for a triangular alignment between the triumvirate of governance structure, transaction, and resource attributes and demonstrates how the identity and strategy of a particular firm influences how its resources interact with the transaction and how the firm chooses to govern it. The general argument is then applied to the context of interfirm collaborative relations, where the key focus is broadened from just cost to also include skills/knowledge and the interdependence between cost and skills with respect to firm boundaries, both in terms of choice and nature. Such a broadening of focus enables us to additionally examine the transacting process as a productive endeavor, which underpins the co‐evolution of the competencies of partner firms. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
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面向供应链的环境治理组织模式研究——基于交易费用视角的考察 总被引：3，自引：0，他引：3
环境治理的组织形式既可以是单个企业的末端治理，也可以是具有纵向关系的企业间合作治理。后一种环境治理组织方式在激励机制、节约信息成本和治理成本等方面具有的优势．已经越来越成为政府环境治理和企业提高竞争力的重要途径。本文试图借助交易费用理论．从供应链的视角考察具有纵向关系的企业间合作环境治理的组织形式与结构，并进一步探讨供应链上环境治理的驱动者与驱动方式的选择问题。分析表明．面向供应链的环境政策是末端治理政策一个很好的补充与替代。但面向供应链的环境政策必须能够降低供应链上企业环境治理的交易成本．并依据纵向关系或供应链的组织特征而有所差异．才能提高企业问协调环境治理效率。 相似文献
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公司治理与企业价值的实证研究 总被引：28，自引：1，他引：28
为探索公司治理与企业价值的相关关系,文章构建了中国上市公司治理指数(CGI),包括了上市公司受到外部机构的审核意见、股权结构、董事会治理机制、经理人员激励四个主要方面。通过运用实际数据进行实证研究,发现我国上市公司的治理水平确实对企业价值有高度显著的正向促进作用,并随着改革的深入和证券市场的规范化,呈现出逐年强化的趋势。 相似文献
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徐斌 《地质技术经济管理》2009,(4):62-65
文章研究中国能源行业的纵向一体化状况,以能源企业的纵向并购为例运用Logit模型分析了能源企业选择纵向一体化方式时考虑的因素。研究结果表明,策略效应和交易成本对能源企业采用纵向一体化的意愿影响较大,生产成本和不确定性的影响较小。 相似文献
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In contrast to prior studies examining strategic alliances as discrete governance structures (e.g., alliances vs. M&A, equity vs. non‐equity agreements), we investigate their particular contractual features. The analysis examines the dimensionality of the contractual complexity construct and investigates the determinants of firms' adoption of various contractual provisions. We find two underlying dimensions of contractual complexity, based upon the enforcement and coordination functions of different contractual provisions. The evidence reveals that firms' usage of particular contractual provisions is a function of asset specificity as well as whether the alliance's duration is pre‐specified or open‐ended. The findings also speak to the debate surrounding the roles of prior ties and trust for alliance governance. Firms that have collaborated with each other in the past are not less likely to negotiate enforcement provisions; rather, repeat collaborators are less likely to adopt contractual provisions that are informational in nature and are geared to the coordination of the alliance. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
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Research summary : Firms seeking to avoid reputational spillovers that can arise from dangerous, illegal, and unethical behavior at supply chain factories are increasingly relying on private social auditors to provide strategic information about suppliers' conduct. But little is known about what influences auditors' ability to identify and report problems. Our analysis of nearly 17,000 supplier audits reveals that auditors report fewer violations when individual auditors have audited the factory before, when audit teams are less experienced or less trained, when audit teams are all male, and when audits are paid for by the audited supplier. This first comprehensive and systematic analysis of supply chain monitoring identifies previously overlooked transaction costs and suggests strategies to develop governance structures to mitigate reputational risks by reducing information asymmetries in supply chains. Managerial summary : Firms reliant on supply chains to manufacture their goods risk reputational harm if the working conditions in those factories are revealed to be dangerous, illegal, or otherwise problematic. While firms are increasingly relying on private‐sector “social auditors” to assess factory conditions, little has been known about the accuracy of those assessments. We analyzed nearly 17,000 code‐of‐conduct audits conducted at nearly 6,000 suppliers around the world. We found that audits yield fewer violations when the audit team has been at that particular supplier before, when audit teams are less experienced or less trained, when audit teams are all male, and when the audits were paid for by the supplier instead of by the buyer. We describe implications for firms relying on social auditors and for auditing firms. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
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外部治理环境与公司内部治理结构效应比较 总被引：7，自引：0，他引：7
本文以深沪两市1039家上市公司2001—2005年的严格平衡面板数据作为样本.实证分析了外部治理环境的不同程度和公司内部治理结构的不同安排对公司价值的影响效应,并分行业细分了这种影响效应的差异。实证回归的结果发现。在外部治理环境当中只有法治化水平对总体样本的上市公司价值有显著的影响作用.而在公司内部治理结构当中则证实了正U型的股权结构效应。此外.外部治理环境与公司内部治理结构对公司价值的影响效应会因行业而有所差异。然而。从整体上看.前者的效应都明显地小于后者。研究结果表明。对于中国特殊的证券市场环境而言。同样存在着公司内部治理结构的合理安排可以作为公司价值保护机制的可能性。 相似文献
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基于自我主体价值的行为公司治理理论 总被引：1，自引：0，他引：1
本文首先提出并用实验检验了经济主体自我主体价值理论。实验结果显示,经济主体对自己有本能的认同和欣赏,具有自我主体价值感,从而表现出违反完全理性假定的行为特征。进而,本文创立了基于自我主体价值的行为公司治理理论,并运用该理论对公司治理中的代理问题(主体意识)、外部董事制度(主体无涉)、高管持股(主体融合)、家族企业治理(主体同一)、控制权之争(主体互斥)和政府控制(主体错位)等重要问题进行了一以贯之的分析。 相似文献
15.
Anne Parmigiani 《战略管理杂志》2007,28(3):285-311
Transaction cost economics, neoclassical economics, and the firm capabilities literatures propose theories of the firm that typically depict firm boundaries determined by a dichotomous choice: the make or buy decision. However, none of these theories presents a satisfying explanation as to why firms would concurrently source, i.e., simultaneously make and buy the same good. This study combines these organizational economics theories and compares when firms make, buy, and concurrently source through surveying small manufacturing firms. Support was shown for aspects of all three theories, with evidence indicating that concurrent sourcing is a distinctly different choice, rather existing along a make/buy continuum. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
16.
Glenn Hoetker 《战略管理杂志》2006,27(6):501-518
The tacit assumption that increased product modularity is associated with advantageous increases in organizational modularity underlies much of the literature on modularity. Previous empirical investigations of this assumption, few in number, have faced numerous confounding factors and generated conflicting results. I build a causal model for the relationship between product and organizational modularity, which I test using a distinctive empirical setting that controls for confounding factors present in previous studies. I find support for only part of the assumed relationship, showing that modularity is a more multifaceted concept than previously recognized. In particular, increased product modularity enhances reconfigurability of organizations more quickly than it allows firms to move activities out of hierarchy. The paper contributes to the emerging stream of research that focuses on the previously underappreciated costs of designing and maintaining a modular organization. Copyright © 2006 John Wiley & Sons, Ltd. 相似文献
17.
Relational exchange arrangements supported by trust are commonly viewed as substitutes for complex contracts in interorganizational exchanges. Many argue that formal contracts actually undermine trust and thereby encourage the opportunistic behavior they are designed to discourage. In this paper, we develop and test an alternative perspective: that formal contracts and relational governance function as complements. Using data from a sample of information service exchanges, we find empirical support for this proposition of complementarity. Managers appear to couple their increasingly customized contracts with high levels of relational governance (and vice versa). Moreover, this interdependence underlies their ability to generate improvements in exchange performance. Our results concerning the determinants of these governance choices show their distinct origins, which further augments their complementarity in practice. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
18.
代理问题、公司治理与企业价值--以民营上市公司为例 总被引：25，自引：0，他引：25
本文运用代理理论对2002年在上海、深圳证券交易所上市的122家民营上市公司治理与企业价值进行理论分析与实证检验,发现民营上市公司治理包括在股权集中度、债务融资比重、金字塔式控股、控制权与现金流权偏离、流通股与非流通股价偏离等五个方向上存在着代理冲突,并指出引发民营上市公司代理冲突的首要原因是现行流通股与非流通股的股权割裂。 相似文献
19.
This study focuses explicitly on the methodological implications of the endogenous theory of governance as applied to firm performance. In particular, if firms choose their governance structures as part of a constrained performance maximization process, then application of an appropriate empirical methodology should reveal statistical evidence of such behavior. In this study we take advantage of the endogenous switching regression model framework to determine whether such predicted optimizing behavior can be corroborated by the data. The model allows us to test explicitly for selection behavior in accordance with comparative advantage and, concomitantly, the presence of selectivity bias, in estimating the impact of CEO duality on firm performance. The selection and performance equations are modeled in accordance with the extant accounting, economics, and management literature on the impact of the dual governance structure on firm performance. Overall, we tested four performance measures for the entire sample of firm‐year observations as well as for the largest three industries in terms of sample sizes. The major finding, robust in all cases, is that there is no evidence to support a contention that CEO duality is a structure purposefully chosen for optimizing performance. If firms are indeed choosing the dual leadership structure, they are doing so for reasons other than improving performance from what it would be otherwise. In fact, for performance measured as market return and earnings per share, there is evidence of a significant selectivity bias that acts to lower performance below what it would have been under random assignment. For performance measured by Tobin's q and return on assets, we found neither evidence of selectivity bias, nor any significant marginal performance impacts of CEO duality. Such findings are inconsistent with an endogenous governance theory, at least when applied to firm performance. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
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We propose that the behavioral theory of the firm perspective on R&D search requires modification when applied to “communitarian” cultures such as Japan because reciprocity and embeddedness can influence the search decision. When performance exceeds aspirations, communitarian‐oriented firms are more inclined to use their privileged position to help their less fortunate stakeholders by engaging in additional R&D search that should yield greater payoffs for these stakeholders in the future. Our results indicate that while Japanese firms engage in “problemistic” search in a manner similar to what has been found in other contexts, they respond differently when performance exceeds expectations. We find that as performance rises above aspirations, communitarian‐oriented firms raise R&D search to a greater extent than do firms that lack a communitarian orientation. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献