Scale development and validation of Transaction Cost Economics typology for contracts: A systems thinking approach |
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| Institution: | 1. Division of Business, DeSales University, 2755 Station Avenue, Center Valley, PA, 18034, USA;2. School of Business, Robert Morris University, 6001 University Blvd, Moon Twp, PA, 15108, USA;3. Boler College of Business, John Carroll University, 1 John Carroll Blvd, University Heights, OH, 44118, USA;4. School of Business, Georgia Gwinnett College, 1000 University Center Ln, Lawrenceville, GA, 30043, USA;5. G. Brint Ryan College of Business, University of North Texas, 1307 W Highland St, Denton, TX, 76201, USA;1. Department of Supply Chain Management, Eli Broad College of Business, Michigan State University, Travis Kulpa, USA;2. Department of Supply Chain Management, Sam M. Walton College of Business, University of Arkansas, USA;1. University of Central Oklahoma, 100 N University Dr, Edmond, OK, 73034, USA;2. University of Applied Sciences Upper Austria, Roseggerstraße 15, 4600, Wels, Austria;3. Michigan State University, N327 Business College Complex, East Lansing, MI, 48824, USA;1. Audencia Business School, France;2. Univ. Grenoble Alpes, CNRS, G-SCOP, 38 000, Grenoble, France;3. University of Maastricht, the Netherlands;4. University of Twente, Enschede, the Netherlands |
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| Abstract: | A variety of contract typologies that exist in the literature are helpful in the exploration of different approaches in contractual relations, but only when measured with the right instruments. Although Transaction Cost Economics (TCE) has a distinct, high-level, and abstract typology for contracts, it still lacks a measurement scale. In this paper, a measurement scale for the TCE contract typology (classical, neo-classical, and relational contracts) was developed and validated, using systems thinking approach and experimental design to contribute to the empirical tests of TCE within the contracting realm. First, the antecedents of contract selection within the TCE literature were analyzed using the systemigram technique to visualize and parse out complex relationships that lead to contract selection. The analysis of the TCE Systemigram helped the development of the scale and revealed the need to revisit the risk neutrality assumption embedded in TCE. Second, a measurement scale for the TCE contract typology (classical, neo-classical, and relational contracts) was developed adhering to the original texts of seminal papers and reviews from the TCE literature. Third, the 14-item measurement scale was validated using a series of three vignette-based experimental studies.Key messageThis research explores the antecedents of the TCE contract typology and develops a measurement scale for essential characteristics of classical, neo-classical, and relational contracts, as defined in TCE, using systems thinking approach and a novel vignette-based experimental design. |
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| Keywords: | Transaction cost economics TCE contract Typology Systemigram Classical contracts Neo-classical contracts Relational contracts |
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