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Transaction cost economics sees a broad spectrum of governance structures spanned by two types of economic adaptation: autonomous and cooperative. Stakeholder theorists have drawn much inspiration from transaction cost economics but have not paid explicit attention to the centrality of the idea of adaptation in this literature. This study aims to address this gap.

The authors develop a novel conceptual framework applying the distinction between the two types of economic adaptation to stakeholder theory.

The authors argue that the idea of cooperative adaptation is particularly useful for describing the firm’s collaboration with primary stakeholders in the joint value creation process. In contrast, autonomous adaptation is more relevant for firms interacting with secondary stakeholders who are not directly engaged in joint value creation and may not have formal contractual relationships with the firm. Accordingly, cooperative adaptation can be seen as vital for resolving team production problems affecting joint value creation, whereas autonomous adaptation addresses how the firm maintains legitimacy within the larger stakeholder environment.

Similar to its significance for transaction cost economics, the distinction between the two types of adaptation equips stakeholder theory with a new systematic understanding of a potentially broad spectrum of firm–stakeholder collaboration forms.

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

This paper aims to take a step in this direction and use the high dimensional fixed effects and quantile regression discontinuity design to test the managerial Coase theorem, which provides an institutional perspective for us to gauge the impact of private property rights on firm performance and the effect of management costs on intermediate inputs.

This study first uses high dimensional regression discontinuity designs to examine the impact of privatization on firm performance in China between 1998 and 2013.

Results indicate that privatization effects increase average outputs of the firm by around 10% given lower management costs, and management costs increase intermediate inputs by more than 50% points. Using data from annual surveys to test managerial Coase theorem, the authors show that management costs negatively affect the marginal effect of privatization on the average outputs of the firm. The positive impact on the investment in intermediate goods and services is larger in magnitude under higher management costs.

The authors develop the managerial Coase theorem. Today, given lower management costs, private property rights provide an incentive structure for a firm to maximize the value of the assets and expand the boundaries.

Utilizing transaction cost economics (TCE) theory as the theoretical underpinning, this article aims to describe the costs of interpersonal helping and governing mechanisms that individuals may use to alleviate helping costs.

A theoretical analysis was performed by drawing upon TCE and related research.

Through the lens of TCE, the authors propose the following: First, as the costs of helping increase, interpersonal helping shifts from being triggered by an autonomous motivation to being regulated by contextual contingencies. Second, the helper is likely to utilize reciprocity to mitigate helping costs by acquiring specific assets possessed by the recipient when asset specificity is high. Third, the helper is likely to utilize organizationally sanctioned procedures and rules to mitigate helping costs by eliminating unwanted resource consumptions when outcome uncertainty is high. Finally, the helper is likely to utilize group norms to mitigate helping costs by involving others in helping or discouraging requests for recurrent help when the frequency of helping is high.

From a theoretical standpoint, this article complements previous research that focuses on the dark side of interpersonal helping. Practically, the authors offer several implications that help managers minimize the costs of helping in the organization.

Outsourcing is a common practice that is often adopted to reduce costs and enhance capabilities. The underlying logic of a firm's outsourcing strategy is not always evident due to multiple antecedents with interacting effects. This study identifies critical factors that influence outsourcing strategies and reveals their interactions with empirical evidence from Chinese construction firms.

The quantitative decision-making trial and evaluation laboratory (DEMATEL) method was applied to analyze the interrelationships among the antecedents of project outsourcing strategies. First, 24 experts from 13 Chinese construction firms were invited to evaluate and score the influence of each factor on the other. Second, the graph theory and matrix tools of DEMATEL were used to quantitatively obtain the causality among factors and the prominence of each factor within the system.

Among the antecedents, a firm's pursuit of cost efficiency, identity, technological capability and contracting capability are the most prominent factors influencing project outsourcing strategies. For the interactions among these factors, this study reveals that the focal firm's technological capability significantly influences its contracting capability, and they jointly influence the firm's outsourcing practices, the selection of outsourcing vendors and, eventually, its pursuit of cost efficiency. Moreover, legal restrictions in the institutional environment strongly shape this capability–cost efficiency relationship.

Twelve critical factors following different theoretical perspectives at varying levels of analysis were identified from the literature review. By revealing the interrelationships among these factors, this study develops a holistic framework that integrates the transaction cost and capability perspectives for understanding project outsourcing strategies embedded in different institutional environments.

This study which is positioned in the ambit of control research investigates the impact of ex ante contractual completeness on opportunistic behaviors and ex post transaction costs, while assessing how these affect relationship termination intention. This study aims to examine alternative attractiveness as a necessary moderator of the nexus between transaction cost and relationship termination intention.

Data gathered from 211 companies in South Korea that have installed and run outsourced vending machines are analyzed and used to validate the study’s theoretical and empirical contributions.

The findings, which rely only on data from companies that outsource and those that run outsourced vending machines, show that contractual completeness negatively affects both active and passive opportunism. The study also discovers that active opportunism positively affects both bargaining costs and monitoring costs, whereas passive opportunism has a positive and direct effect on maladaptation costs but a negative effect on monitoring costs. It further finds that both bargaining and maladaptation costs have positive and direct effects on relationship termination intention, while monitoring costs have a negative effect on the same. Furthermore, it is observed that alternative attractiveness moderates the relationships between bargaining costs and relationship termination intention, as well as maladaptation costs and relationship termination intention.

This study demonstrates that contractual completeness can serve as an important ex ante control mechanism, whereas the two types of opportunism can raise transaction costs. Furthermore, alternative attractiveness is identified as a driver of the impact of transaction costs on relationship termination intention.

A key point of the departure of this study is that it examines the moderating role of alternative attractiveness in the relationship between transaction cost and relationship termination intention. The paper also advances the control literature by emphasizing the critical role that contractual completeness plays in reducing the occurrence of (both active and passive) opportunism in business relationships (especially companies that outsource).

This paper aims to examine how interfirm transactional and relational assets drive firm performance (FP) in digitally integrated supply chains.

The authors combine the Transaction Cost Economics (TCE) and Relational Exchange Theory (RET) frameworks to hypothesize that FP will be a function of Asset Specificity (AS), Digital Technology Usage (DTU) and Collaborative Information Sharing (CIS). In addition, the authors hypothesize that Supply Chain Integration (SCI) will partially mediate the effect of DTU and fully mediate the impact of AS and CIS on FP. A cross-sectional survey of supply chain managers is used to test the hypotheses.

Findings indicate that specific investments in digitally integrated supply chains would increase FP. In addition, SCI fully mediates the relationships between AS and FP and CIS and FP, while SCI partially mediates the influence of DTU on FP.

Managers could strategically engage in the technologies that effectively fit within the firm’s supply chain strategies and seek to develop a pragmatic expertise that enables the effective use of technology in a comprehensive setting.

The study enriches the extant literature by incorporating TCE and RET as contradictory viewpoints on AS and investigating how transactional and relational assets affect FP in digitally integrated supply chains.

Adopting new technologies to improve supply chain activities and processes is essential due to increasingly complex and dynamic business environments. Particularly in the pharmaceutical industry, high-quality standards must be met, requiring transparency and visibility in the supply chain. This research aims at investigating the implementation of blockchain technology in the supply chain of an Egyptian pharmaceutical company.

The research applies a single case-study approach building on the theoretical underpinnings of transaction cost economics. Twenty-five semistructured interviews were conducted with pharmacies and employees of the case company to identify the blockchain technologies' potential for pharmaceutical supply in Egypt. Further analyzing the frequencies of the codes, the authors elaborate on specific relationships between the observed practices.

The research revealed the potential benefits of adopting blockchain technology. Transaction costs are indeed positively impacted by reduced contracting costs, processing costs and lead times, also ensuring the safe delivery of medications. However, the findings also highlight obstacles related to running costs, awareness and company culture. Regarding supply chain governance, blockchain technology can enhance collaboration within the supply chain as well as with important stakeholders.

Insufficient management of pharmaceutical supply chains (PSC) may affect a company's reputation but also disrupt the patient's healing process due to temperature damage and counterfeit medicines. Blockchain governance, in this vein, can ensure a safer and more reliable supply of pharmaceutical products. For intraorganizational purposes, however, cloud solutions, barcoding and generally digital platforms are rated more frequently than blockchain solutions.

The present study contributes to an advanced understanding how blockchain technology supports PSC, particularly in an emerging country context like Egypt. It thereby confirms and extends previous research as well as adds to the theoretical underpinnings of digitalized supply chains.

The paper’s purpose is to consider, using a transaction cost economics (TCE) framework, the mechanisms used by space agencies to encourage private investment in the commercial spaceflight sector.

The authors conducted a content analysis of 554 pages of news articles, relating to issues pertaining to partnerships between national government-based space agencies and private space travel providers, published over a 20-year period. Leximancer was used to initially screen the data and then the authors manually analysed the content to identify themes.

The data analysis revealed three themes, relating to: the uncertainty of space travel; National Aeronautics and Space Administration (NASA) stimulating innovation in the private sector; and risk, insurance and regulation. These themes informed by TCE reveal the “hierarchical” organisational forms used to achieve human spaceflight and then the “hybrids”, insurance and regulations used to stimulate private sector investment and innovation.

This paper contributes to the accounting literature by answering the calls of Alewine (2020) and Tucker and Alewine (2022a, b) for more research into accounting in the space context. Specifically, the paper contributes by identifying mechanisms used by NASA to stimulate private investment in the space travel sector, as well as issues that have affected the implementation of these mechanisms. The paper also contributes to the literature by, based on the analysis, identifying a series of reflections designed to stimulate further management accounting research in the space context.

In recent times, high demand for cloud-based services has led to substantial focus in extant literature from technological and business perspectives. However, the prevailing market imperfections have not drawn much interest. This study aims to emphasize on potential sources of market imperfections from new institutional economics (NIE) perspective and attempts to bring forth the importance of public policy in cloud computing ecosystem.

This study takes a review-based deductive approach to present a set of propositions which highlight potential causes leading to suboptimal performance of cloud-based services.

Lack of clarity around ownership and property rights, high asset specificity, existence of information asymmetry and bounded rationality of the provider and consumer, lead to higher transaction cost for providers and consumers, discouraging participation. This would lead to moral hazard and adverse selection and create market imperfections. Appropriate contractual guidelines, standards, legal framework and policy measures will reduce the risk of such imperfections.

As the focus of the study is to forward the propositions and not to empirically test them, future researchers can adopt data-driven studies to validate those propositions.

To ensure equity in the cloud-market, government and industry bodies should work towards enabling both the small and large players to use cloud-based services efficiently and effectively. Appropriate public policy measures can help remove potential market imperfections, encourage better participation and adoption of cloud-based services.

This study identifies potential market imperfections in cloud computing ecosystem through the lens of the theoretical frameworks of NIE.