Transaction cost theory refined: Theoretical and empirical evidence from a business-to-business marketing perspective

Markus Ungruhe, Henning Kreis and Michael Kleinaltenkamp

No 2010/21, Discussion Papers from Free University Berlin, School of Business & Economics

Abstract: Recently, integrating Transaction Cost Economic (TCE) and Resource Based View (RBV) arguments has become one of the most prominent theoretical approaches in research on business relationships. We question this dominance and strengthen an exclusive TCE perspective by recalling two of the core TCE constructs in order to achieve full exploitation of TCE reasoning. We discuss the transaction attributes 'asset specificity' and 'uncertainty' and identify conceptual gaps that lead to ambiguous results regarding the test of TCE guided hypotheses in prior relationship marketing and management research. To overcome these problems, we redefine both concepts and show that they are interconnected in more complex ways than past empirical research has accounted for. Hypotheses are derived and tested empirically in a cross-sectional online-survey setting by using means of structural equation modelling.

Keywords: new institutional economics; risk; uncertainty; asset specificity (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:fubsbe:201021

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