THE BOUNDARIES OF THE FIRM. THE CASE OF OIL INDUSTRY IN ROMANIA

Dudian Monica (), Trasca Daniela (), Mitrache Andreea (), Georgescu Adriana () and Georgescu Adriana ()
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Dudian Monica: Academy of Economic Studies, Faculty of Economics
Trasca Daniela: Academy of Economic Studies, Faculty of Economics
Mitrache Andreea: Academy of Economic Studies, Faculty of Economics
Georgescu Adriana: Academy of Economic Studies, Faculty of Economics
Georgescu Adriana: Academy of Economic Studies, Faculty of Economics

Annals of Faculty of Economics, 2008, vol. 2, issue 1, 112-117

Abstract: The economic theory of the firm has met an exponential growth in the last decades different from the traditional neoclassical approach. In the first part of the paper we are skimming through the most spread approaches, namely the theory of incomplete contracts and evolutionary school. In the second part we apply the explications on integration provided by the economics of transaction costs with an example on the oil industry in Romania. A brief qualitative analysis reaches out the conclusion that cutting transaction and agency costs is one of the factors that leads to integration within the studied sector.

Keywords: Transaction Cost; Agency Theory; Oil (search for similar items in EconPapers)
JEL-codes: D23 F23 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ora:journl:v:2:y:2008:i:1:p:112-117

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