A Note on Countertrade: Contractual Uncertainty and Transaction Governance in Emerging Economies

Chong Ju Choi, Soo Hee Lee and Jai Boem Kim
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Chong Ju Choi: University of Cambridge
Soo Hee Lee: Birbeck College, University of London
Jai Boem Kim: City University Business School

Journal of International Business Studies, 1999, vol. 30, issue 1, 189-201

Abstract: This paper develops a conceptual framework for analyzing organizational responses to contractual uncertainty in the context of emerging economies. Elaborating on Hennart's (1989) transaction cost rationale for countertrade, we develop a typology of exchange and transaction governance pertinent to the study of emerging economies: Contract, trust and hostage. Notwithstanding the traditional explanation based on foreign exchange shortage, we argue that the persistence of international countertrade illustrates organizational remedies to institutional deficiency in transaction governance.© 1999 JIBS. Journal of International Business Studies (1999) 30, 189–201

Date: 1999
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