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| Author: | Lyons, B. |
| Title: | Contracts and specific investment: an empirical test of transaction cost theory |
| Journal: | Journal of Economics & Management Strategy
1994 : SUMMER, VOL. 3:2, p. 257-278 |
| Index terms: | CONTRACTS INVESTMENT TRANSACTION COSTS |
| Language: | eng |
| Abstract: | Empirical work has failed to keep pace with recent advances in transaction cost theory and the theory of contract. The first econometric analysis of its kind is reported by using a new data set of small subcontractors making specific inputs for customers in the engineering industry. The use of formal contracts is found to be strongly associated with specific investment and other variables measuring technological complexity and vulnerability to potential opportunism by customers. |
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