Affiliation:
1. Haskayne School of Business, University of Calgary, Calgary, Alberta, Canada.
Abstract
Gedajlovic and Carney's application of transaction cost economics (TCE) thinking to the family business builds on TCE's concept of asset specificity. Our analysis augments this application. We focus on TCE's behavioral assumptions, which act as drivers of failed human commitments. We show that both the exposure and response to bounded rationality and bounded reliability challenges may be different in family firms versus Chandlerian hierarchies, and introduce the new concept of family–based human asset specificity.
Subject
Economics and Econometrics,Business and International Management
Cited by
60 articles.
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