تئوری هزینه معاملات و کسب و کار بین المللی

I discuss the cross-fertilization between transaction cost theory (TCT) and international business (IB), showing how TCT provides a powerful lens to study the institutions that organize international interdependencies, and especially multinational enterprises (MNEs). I then discuss some of the insights that IB can provide for the further development of TCT. I argue that a full explanation of why MNEs exist must rely on information asymmetry as well as asset specificity, and that the study of modes of foreign market entry leads to alternative viewpoints on equity joint ventures and hybrids. I conclude by stressing the need for a simultaneous consideration of market transaction costs and internal organization costs when examining governance choices.

TCT has provided a remarkably useful lens to understand IB phenomena. Applying TCT to the research questions asked by IB researchers raises some challenging questions that call for further theoretical developments. This is the mark of a powerful theory.