|
| |
Transaction cost economics
Introduction:
This page is the main page for information about the
research tradition of transaction cost economics (TCE) initiated by Williamson [1975,
1985]. Transaction cost economics has no particular connection with corporate
governance. Indeed, as an analytical tool it is mostly used to explain economic
problems where asset specificity plays the key role. This is not the case with
most problems in corporate governance where the most crucial environment factor
is asymmetric information between the manager and the principals to the
manager, for instance, the owners or the creditors of the firm. Nevertheless, the methodological
framework of
transaction cost economics offer many insights to the study of corporate
governance and for that reason it has got a section of its own on Encycogov.
Contents
|
