the co-evolution of capabilities and transaction costs

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1、StrategicManagementJournalStrat.Mgmt.J.,26:395413(2005)PublishedonlineinWileyInterScience(www.interscience.wiley.com).DOI:10.1002/smj.460THECO-EVOLUTIONOFCAPABILITIESANDTRANSACTIONCOSTS:EXPLAININGTHEINSTITUTIONALSTRUCTUREOFPRODUCTION12MICHAELG.JACOBIDES*andSIDNEYG.WINTER1LondonBusinessSchool,Londo

2、n,U.K.2TheWhartonSchool,UniversityofPennsylvania,Philadelphia,Pennsylvania,U.S.A.Thispaperproposesthattransactioncostsandcapabilitiesarefundamentallyintertwinedinthedeterminationofverticalscope,andidentifiesthekeymechanismsoftheirco-evolution.Specifi-cally,wearguethatcapabilitydifferencesareanecessa

3、ryconditionforverticalspecialization;andthattransactioncostreductionsonlyleadtospecializationwhencapabilitiesalongthevaluechainareheterogeneous.Furthermore,wearguethattherearefourevolutionarymechanismsthatshapeverticalscopeovertime.First,theselectionprocess,itselfdrivenbycapabilitydiffer-ences,dyn

4、amicallyshapesverticalscope;second,transactioncostsareendogenouslychangedbyfirmsthattrytoreshapethetransactionalenvironmenttoincreasetheirprofitandmarketshare;third,changesinverticalscopeaffectthenatureofthecapabilitydevelopmentprocess,i.e.,thewayinwhichfirmsimprovetheiroperationsovertime;andfinally,t

5、hechangesinthecapabilitydevelopmentprocessreshapethecapabilitypoolintheindustry,changingtherosterofquali-fiedparticipants.Thesedynamicsofcapabilityandtransactioncostco-evolutionareillustratedthroughtwocontrastingexamples:themortgagebankingindustryintheUnitedStates,whichshowstheshiftfromintegratedto

6、disintegratedproduction;andtheSwisswatch-manufacturingindustry,whichwentfromdisintegrationtointegration.Copyright2005JohnWiley&Sons,Ltd.Overthelast20years,muchprogresshasbeentunisticbehavior,thistheorysuggests,isthemainmadeintheanalysisofverticalscope,andindeterminantofverticalscope.understanding

7、whatdrivesthegovernancestruc-Independently,anotherstreamofliteraturehasturesobservedinpractice.AkeyfigureinthatcometohaveadefiningimpactonstrategyasdevelopmentwasOliverWilliamson(1975,1985,afield:theresource-andcapa