resources and transaction costs

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1、StrategicManagementJournalStrat.Mgmt.J.,26:541553(2005)PublishedonlineinWileyInterScience(www.interscience.wiley.com).DOI:10.1002/smj.465RESOURCESANDTRANSACTIONCOSTS:HOWPROPERTYRIGHTSECONOMICSFURTHERSTHERESOURCE-BASEDVIEW12KIRSTENFOSS*andNICOLAIJ.FOSS1CopenhagenBusinessSchool,Freder

2、iksberg,Denmark2CopenhagenBusinessSchool,Copenhagen,Denmark;andNorwegianSchoolofEconomicsandBusinessAdministration,Bergen,NorwayPropertyrightseconomicsfurtherstheresource-basedviewofstrategicmanagementinanumberofways.First,resourcesareconceptualizedasbeingcomposedofmultipleattribute

3、sforwhichpropertyrightsmaybeheld.Second,aresourceownersabilitytocreate,appropriate,andsustainvaluefromresourcesdependsonthepropertyrightsthatheorsheholdsandonthetransactioncostsofexchanging,defining,andprotectingthem.Whiletransactioncostsareamajorsourceofvaluedissipation,reducingsuch

4、dissipationmaycreatevalue.ImplicationsfortheRBVanalysisofsustainedcompetitiveadvantagearederived.Copyright2005JohnWiley&Sons,Ltd.INTRODUCTIONthecustomeranymore.ThepriceiscalculatedbasedontheoverallcharacteristicsofthestonesAccordingtoNobelPrizewinner,RonaldCoaseandnonegotiationover

5、thepriceisallowed.(1992:716):Doesthisstrategyreflectrawmarketpoweronthepartofaplayerthatcontrols80percent[b]usinessmenindecidingontheirwaysofdoingoftheworldmarketforrawdiamonds?Propertybusinessandonwhattoproducehavetotakeintoaccounttransactioncosts...Infact,alargepartofrightseconomis

6、tshavearguedthatitdoesnotwhatwethinkofaseconomicactivityisdesigned(Barzel,1982;KenneyandKlein,1983).Rather,toaccomplishwhathightransactioncostswouldthisisapracticethatmaximizescreatedvalueinotherwiseprevent.firmcustomerrelationsbyreducingthecostscus-tomersotherwisewouldhaveexpendedon

7、sortingForexample,considertheDeBeersdiamondandnegotiating,anditarguablyexistsforthisrea-cartelandthepracticetheyhaveadoptedfororga-son(itwouldbesuperfluousinazerotransactionnizingsales.AcustomerinformsDeBeersofhercostworld).DeBeerssortstheproduct,butonlyinwishesforaspecificnumberandqu

8、alityofstones.DeBee