Transaction Cost Economics (TCE) and the Family Firm

Alain C. Verbeke · Liena L. Kano

73 citations0/0 files storedEntrepreneurship Theory and Practice

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Family Business Performance and Succession Economic Theory and Institutions Outsourcing and Supply Chain Management

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.

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