Article2005

Property rights theory, transaction costs theory, and agency theory: an organizational economics approach to strategic management

360 citations0/0 files storedManagerial and Decision Economics

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Law, Economics, and Judicial Systems Economic Theory and Institutions Outsourcing and Supply Chain Management

Abstract

Property rights theory has common antecedents with contractual theories of the firm such as transaction costs and agency theories, and is yet distinct from these theories. We illustrate fundamental theoretical principles derived from these three theories by analyzing the business case of oil field unitization. Theoretical principles and application of theory to oil field unitization are each summarized. From this, it is possible to see how property rights theory is well suited to explain business situations where inefficient economic outcomes persist. Additionally, property rights theory forges new theoretical connections with other branches of organizational economics, in particular, resource-based theory. Copyright © 2005 John Wiley & Sons, Ltd.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1997Dynamic capabilities and strategic management 1990Institutions, Institutional Change and Economic Performance 1984A resource‐based view of the firm 1991Institutions, Institutional Change and Economic Performance 1937The Nature of the Firm

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