MARKETS, HIERARCHIES, AND FAMILIES: TOWARD A TRANSACTION COST THEORY OF THE FAMILY FIRM.

Eric R. Gedajlovic · Michael Carney

24 citations0/0 files storedAcademy of Management Proceedings

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Family Business Performance and Succession Corporate Finance and Governance Outsourcing and Supply Chain Management

Abstract

What factors explain the versatility, limitations and successes of Family Firms' (FFs) within and across different industrial and geographic contexts? We develop a transaction cost framework addressing this question. In doing so, we identify a class of asset we term 'generic non-tradables' (GNTs), that are firm-specific, but generic in application. We argue the governance structures of FFs provide them relative advantages in developing and appropriating rents from GNTs.

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2020Entrepreneurial orientation, learning orientation, market orientation, and organizational performance: Family firms versus non-family firms

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