The Transaction Cost Economics Theory of the Family Firm: Family–Based Human Asset Specificity and the Bifurcation Bias
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- Alain Verbeke
- International Business Strategy, McCaig Chair in Management, Haskayne School of Business, at the University of Calgary, Calgary, Alberta T2N 1N4, Canada.
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- Liena Kano
- Haskayne School of Business at the University of Calgary, Calgary, Alberta T2N 1N4, Canada.
書誌事項
- 公開日
- 2012-11
- 権利情報
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- https://journals.sagepub.com/page/policies/text-and-data-mining-license
- DOI
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- 10.1111/j.1540-6520.2012.00545.x
- 公開者
- SAGE Publications
この論文をさがす
説明
<jats:p>We develop a transaction cost economics theory of the family firm, building upon the concepts of family–based asset specificity, bounded rationality, and bounded reliability. We argue that the prosperity and survival of family firms depend on the absence of a dysfunctional bifurcation bias. The bifurcation bias is an expression of bounded reliability, reflected in the de facto asymmetric treatment of family vs. nonfamily assets (especially human assets). We propose that absence of bifurcation bias is critical to fostering reliability in family business functioning. Our study ends the unproductive divide between the agency and stewardship perspectives of the family firm, which offer conflicting accounts of this firm type's functioning. We show that the predictions of the agency and stewardship perspectives can be usefully reconciled when focusing on how family firms address the bifurcation bias or fail to do so.</jats:p>
収録刊行物
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- Entrepreneurship Theory and Practice
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Entrepreneurship Theory and Practice 36 (6), 1183-1205, 2012-11
SAGE Publications