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1997•Journal of Institutional and Theoretical Economics-zeitschrift Fur Die Gesamte StaatswissenschaftRequires access

The Transaction Cost Theory of the (Multinational) Firm - Reply

Clifford Paul Hallwood

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Abstract

The thesis by HALLWOOD [1994] is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between firms in the capital valuation of firm-specific knowledge may be due to uncertainty.

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The thesis by HALLWOOD [1994] is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between firms in the capital valuation of firm-specific knowledge may be due to uncertainty.

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OpenAlex reports 3 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

The thesis by HALLWOOD [1994] is compactly restated, showing that most of Love's points are either already encompassed, or, are useful extensions of it. Love's idea that production cost differences between firms are necessarily caused by transaction costs is rejected, as differences between firms in the capital valuation of firm-specific knowledge may be due to uncertainty.

Key concepts: Transaction cost, Multinational corporation, Valuation (finance), Theory of the firm, Microeconomics, Database transaction, Production (economics), Industrial organization

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