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2008•Journal of Shandong UniversityRequires access

Asset Specificity,Sunk Investment and Governance Structure Analysis:Views of Transaction Costs and Firm Capabilities

Wang De-jian

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Abstract

The traditional analysis of governance structures is limited to transaction costs only. Actually, it should involve both firm capability and transaction costs. Assets specificity and sunk investment are closely related to each other, and sunk investment influnces a firm's capabilities and attributes of transaction.Through expandition of the attributes of transaction, a new framework of governance analysis and a model for emperical test are proposed.

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The traditional analysis of governance structures is limited to transaction costs only. Actually, it should involve both firm capability and transaction costs. Assets specificity and sunk investment are closely related to each other, and sunk investment influnces a firm's capabilities and attributes of transaction.Through expandition of the attributes of transaction, a new framework of governance analysis and a model for emperical test are proposed.

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Available abstract

The traditional analysis of governance structures is limited to transaction costs only. Actually, it should involve both firm capability and transaction costs. Assets specificity and sunk investment are closely related to each other, and sunk investment influnces a firm's capabilities and attributes of transaction.Through expandition of the attributes of transaction, a new framework of governance analysis and a model for emperical test are proposed.

Key concepts: Asset specificity, Transaction cost, Sunk costs, Corporate governance, Investment (military), Business, Industrial organization, Database transaction

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