The impact of firm-specific assets and the interaction of uncertainty: an examination of make or buy decisions in public and private hospitals
This study examines the impact of uncertainty, as articulated in the transaction cost economics framework, and its interaction with asset specificity in determining make or buy decisions. Our analysis of a sample of over 2900 transactions supports the view that in the presence of specific assets inc...
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| Published in | Journal of economic behavior & organization Vol. 36; no. 3; pp. 383 - 409 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
30.08.1998
Elsevier North-Holland Pub. Co Elsevier Sequoia S.A |
| Series | Journal of Economic Behavior & Organization |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0167-2681 1879-1751 |
| DOI | 10.1016/S0167-2681(98)00102-4 |
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| Abstract | This study examines the impact of uncertainty, as articulated in the transaction cost economics framework, and its interaction with asset specificity in determining make or buy decisions. Our analysis of a sample of over 2900 transactions supports the view that in the presence of specific assets increased uncertainty will induce firms to integrate at lower levels of asset specificity. We also find that transaction cost explanations are subject to contextual factors. In particular, the results support transaction cost predictions for private hospitals, but not for public hospitals, where market efficiency pressures are not as strong. |
|---|---|
| AbstractList | This study examines the impact of uncertainty, as articulated in the transaction cost economics framework, and its interaction with asset specificity in determining make or buy decisions. The analysis of a sample of over 2,900 transactions supports the view that in the presence of specific assets increased uncertainty will induce firms to integrate at lower levels of asset specificity. It is found that transaction cost explanations are subject to contextual factors. In particular, the results support transaction cost predictions for private hospitals, but not for public hospitals, where market efficiency pressures are not as strong. This study examines the impact of uncertainty, as articulated in the transaction cost economics framework, and its interaction with asset specificity in determining make or buy decisions. Our analysis of a sample of over 2900 transactions supports the view that in the presence of specific assets increased uncertainty will induce firms to integrate at lower levels of asset specificity. We also find that transaction cost explanations are subject to contextual factors. In particular, the results support transaction cost predictions for private hospitals, but not for public hospitals, where market efficiency pressures are not as strong. |
| Author | W. Coles, Jerilyn Hesterly, William S. |
| Author_xml | – sequence: 1 givenname: Jerilyn surname: W. Coles fullname: W. Coles, Jerilyn organization: School of Management, Arizona State University, West 4701 W. Thunderbird Road, P.O. Box 37100Phoenix, AZ 85069-7100USA – sequence: 2 givenname: William S. surname: Hesterly fullname: Hesterly, William S. organization: David Eccles School of Business, University of UtahSalt Lake City, UT 84112USA |
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Prentice-Hall, Englewood Cliffs, N.J – volume: 131 start-page: 206 year: 1982 end-page: 213 ident: BIB12 article-title: Supplier switching costs and vertical integration in the automobile industry publication-title: Bell Journal of Economics – volume: 21 start-page: 297 year: 1978 end-page: 326 ident: BIB7 article-title: Vertical integration, appropriable quasi-rents, and the competitive contracting process publication-title: Journal of Law and Economics – reference: American Hospital Association, 1989. Hospital statistics – 1989–90 ed. Data from the American Hospital Association 1988 Annual Survey, American Hospital Association, Chicago, IL – volume: 13 start-page: 559 year: 1992 end-page: 584 ident: BIB9 article-title: The choice of organizational form: Vertical financial ownership versus other methods of vertical integration publication-title: Strategic Management Journal – volume: 9 start-page: 265 year: 1988 end-page: 279 ident: BIB3 article-title: The empirical determinants of vertical integration publication-title: Journal of Economic Behavior and Organization – reference: Dillman, Don A., 1978. The Total Design Method. Wiley, New York, NY – ident: 10.1016/S0167-2681(98)00102-4_BIB15 – ident: 10.1016/S0167-2681(98)00102-4_BIB14 – volume: 15 start-page: 385 year: 1984 ident: 10.1016/S0167-2681(98)00102-4_BIB2 article-title: Integration of the sales force: an empirical examination publication-title: Rand Journal of Economics doi: 10.2307/2555446 – volume: 2 start-page: 335 year: 1981 ident: 10.1016/S0167-2681(98)00102-4_BIB5 article-title: The quasifirm in the construction industry publication-title: Journal of Economic Behavior and Organization doi: 10.1016/0167-2681(81)90013-5 – volume: 131 start-page: 206 year: 1982 ident: 10.1016/S0167-2681(98)00102-4_BIB12 article-title: Supplier switching costs and vertical integration in the automobile industry publication-title: Bell Journal of Economics doi: 10.2307/3003441 – volume: 26 start-page: 431 year: 1995 ident: 10.1016/S0167-2681(98)00102-4_BIB8 article-title: Specific investment, economies of scale, and the make-or-buy decision: a test of transaction cost theory publication-title: Journal of Economic Behavior and Organization doi: 10.1016/0167-2681(94)00070-U – volume: 34 start-page: 97 year: 1996 ident: 10.1016/S0167-2681(98)00102-4_BIB11 article-title: The standard error of regressions publication-title: Journal of Economic Literature – volume: 36 start-page: 269 year: 1991 ident: 10.1016/S0167-2681(98)00102-4_BIB16 article-title: Comparative economic organization: the Analysis of discrete structural alternatives publication-title: Administrative Science Quarterly doi: 10.2307/2393356 – ident: 10.1016/S0167-2681(98)00102-4_BIB4 – volume: 27 start-page: 403 year: 1984 ident: 10.1016/S0167-2681(98)00102-4_BIB10 article-title: The organization of production: Evidence from the aerospace industry publication-title: Journal of Law and Economics doi: 10.1086/467071 – volume: 4 start-page: 95 year: 1988 ident: 10.1016/S0167-2681(98)00102-4_BIB6 article-title: Asset specificity and the structure of vertical relationships: Empirical evidence publication-title: Journal of Law, Economics and Organization – ident: 10.1016/S0167-2681(98)00102-4_BIB1 – volume: 13 start-page: 559 year: 1992 ident: 10.1016/S0167-2681(98)00102-4_BIB9 article-title: The choice of organizational form: Vertical financial ownership versus other methods of vertical integration publication-title: Strategic Management Journal doi: 10.1002/smj.4250130802 – volume: 21 start-page: 297 year: 1978 ident: 10.1016/S0167-2681(98)00102-4_BIB7 article-title: Vertical integration, appropriable quasi-rents, and the competitive contracting process publication-title: Journal of Law and Economics doi: 10.1086/466922 – volume: 9 start-page: 265 year: 1988 ident: 10.1016/S0167-2681(98)00102-4_BIB3 article-title: The empirical determinants of vertical integration publication-title: Journal of Economic Behavior and Organization doi: 10.1016/0167-2681(88)90037-6 – ident: 10.1016/S0167-2681(98)00102-4_BIB13 |
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| SubjectTerms | Assets Buy or make decisions Contracts Economic models Economic theory Hospitals Krankenhaus Make-or- Buy-Entscheidung Private hospitals Specific assets Studies Theorie Transaction costs Transactions Transaktionskosten Uncertainty USA |
| Title | The impact of firm-specific assets and the interaction of uncertainty: an examination of make or buy decisions in public and private hospitals |
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