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We study sources of operational performance improvement in supplier partnerships. We argue that supplier performance will benefit most where time-bound relational assets have developed between a buyer and supplier and the firms exploit the resulting communication efficiency by transferring productive knowledge. We examine the effects of two forms of knowledge exchange together with the prior duration of the buyer--supplier relationship. We find similar interaction patterns in two survey samples of Japanese and U.S. automotive suppliers. The effect of ordinary technical exchanges on supplier performance improvement does not vary with relationship duration. The effect of higher-level technology transfer, however, grows more positive as relationship duration increases. Other results show relevant contrasts consistent with heterogeneous sourcing behavior between the two countries. The findings highlight the role of relational assets and show that it is important to distinguish between simple techniques and higher-level technological capabilities when studying interfirm relationships. This research extends the literatures on knowledge transfer, buyer--supplier partnerships, and the performance dynamics of interfirm and intrafirm relationships in general.

We study the internationalization of digital service multinational enterprises (SMNCs), focusing on how digitalization alters internalization theory’s assumptions about the nature of firm-specific assets (FSAs) and the theory’s predictions about governance choices in cross-border transactions. We invoke Simon’s (Proc Am Philos Soc 106(6):467–482, 1962) near-decomposability concept to explain how digitalization enables two distinct types of FSAs – technology and human capital. Applying the ideas of modularity and skill complexity, we further distinguish between core versus peripheral technology FSAs and between generic versus advanced human capital FSAs. Building on the transferability and appropriability of these strategic assets, we theorize on the FSAs’ internalization propensity in the digital age. We propose that with rising digitalization, the network plays a dual role–as a governance mode and as a strategic resource. Integrating insights from network economics, particularly increasing returns to scale, we propose that network advantages (On) emerge as a distinct strategic resource that merits separate investigation from the traditional asset-based (Oₐ) and transaction-based (Ot) advantages.

Purpose Previous studies have argued that trust and commitment can create value in cooperative relationships. However, this study observed that, in practice, trust and commitment alone may not ensure value creation in asymmetric relationships. Accordingly, this study aims to investigate the mediating role of specific assets in the effects of trust and commitment on value creation in asymmetric buyer–seller relationships. Design/methodology/approach Contract manufacturers (CMs) in Asia were sampled to validate the argument proposed by this study. Most Taiwanese CMs are partnered with international brands (original equipment manufacturers [OEMs]) that have stronger bargaining power. This cooperative relationship is characteristically asymmetric. A questionnaire method was applied, and structural equation modeling was performed to verify the proposed hypotheses. Findings Specific asset investment (SAI) was a crucial mediator that explained the effects of trust and commitment on the relationship value of an asymmetric cooperative relationship. Past studies have claimed that power asymmetry results in an unequal distribution of benefits. Nevertheless, regarding the relationship between CMs and OEMs, the study revealed that relationship value could still be increased once the congruent goals have been achieved by both parties. This finding contradicts past theoretical predictions. Practical implications Characteristically asymmetric CMs–OEMs (seller–buyer) relationships cannot be maintained merely through trust and commitment, particularly in the context of power and resource imbalances in which the stronger party often possesses a wider selection of prospective partners. The results of this study suggested that the CM should unilaterally invest in specific assets conducive to a cooperative relationship as an expression of faith in the relationship with the stronger firm, thereby creating opportunities for value cocreation. Originality/value The analysis of the relevance of relationship quality in the context of asymmetric cooperative relationships confirmed the mediating influences of SAI on ensuring value creation and the maintenance of the relationships. Relationship value could still be created despite the highly asymmetry power relationship. The CMs’ SAI is the key mechanism for this achievement.

This study proposes an integrated framework explaining loyalty responses in high-involvement, high-service luxury product markets. The model is rooted in the traditional (attribute satisfaction)-(overall satisfaction)-(loyalty) chain but explicitly incorporates facility versus interactive service quality, trust, specific asset investment (SAI), and product-market expertise. The authors focus on disentangling the direct versus indirect effects of model constructs on attitudinal versus behavioral loyalty responses. The results support the traditional chain but also show loyalty can be increased by building a trustworthy image and creating exchange-specific assets. The authors found that overall satisfaction is the precursor both to loyalty and to building SAI. Finally, consumers have different costs in reducing adverse selection problems with information, and thus the negative effect of product-market expertise on behavioral loyalty needs to be controlled if the direct versus indirect effects of model constructs on loyalty are to be disentangled. [PUBLICATION ABSTRACT]

This study explores the effect of climate policy uncertainty on corporate working capital management efficiency. Investigating this problem may provide advice to mitigate the impact of climate policy uncertainty on firms. We used Chinese A-share listed companies’ data, spanning from 2007 to 2023, and discovered that climate policy uncertainty reduced companies’ working capital management efficiency. Mechanism research found that climate policy uncertainty reduced firms’ working capital management efficiency by increasing the transaction costs, lowering specific asset investment, and increasing inventory turnover days. Furthermore, our heterogeneity analysis indicated that the impact of climate policy uncertainty on working capital management efficiency was more pronounced in enterprises in the western and central regions, areas with lower marketization levels, and regions with lower highway density. By exploring the influence of climate policy uncertainty on working capital management efficiency, we have expanded the understanding of how climate policy uncertainty affects corporations and enriched research about corporate working capital management efficiency. We recommend that the government enhance the transparency of climate policies and reduce the frequency of policy changes. Furthermore, we advise enterprises to maintain close relationships with their customers and suppliers to mitigate the impact of climate policy uncertainty on working capital management efficiency.

Small and medium multifamily properties—defined as buildings having between 2 and 49 units—house over 20% of the U.S. population, yet they remain an understudied segment of the housing market. Using a rich, transaction-level dataset in eleven major urban counties, we find that they transact at a significant price discount relative to both single-family and large multifamily properties on a per square foot basis. Controlling for both unit- and building-level structural characteristics, small multifamily structures (with 2 to 4 units) transact at a 13.2% discount relative to single-family houses. Further analysis shows that neighborhood characteristics can explain 48.5% of this difference, leaving a sizable residual unexplained. We also find that medium-sized multifamily structures (5 to 49 units) are similarly discounted relative to larger multifamily buildings. This persistently remaining discount may result from asset-specific characteristics. On balance, the analysis reveals a U-shaped price gradient, with the greatest discount for the smallest multifamily properties (2 to 9 units) and a diminishing discount for greater building size

ABSTRACT Objective: this article identifies the mechanisms that guide governance and determine the possibilities of appropriation of value (income) by extractive producers who participate in different value chains of the cocoa bioeconomy in Amazonas. Theoretical approach: transaction cost economics, with an emphasis on the relationships between the specific conditions of assets and bargaining power over the appropriation of value, represents the basis for the two theoretical propositions formulated. Methods: a qualitative approach to multiple case studies was used in two regions (Madeira and Juruá rivers), which are representative of the value chains of the cocoa bioeconomy in Amazonas. Secondary (documents) and primary (interviews and focus group) data were analyzed using thematic analysis. Results: in the commodity and specialty cocoa chains, differentiated relational governance mechanisms have been established, which configure the distribution of bargaining power between intermediaries and producers and consequently the ability of these agents to appropriate value. Conclusion: swaying bargaining power in favor of producers depends on the presence of specific assets positioned to their benefit. The higher the level of specific assets involved in the transaction in favor of extractivists, as occurs in the specialty cocoa chain, the greater their bargaining power tends to be and, consequently, their opportunity to appropriate value. Encouraging the creation of value chains based on specific assets that increase producers’ ability to appropriate income is imperative to achieve an inclusive bioeconomy in the Amazon. RESUMO Objetivo: o artigo tem como objetivo identificar os mecanismos que regem a governança e determinam as possibilidades de apropriação de valor (renda) por parte dos produtores extrativistas que participam das diferentes cadeias de valor da bioeconomia do cacau no Amazonas. Marco teórico: ao abordar a influência da especificidade dos ativos e do poder de barganha no processo de apropriação de valor, a pesquisa se alicerça na economia dos custos de transação para formular duas proposições teóricas. Métodos: por meio de um estudo de casos múltiplos, investigou-se a dinâmica de diferentes cadeias de valor da bioeconomia do cacau no Amazonas, estabelecidas em torno dos rios Madeira e Juruá. Foram analisados dados secundários (documentos) e primários (entrevistas e grupo focal) por meio da análise temática. Resultados: nas cadeias de cacau commodity e especial são estabelecidos mecanismos diferenciados de governança relacional, que configuram a distribuição de poder de barganha entre intermediários e produtores e, por consequência, a capacidade de apropriação de valor desses agentes. Conclusão: o poder de barganha em favor dos produtores depende da presença de ativos específicos posicionados em seu benefício. Quanto maior o nível de ativos específicos envolvidos na transação em favor dos extrativistas, como ocorre na cadeia de cacau especial, maior tende a ser o seu poder de barganha e, por consequência, a sua capacidade de apropriação de valor. Estruturar cadeias de valor baseadas em ativos específicos constitui uma diretriz-chave para o desenvolvimento de uma bioeconomia inclusiva na Amazônia.

Purpose This study aims to explore three critical factors, namely, specific assets investment (SAI), knowledge integration mechanism (KIM) and complementary capability (CC), the antecedents of market knowledge from on structure, process and strategy aspects. This study then tests their effects on the market knowledge-market performance linkage in an asymmetric commerce relationship. Design/methodology/approach This study identified the asymmetric business-to-business (B2B) channel relationship of travel service industry. A total of 248 responses were received from the two waves of data collection and the data was analyzed by the structural equation modeling method. Findings Based on the managerial theory related to transaction cost, knowledge-based view and resource-dependent, SAI, KIM and CC all affect market knowledge, and had an indirect effect on market performance; market knowledge significantly and positively affects market performance. Research limitations/implications In addition to relationship marketing or social exchange theory, this study provides an integrated framework with different theoretical studies to supplement the explanation of relationship marketing theory in the non-significant relationship between trust and commitment and their outcomes. Practical implications This study provides answers for weaker firms how to enhance their market knowledge from their stronger partners. Originality/value No current studies have explored how service firms with weak bargaining power could enhance their market knowledge under an imbalanced B2B relationship. This supports the call for the possible factors as the key antecedents of market knowledge on the asymmetric B2B relationship.

Corruption and thefts of public assets harm a diffuse set of victims, weakens confidence in public institutions, damages the private investment climate, and threatens the foundations of the society as a whole. In developing countries with scarce public resources, the cost of corruption is an impediment to development: developing countries lose between US

This study employs transaction cost logic to investigate effects of market knowledge on formal contracting. The model maintains that market knowledge moderates the effects of supplier specific assets and buyer specific assets on contracting in international buyer–seller relationships. We collected survey data from 131 international buyer–supplier relationships and applied regression analysis to test the hypotheses. The data suggest that the need for formal contracts diminishes when substantial supplier specific assets accompany high market knowledge. In contrast, the need for formal contracting increases when substantial buyer specific assets are combined with high market knowledge. This study provides new insights for B2B marketing literature by shedding light on the influence of market knowledge on formal contracts. The discussion addresses the study’s implications for interorganizational theory and practice.