The Co - Evolution of Capabilities and Transaction Costs : Explaining The Institutional Structure of Production  

Oleh:

Jacobides, Michael G. ; Winter, Sydney G.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 26 no. 5 (May 2005), page 395-414.
Topik: production; capabilities; transaction cost; evolution; institutional structure of production

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.19 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper proposes that transaction costs and capabilities are fundamentally intertwined in the determinantion of vertical scope, and identifies the key mechanisms of their co - evolution. Specifically, we argue that capability differences are a necessary conditiion for vertical specialization and that transaction cost reductions only lead to specializaiton when capabilties along the vale chain are heterogeneous. Furthermore, we argue that there are four evolutionary mechanisms that shape vertical scope over time. First, the selection process, itself driven by capability diffreences, dynamically shapes vertical scope. Second, transaction costs are emdogeneously changed by firms that try to reshape the transacitonal environment to increase their profit and market share. Third, changes in vertical scope affects the nature of the capability development process i. e. the way in which irms improve their operations over time. And finally, the changes in the capability development process reshape the capability pool in the industry, changing the roster of qualified participants. These dynamics of capability and transactin cost co - evolution are illustrated through two contrasting examples, the mortgage banking industry in the united stats, which shows the shift from integrated to disintegrated production and the swiss watch - manufacturing industry, which went from disintegration to integration.

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