Transaction Cost Economics

ABSTRACT Interest in third-party logistics has been steadily increasing over the last two decades. Recently, increased focus by researchers has produced a solid literature base of academic research. In this article, a meta-analytic approach is employed to provide a quantitative review of the empirical literature and examine relevant constructs. Fifty-four samples across 69 peer-reviewed journal articles, yielding a total of 9,386 observations, were obtained and analyzed. We used transaction cost economics and the resource-based view as lenses to hypothesize a structural model of the relationships among relational governance structure, logistics customer service, and firm performance. Additional relationships were also found and analyzed, helping to clarify the mixed existing findings in the literature. The paper concludes by mapping out future directions for 3PL research, based on the study's findings. This article is protected by copyright. All rights reserved.

Information technology outsourcing provides several advantages for organizations, such as reducing the cost of ownership of IT products/services, providing rapid access to modern technologies. However, when the outsourcing relationship is not managed effectively, the desired results are not always achieved. This article aims to reveal the role of contract and relationship norms in the success of the IT outsourcing relationship, by focusing on the Turkish domestic market. Firstly, the measurement scales of the research were developed by making use of the previous studies and field interviews. Then the measurement model and hypotheses were tested using the partial least square method. It was concluded that both contract and relationship norms affect IT outsourcing success, but the contract is more effective than relationship norms for IT outsourcing success. Furthermore, it is concluded that relationship norms have a mediating effect between the contract and IT outsourcing success.

Due to the increasing importance of outsourcing as one of the strategic management tools used by hotels worldwide to meet a myriad of objectives. This thesis attempted to assess hotel outsourcing in the Egyptian Hotel Market. A total of 48 participants including General Managers and Department Managers working in four and five-star hotels in both Cairo and Sharm El-Sheikh participated in the study. The methods used to collect data included personal interviews using structured questionnaire as well as documents review. The findings revealed that outsourcing occurred in variety of hotel functions and departments including information technology, transportation services, health club, pest control, quality inspection, animation, marketing, reservation, customer satisfaction, and security. The main reasons of outsourcing in hotels were access of external expertise, reducing costs and focusing on core activities. Outsourcing allowed hotels to achieve significant benefits including, inter alia, financial savings, increasing service quality, and effective demand management. Hotels also desire to expand their scope of outsourcing but are constrained by the limited availability of specialized suppliers, and minimal knowledge concerning the outsourcing strategy implementation. These constraints must be considered if outsourcing is to become a strategy of choice in hotels. Finally, a series of practical and academic conclusions and implications are presented.

ABSTRAKT: Për herë të parë në Shqipëri, hapet debati mbi monedhen e decentralizuar elektronike, Bitcoin (BTC). Kjo analizë shpjegon nga prespektiva ligjoro-financiare: konceptin Bitcoin, funksionimin, tregun e tij, transaksionet tregtare, avantazhet dhe disavantazhet, si dhe qasjen ligjore që sistemi ynë aktual ka ndaj këtij fenomeni.
Baza e analizës lidhet me pyetje si: A e parashikon legjislacioni yne aktual praninë e një monedhe të tillë, apo legjislacioni ka nevojë për pershtatje bazuar në sisteme ligjore të shteteve që tashmë e kanë pranuar monedhen? Si do jetë situata ligjore dhe financiare që do krijohet me hyrjen e BTC në treg?
Ne bazë të kësaj analize, kemi dalë në disa konkluzione dhe kemi rekomanduar zgjidhje të mundshme për një infrastrukturë ligjore që nuk cënon sigurinë juridike dhe ruan parimin e Laissez-faire në treg.


ABSTRACT: For the first time in Albania, takes place the debate on decentralized electronic currency, Bitcoin (BTC). This analysis explains from a legal-financial perspective, the concept of Bitcoin, its functionality, market, commercial transactions, advantages and disadvantages, as well as, the legal approach that our actual system has toward this phenomenon.
The bases of this analysis relate to questions, such as: Does our current legislation provide the necessary legal infrastructure for such phenomena, or regulatory adjustments should be made based on practices of states that have already accepted it? What will be the legal and financial situation like, upon the introduction of BTC in the market?
Based on the analysis, we have come up with some conclusions and made recommendations on potential solutions for establishing a legal infrastructure that does not infringe the legal certainty and preserves the principle of laissez-faire in the market.

The Blockchain has evoked the interest of practitioners and academics alike. Frequently only being perceived as the underlying technology of cryptocurrencies such as Bitcoin, various innovative applications have highlighted its potential to disrupt, revolutionize, and restructure many industries, including the whole supply chain (SC) and logistics sector. Although major industry players are already investing huge amounts of money to build, test, and deploy disruptive solutions that bear the potential to substantially transform existing supply chains, there remains a dearth of literature in leading academic journals which closely investigates the Blockchain and uses theory to analyze, explain, and predict current as well as future developments. This conceptual paper strives to close this research gap and presents a framework that is built on four established economic theories (principal agent theory, transaction cost analysis, resource-based view, network theory) that can be used to derive relevant theory-based research questions. Additionally, the functionality of the Blockchain is briefly explained and some use cases are presented. This paper is intended to initiate and stimulate academic discussion on the potential impact of the Blockchain and introduces a framework for middle-range theorizing together with several potential research questions.

Stakeholder concept is emphasized by Brummer (1991), where modern corporation by its nature creates interdependencies with a variety of groups with whom the corporation has a legitimate concern. Author of this article present and evaluate the underlying evidence and arguments justifying the theory from the perspective of descriptive, instrumental, and normative justifications. The main question in article is “Why would anyone accept the stakeholder theory over alternative conceptions of the corporation?” Author conclude the three approaches to the stakeholder theory: descriptive, instrumental, and normative. All approaches is quite different, mutually supportive and normative base serves as the critical underpinning for the theory in all its forms.

Stakeholder concept is emphasized by Brummer (1991), where modern corporation by its nature creates interdependencies with a variety of groups with whom the corporation has a legitimate concern. Author of this article present and evaluate the underlying evidence and arguments justifying the theory from the perspective of descriptive, instrumental, and normative justifications. The main question in article is “Why would anyone accept the stakeholder theory over alternative conceptions of the corporation?” Author conclude the three approaches to the stakeholder theory: descriptive, instrumental, and normative. All approaches is quite different, mutually supportive and normative base serves as the critical underpinning for the theory in all its forms.

Purpose: To investigate why developing country suppliers are adopting socially sustainable practices and how the implementation process is both impeded and enabled.

Design/methodology/approach: A multi-case study approach is adopted based on four Ready Made Garment (RMG) industry suppliers in Bangladesh and the Bangladeshi buying houses of two large UK retailers. The primary mode of data collection is exploratory face-to-face interviews with 14 senior representatives. Findings are later interpreted using the Transaction Cost Economics (TCE) theory lens.

Findings: One factor motivating implementation is labour retention – a skilled labour shortage means employees will migrate to other factories if suppliers do not improve certain social standards. Barriers to implementation include a misalignment between the requirements of Western codes of conduct and the cultural and socio-economic context in Bangladesh. Enablers include a shift from auditing and monitoring to more open dialogue and trust between buyers and suppliers. We also reveal evidence of mock compliance, e.g. suppliers keeping two sets of timesheets, and of the complexities of social sustainability. For example, while some initiatives are unanimously positive, removing child labour from RMG industry suppliers has simply diverted it to other, less regulated and more hazardous industries like construction.

Research implications: An early, exploratory contribution is provided. The work could be extended, e.g. to other stakeholders like third-party auditors and Non-Governmental Organisations (NGOs).

Practical implications: Being aware of the motivations, barriers and enablers will help Multi-National Corporations (MNCs) promote good practice and anticipate the challenges they are likely to face in improving the social sustainability of their supply chains. Use of TCE leads to suggesting MNCs need to move beyond immediate suppliers and incorporate tier-two suppliers in their implementation efforts.

Social implications: Social sustainability improvements should benefit vulnerable workers, help suppliers develop longer term relationships with MNCs, and contribute to economic growth.

Originality/value: Most prior studies have been in the context of developed countries and focused on the perspective of the buying firm only.

Keywords: Social Sustainability; Developing Country Suppliers; Ready Made Garments Industry; Bangladesh; Exploratory Case Study; Transaction Cost Economics.

Article Classification: Research Paper

Group Savings and Loan Associations' (GSLAs) in Nyanza and Western provinces are having a vital impact on the ability of members to manage their savings, access loans and by extension take greater control of their livelihoods and futures. GSLAs in Kenya are serving a segment that is mostly outside the formal financial sector; a segment that values the groups advice as well as services. Over time, groups are also expanding the market for sound institutional governance.

The Blockchain has evoked the interest of practitioners and academics alike. Frequently only being perceived as the underlying technology of cryptocurrencies such as Bitcoin, various innovative applications have highlighted its potential to disrupt, revolutionize, and restructure many industries, including the whole supply chain (SC) and logistics sector. Although major industry players are already investing huge amounts of money to build, test, and deploy disruptive solutions that bear the potential to substantially transform existing supply chains, there remains a dearth of literature in leading academic journals which closely investigates the Blockchain and uses theory to analyze, explain, and predict current as well as future developments. This conceptual paper strives to close this research gap and presents a framework that is built on four established economic theories (principal agent theory, transaction cost analysis, resource-based view, network theory) that can be used to ...