Journal articles on the topic 'Transaction costs'
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Frolov, D. P. "From transaction costs to transaction value: Overcoming the frictional paradigm." Voprosy Ekonomiki, no. 8 (August 3, 2020): 51–81. http://dx.doi.org/10.32609/0042-8736-2020-8-51-81.
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The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.
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Koshcheev, V. A., and R. R. Kozakov. "Typification of the transaction environment of the investment and construction cycle in the Russian Federation." Вестник гражданских инженеров 20, no. 4 (2023): 117–27. http://dx.doi.org/10.23968/1999-5571-2023-20-4-117-127.
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The article presents the study of typification processes in the investment and construction cycle of the Russian Federation which are regarded through the aspects of real estate object liquidity and the theory of transaction costs. It has been proved that in order to reduce the transaction costs for participants in the investment and construction cycle in the Russian Federation, it is necessary to standardize transactions` environment. Such type design procedure makes it possible to reduce the uncertainty of the transaction environment, which, in turn, is a determinant of the corresponding (transactional) costs. There are considered two directions of typification of transaction environment, namely, transactions in regional practices of regulatory institutions in construction and transactions in investment and construction processes.
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Derlytsia, Andrii. "THE CONCEPTUAL FOUNDATIONS OF TRANSACTIONAL ANALYSIS OF PUBLIC FINANCE." Economic Analysis, no. 30(3) (2020): 72–80. http://dx.doi.org/10.35774/econa2020.03.072.
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Introduction. One of the least developed areas of the theory of economic institutionalism is transactional analysis of public finance. Its component – the theory of transaction costs, is mainly applied to the sphere of functioning of economic entities and the financial market. This necessitates the study of transactions in public finance as an economic phenomenon that requires an integrated approach and goes beyond purely transaction costs. The purpose of the article. The aim is to study the conceptual foundations, method and key areas of transactional analysis of public finance as a scientific field of institutional research. Method. To achieve this goal, the following general scientific methods were used: scientific abstraction, in highlighting the essential features of transactional analysis of public finance; comparative analysis, when assessing the differences in transaction costs in the public and market sectors; a systematic approach in identifying the components of transactional analysis of public finance. Results. Transactional analysis of public finance as a component of institutional research of public finance is considered. The role of transaction costs in the public sphere is shown and their ability to positively influence the efficiency of public finance due to the optimization of resource allocation in the public sector is substantiated. It is indicated that transaction costs in the public sphere are a necessary element to ensure compliance with supply and demand of public goods and other state services, which leads to increased utility of participants in collective interaction. The characteristic of the method of transactional analysis of public finance and its features is given. The main directions of transactional analysis of public finance from the standpoint of comparison of transaction costs, transaction losses and transaction benefits are outlined. The dualistic nature of transaction costs in relation to transformation costs is shown.
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Sytnyk, Ye А. "Is there a general equivalent of transaction costs?" Management of Economy: Theory and Practice. Chumachenko’s Annals, no. 2021 (December 23, 2021): 226–39. http://dx.doi.org/10.37405/2221-1187.2021.226-239.
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The article raises the question of the existence of a general equivalent of transaction costs other than money. A distinction was made between the concepts of transaction costs and transaction actions. The definition of transaction costs is given as a cost (in the sense of costs of value and time) trace of transactional actions. The concept of a continuum of transactional actions was introduced. the composition of the continuum of transactional actions is outlined and the main reasons for its increase in the modern economy are identified. among these reasons are specific to the economy, which is transitioning from a Soviet-type command-administrative system to a market one. The mechanism of displacement of market transactions by the firm has been specified. Transactional substitution is a process (processes) of the firm’s performance of a certain set of transactional actions that accompany transformational processes from their beginning to their end. Transaction substitution is related to the transaction capacity of the institute. Correspondence between subsets of the continuum of transactional actions and transformational (production) processes is established. The concept of an agerative system is introduced as one of the two large systems that support symmetry in the economy, and which exists in parallel with the market or commodity-money system. Agerative system is built on the basis of management actions and is a complex of management, transactional actions of all types and types. A table was created in which the main correspondences between transformational and transactional types of processes and the economic phenomena generated by them are placed. Transformational and transactional processes generate different types of economic phenomena. If in transformational processes goods are created, more precisely, natural-material bodies of goods as carriers of value, then institutions are created in transactional processes. If as a result of the development of transformational (production) processes there is an accumulation of capital (which, in fact, is the goal of capitalist production), then as a result of the development of transactional processes there is an accumulation of managerial power. The goal of bureaucracy is to increase and concentrate managerial power. Keywords continuum of transactional actions, transactional actions, transactional costs, transformational processes, the transaction envelope of the production process, the total equivalent of transaction costs, physical goods, carriers of value, agerative system, levels of hierarchy, unit of hierarchical complexity, transactional capacity of institutions, institutional (institutional) competition.
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CABALLERO, GONZALO, and DAVID SOTO-OÑATE. "Why transaction costs are so relevant in political governance? a new institutional survey." Revista de Economia Política 36, no. 2 (June 2016): 330–52. http://dx.doi.org/10.1590/0101-31572016v36n02a05.
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ABSTRACT The New Institutional Economics, led by four Nobel laureates (Ronald Coase, Douglass North, Oliver Williamson and Elinor Ostrom), has showed that institutions and organizations are a medium for reducing transaction costs and obtaining a higher efficiency in economic performance. This paper goes into the research program of the New Institutional Economics to explain the relevance of transaction costs in political exchange and organization and show that transactions costs are even higher in political markets than in economic markets. The paper reviews the main contributions on institutions, transaction costs and political governance, and provides some lessons on political transacting and governance. The survey includes the most detailed catalogue of political transaction costs that has ever been published.
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Ilyina, Elena A., and Leonid A. Saraev. "Optimal profit and transaction costs for a production function with variable elasticity of output with resources." Vestnik of Samara University. Economics and Management 13, no. 2 (July 20, 2022): 159–71. http://dx.doi.org/10.18287/2542-0461-2022-13-2-159-171.
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The published article examines the influence of non-production (transactional) costs of a multifactorial manufacturing enterprise on the formation of its profit. An economic-mathematical model for calculating the profit of an enterprise is proposed, the production function of which takes into account changes in the values of elasticity for each resource, and production (transformation) and non-production (transactional) costs are also described by an exponential function. The features of the formation of profit volumes in the short-term and long-term periods of the enterprise's work are studied. A variant of the calculation model of the maximum possible profit, ignoring the role of transaction costs, and a variant of the calculation model of optimal profit, taking into account the influence of transaction costs, are obtained. The source of transaction costs is the costs of market transactions, for the implementation of which it is necessary to find a subject interested in concluding a transaction, conduct preliminary negotiations with him, prepare a contract and conditions for its implementation, etc. The resources and costs required for all this are the essence of the transaction costs of concluding a deal. It is shown that when calculating the volume of emerging profit, it is necessary to maximize not only the profit function itself, but also the transaction utility function. Numerical analysis of the results of calculations shows the unattainability of the maximum possible values of profit, since in practice the management of the enterprise maximizes not the profit itself, but its utility, expressed as the corresponding transactional function.
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Sinaga, Anton Atno Parluhutan, and Sunday Ade Sitorus Sitorus. "ECONOMIC INTERACTIONS ON THE CONSEQUENCES OF TRANSACTION COSTS." Journal of Economic Development Environment and People 11, no. 3 (October 9, 2022): 27–35. http://dx.doi.org/10.26458/jedep.v11i3.775.
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Transaction costs arise because of contracts between one party and another, between one institution and another, between individuals and institutions and so on. The purpose of this study aims to determine the concept of costs in economic transactions in modern economic transactions. By using a research method, namely library research. The results of this study are current conditions showing that the concept of economic transaction costs is something real and is practiced in economic activities. The fact proves that economic transaction costs are an inseparable part of economic activity, besides that economic transaction costs cannot be avoided in economic activity. Anyone who carries out economic activities must be faced with economic transaction costs.
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Tambovtsev, Vitaly L. "Transaction Costs: Renderings and Consequences." Economics of Contemporary Russia, no. 1 (April 1, 2023): 18–32. http://dx.doi.org/10.33293/1609-1442-2023-1(100)-18-32.
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Although the theory of transaction costs has long been fruitfully used in the analysis of the economy, some of its aspects still have an ambiguous understanding among the researchers. The purpose of the article is to analyze such alternative interpretations. It is shown that transaction costs include mainly accounting components, and in some cases also subjective estimates of opportunity costs. Based on the analysis of the literature, the erroneous interpretation of transaction costs as unproductive has been demonstrated, and situations have been identified in which the minimization of transaction costs certainly contributes to the growth and development of the economy. The final section shows that the notion of transactional benefit (transactional value), which some researchers believe is a development of the theory of transaction costs, is in fact nothing more than another name for such a well-known concept as the benefits of joint activity, or the benefits of trade. It is shown that taking into account the benefits of joint activities and trade has always been part of the institutional analysis of the economy, starting with the work of R. Coase, D. North and O. Williamson, due to which the mentioned concept of transaction benefits is unlikely to make a meaningful contribution to the development of the theory of transaction costs.
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Yakymenko-Tereshchenko, Natalia, Tatiana Zhadan, Ugor Zhuk, and Maria Golovenko. "COST CONTROL IN THE SYSTEM OF ANALYTICAL SUPPORT OF ENTERPRISE MANAGEMENT." Bulletin of the National Technical University "Kharkiv Polytechnic Institute" (economic sciences), no. 3 (August 25, 2021): 36–42. http://dx.doi.org/10.20998/2519-4461.2021.3.36.
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The content of cost management based on modern scientific approaches to its organization was determined. In article was emphasized on the elements of the cost control system. The main elements of the system of internal cost control of LLC "Pharmacy of low prices Kharkiv" include: allocation of responsibilities, effective procedures for authorizing transactions, timely documentation of transactions, actual control over property and documentation, independent validation. The definition of the concept and classification of transaction costs of pharmaceutical retailers are given. Оrganizational and methodological support of internal control of the company's transaction costs includes: organization of accounting of transaction costs, gathering of information on the transaction costs of the enterprise; accumulation and storage of information about the transaction costs of the enterprise; produce indicators for assessing the transaction costs of the enterprise and their analysis; selection of the form of presentation of the results of control of transaction costs of the enterprise, allocation of the directions of use of the results of control of transaction costs of the enterprise; making management decisions based on the results of control. Тhere are stages of the control procedures for the transaction costs of the enterprise: verification of the legality and correctness of the reflection of transaction costs in accordance with accounting rules and regulations and regulatory legal acts, comparison of the correctness and reconciliation between primary documents and accounting registers, validation of the allocation of transaction costs for a certain period, verification of their validity and appropriateness, determination of the correctness of analytical accounting of transaction costs and preparation of appropriate reports.
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Sackley, William H. "Transaction Costs." CFA Digest 31, no. 3 (August 2001): 101–2. http://dx.doi.org/10.2469/dig.v31.n3.949.
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Berkowitz, Stephen A., and Dennis E. Logue. "Transaction Costs." Journal of Portfolio Management 27, no. 2 (January 31, 2001): 65–74. http://dx.doi.org/10.3905/jpm.2001.319793.
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Oleinik, A. N. "Transactions in science in comparative perspective." Voprosy Ekonomiki, no. 9 (September 28, 2018): 52–69. http://dx.doi.org/10.32609/0042-8736-2018-9-52-69.
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The article develops a transactional approach to studying science. Two concepts play a particularly important role: the institutional environment of science and scientific transaction. As an example, the North-American and Russian institutional environments of science are compared. It is shown that structures of scientific transactions (between peers, between the scholar and the academic administrator, between the professor and the student), transaction costs and the scope of academic freedom differ in these two cases. Transaction costs are non-zero in both cases, however. At the same time, it is hypothesized that a greater scope of academic freedom in the North American case may be a factor contributing to a higher scientific productivity.
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A. Kuzmin, Evgeny. "A study on the problems of the structure of transaction costs." Problems and Perspectives in Management 15, no. 3 (October 31, 2017): 224–33. http://dx.doi.org/10.21511/ppm.15(3-1).2017.06.
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The estimation of transaction costs is a well-known methodological problem, the solution of which determines the possibility, among other things, to estimate the conditions for business operations. The growing complexity of the social and economic interaction emphasizes the special role of transaction costs in regulation of the stability condition. The article analyzes approaches to the determination of the essential characteristics of transaction costs. The scientific evidence of dividing of transaction costs into normal and recertative is provided. Their differentiation is connected to the impact of uncertainty and also the principal unavoidability of transaction costs regardless the efficiency of the economic mechanism and other factors. An important factor here is friction force – flexibility of the economic space. The growth of transaction costs that is observed with the increased uncertainty emphasizes only the revealed features in the friction force of the economic environment. All this led to the conclusion on the availability of a generalizing factor that estimates the conditions of exchange transactions. For this, the notion of transaction capacity was introduced; it expresses the cumulative impact of the external and internal conditions, which, this way or another, are understood by the specialists making the managerial decisions. The existence of some value of transaction costs when transaction is declined presupposes an important assumption that the transaction capacity has the same limits of dynamics. The obtained results allow us to build a function of transaction capacity, which shall be considered as a tool for risk-profile analysis.
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Hiegel, Andrew, Jacek Siry, Pete Bettinger, and Bin Mei. "Timberland transaction costs: survey results and insights." Journal of Forest Business Research 1, no. 1 (December 8, 2022): 21–50. http://dx.doi.org/10.62320/jfbr.v1i1.15.
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Timberland is a real asset that has been gaining significant attention and capital from investors over the last four decades. This paper describes and summarizes the results of a timberland investment survey conducted in early 2020. The survey polled timberland investment professionals active in the sector and provided insights into how transaction costs affect timberland investments according to the size and location of the timberland estate. Component costs were also obtained and summarized for each of the steps involved in typical timberland transactions. The survey also provided insight into investor sentiment toward timberland transaction costs as well as the process of accounting of these costs within the forest industry. Key results of the study showed differentiation in transaction costs by location and size of the timberland estates. The study also showed that transactions costs do not deter most investors from placing capital in this asset class. This manuscript provides a baseline of transaction cost information for investors and professionals interested in the timberland real asset space.
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Yuan, Dinghuan, Yung Yau, Wenyi Lin, and Jianxin Cheng. "An Analysis of Transaction Costs Involved in the Urban Village Redevelopment Process in China." Buildings 12, no. 5 (May 22, 2022): 692. http://dx.doi.org/10.3390/buildings12050692.
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A well-designed institutional arrangement for urban village redevelopment projects (UVRPs) must consider transaction costs, but academic papers discussing it from the perspective of transaction cost economics are lacking. This paper applies theory of transaction cost economics to analyse the types and sizes of transaction costs and who bears these costs during redevelopment when implementing UVRPs in China. This paper finds that transactions in UVRPs have high asset specificity, high uncertainty and low frequency, which easily results in high levels of transaction costs. Based on 439 UVRPs collected from seven cities, this paper finds that UVRPs implemented with top–down institutional arrangements remain prevalent in China. Based on semi-structured interviews with participating parties, this paper proves that the sizes and types of transaction costs and the distribution of these costs borne by different participating parties vary with the change of stage under dissimilar institutional arrangements. This implies that a high level of transaction costs at one stage does not necessarily mean the costs stay high at another stage. Transaction costs have essential implications for process efficiency, so policymakers need to consider transaction costs and use hybrid institutional arrangements to enhance the efficiency and sustainability of policies.
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Hausken, Kjell, and Galina A. Schwartz. "Transaction costs and iceberg costs." Applied Economics Letters 18, no. 1 (December 31, 2010): 101–2. http://dx.doi.org/10.1080/13504850903427153.
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Derlytsia, Andrii. "PUBLIC PRODUCTION AND INSTITUTIONAL MECHANISM OF FUNCTIONING OF BUDGETARY INSTITUTIONS." Economic discourse, no. 4 (December 30, 2020): 43–54. http://dx.doi.org/10.36742/2410-0919-2020-4-5.
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Introduction. The study of the functioning of budgetary institutions as producers of public goods and services requires an interdisciplinary view using institutional and transactional analysis, the achievements of the theory of public finance, budget accounting and public administration. Methods. The following methods are used in the article: scientific abstraction in highlighting the essential features of budgetary institutions; comparative analysis, in distinguishing between transaction and transformation costs; systematic approach in explaining the financial, institutional, accounting and management aspects of the functioning of budgetary institutions in the process of public production. Results. Emphasis is placed on the need for conceptual delimitation of budgetary institutions on the basis of their participation in public production into those that directly supply goods and services to the population and those that ensure the functioning of budgetary institutions of the first type. The paper considers the main directions of transactions of budgetary institutions, paying attention to informal transactions and the costs they may cause. It is noted that the total cost of publicly produced products includes both the transformation costs of the budgetary institution - the manufacturer, and transaction costs, which were carried out in stages to the immediate phase of production of goods by budgetary organizations. These are the costs at the stage of public choice (elections, parliamentary activities) and at the stage of its further implementation (functioning of the fiscal entities, treasury system, government borrowing, public procurement, which are transaction costs for budget organizations of the first group). Discussion. According to the author, financial management in the budget sphere should be aimed at assessing and improving the efficiency of public production. This view should be developed in domestic textbooks and academic disciplines. After all, today they are limited to describing the current procedures for planning and implementing estimates, budget funding, without analysing its role in creating value and usefulness for citizens. Keywords: public production, public goods, budgetary institutions, institutional environment, transaction costs, transformation costs, informal transactions.
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Deng, Xiaohong, Xiaoyu Song, and Zhongmin Xu. "Transaction Costs, Modes, and Scales from Agricultural to Industrial Water Rights Trading in an Inland River Basin, Northwest China." Water 10, no. 11 (November 7, 2018): 1598. http://dx.doi.org/10.3390/w10111598.
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Water transactions from agriculture to industry have become an important means to address water scarcity and improve water economic efficiency. Transaction costs (TCs) are one of the main factors preventing water markets from forming or efficiently operating. To evaluate the level of transactions costs, we set the appropriate transaction modes for cross-sector lever water trading and evaluated the TCs from agriculture to industry in the Heihe River Basin (HRB), an inland basin in northwest China. We found that the ranges of transaction costs per m3 of water ranged from 0.06 to 1.10 yuan, and the ratios of TCs to transaction prices ranged from 4.11% to 244.44%. The transaction scale should be more than 15,267 m3 or 29,888 m3 when the TC is at the lower or upper limit in the study area. When the transaction scales are set correctly, the range of the transaction costs will be in an acceptable range, and the proportion of TCs to transaction price will not exceed the 8% limit of the California Water Bank, which was employed as a comparison. The key restrictive factor of water trading in HRB may be the low transaction scale, followed by the high water TCs. The effects of improving water use efficiency in cross-sector trading could not neutralize the restrictions caused by the negative effects of small water demand transaction scales for undeveloped secondary industries in HRB. However, considering the industrial structure and development trends of the regional economy, the future driving force of water transactions across sectors likely lies in tertiary industries in HRB.
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Werner, Robert. "Measuring Transaction Costs." AIMR Conference Proceedings 2001, no. 2 (May 2001): 37–44. http://dx.doi.org/10.2469/cp.v2001.n2.3079.
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Berck, Peter. "Transaction Costs: Discussion." American Journal of Agricultural Economics 81, no. 3 (August 1999): 671–73. http://dx.doi.org/10.2307/1244032.
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Lu, Xiaohe. "Incomplete Contracts and Stakeholder Theory." Business and Professional Ethics Journal 38, no. 3 (2019): 321–38. http://dx.doi.org/10.5840/bpej201982086.
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If market transactions are optimal, why do so many transactions occur within firms themselves? Ronald H. Coase explains this phenomenon by arguing that market transaction costs differ from intra-company transaction costs and that clear intra-intra-firm property rights have the effect of reducing transaction costs. But what exactly are the relevant transaction costs, and what factors determine them? Oliver Hart argues that market contracts are incomplete, and that the key to improving efficiency is putting the power to deal with these unspecified circumstances into the hands of owners within the same entity.In this paper, I argued that, the development of the theory and practice of business ethics as well as China’s innovative practice in recent decades provide a new perspective, one that is especially relevant to the issues raised by Case and Hart and that bear directly on the reform of China’s state-owned enterprises.
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Coronado, Jose Jaime Arana, Jos Bijman, Onno Omta, and Alfons Oude Lansink. "Relationship characteristics and performance in fresh produce supply chains: the case of the Mexican avocado industry." Journal on Chain and Network Science 10, no. 1 (January 1, 2010): 1–15. http://dx.doi.org/10.3920/jcns2010.x101.
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Inter-organisational relations research has shown that relationship characteristics can influence performance in seller-buyer transactions. Using a transaction cost economics approach, this research shows that relational elements such as expectation of continuity reduce the transaction risks related to behavioural uncertainty or asset specificity. However, transaction costs are not only caused by transaction risks but also by the need to coordinate the individual activities of the buyer and the seller. Inter-organisational coordination is important in transactions with perishable products and products with credence attributes, such as in fresh produce supply chains. To study the impact of different relationship characteristics on the efficiency of transactions in a fresh produce supply chain, we collected and analyzed data from 122 avocado producers in Mexico. We found that information exchange and producer expectation of continuity of the relationship positively affect performance in the seller-buyer transaction. While expectation of continuity leads to lower transaction costs associated with behavioural uncertainty, information exchange facilitates the efficient alignment of interdependent activities.
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Schilling, Linda M., and Harald Uhlig. "Currency Substitution under Transaction Costs." AEA Papers and Proceedings 109 (May 1, 2019): 83–87. http://dx.doi.org/10.1257/pandp.20191017.
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We consider a setting where agents can choose between two currencies to conduct their goods purchases. The usage of either currency comes with currency-specific transactions costs. For example, purchasing some goods with cryptocurrencies rather than dollars is easier and may avoid taxes. We explore an extension of Schilling-Uhlig (2019), allowing for asymmetry in transaction costs as well as dollar-bitcoin exchange fees. Agents alternate in their role as buyers and sellers, necessitating currency. A central bank steers the dollar inflation path, while bitcoins are in fixed supply. We characterize the nonstochastic equilibrium and the resulting exchange rate dynamics.
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LIUBKINA, Olena, and Vitalii IHNATIUK. "TRANSACTION COSTS OF TRADING IN ORGANIZED STOCK MARKETS: STRUCTURE AND IMPLICATIONS FOR MARKET EFFICIENCY." Herald of Khmelnytskyi National University. Economic sciences 320, no. 4 (June 29, 2023): 60–71. http://dx.doi.org/10.31891/2307-5740-2023-320-4-9.
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The article substantiates the origin of transaction costs of stock trading from the point of view of the microstructure of the stock market. The article is devoted to the problem of improving the efficiency of decision-making in the field of portfolio investment, in particular in terms of reducing the cost of conducting operations. The object is the microstructure of the stock market, which allows to study in detail the process of making transactions with securities. The origin of transaction costs of stock trading was determined from the point of view of the microstructure of the market: as an appropriate fee for urgency and certainty in the purchase and sale process; as the premium for participation in market trading and conducting the exchange to stimulate potential counterparties; as the result of potential discrepancy in terms of information that the participants of exchange operations have. The classification of transaction costs is systematized according to various criteria: clarity of identification and assessment (explicit – commissions of intermediaries and the stock exchange, taxes, etc.and implicit – costs of spread, timeliness, market impact, missed opportunities); according to the reason for the various transaction costs (taxes, commissions, transaction execution costs and costs of missed opportunities). It is established that implicit costs add a significant level of uncertainty to the investment decision-making process, and therefore their evaluation and control is a priority issue for the investment entity. The main approaches to quantification of implicit transaction costs – missed opportunity costs, spread costs, and market impact costs-are summarized. Prospects for improving the tools for estimating transaction costs of operations in organized stock markets are determined.
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Svynous, Ivan, Tetiana Slyesar, and Yevheniia Shara. "METHODOLOGICAL APPROACHES TO ORGANIZING THE ACCOUNTING OF TRANSACTION COSTS IN AGRICULTURAL ENTERPRISES." INSTITUTE OF ACCOUNTING, CONTROL AND ANALYSIS IN THE GLOBALIZATION CIRCUMSTANCES, no. 1-2 (June 30, 2022): 41–49. http://dx.doi.org/10.35774/ibo2022.01-02.041.
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Introduction. The characteristic features of agriculture in relation to the formation of transaction costs in the agricultural sector compared to other branches of the national economy are its high dependence on the natural environment and biological processes, which causes the manifestation of low stability and predictability of its development. The situation that has developed is caused by the fact that in the system of formation of new economic and agrarian-land relations, along with technological factors, the key place is occupied by institutional factors of the development of the agricultural sector. In this connection, there is a need to study the nature of transactions, transaction costs and assess their impact on reproductive processes in the agricultural sector, as well as to find mechanisms for managing this type of costs in the agricultural sector. Methods. General scientific and special methods of economic research were used in the process of conducting research, in particular: systematic approach, comparative, dialectical, abstract and logical. Results. The proposed methodical approach to determining the amount and structure of transaction costs of agricultural enterprises will make it possible to redistribute internal and external transactions, the essence of which is to compare the amount of transaction costs, the source of which is the company's own divisions, and those arising as a result of market transactions. Discussion. Ukraine's war with Russia caused the appearance of new types and manifestations of transaction costs in the activities of agricultural enterprises. A similar situation will be observed during the period of post-war reconstruction of the agricultural sector of our country. In this regard, scientists are faced with the task of developing methodical approaches to clarifying the economic nature and reflecting them in accounting registers. Keywords: agricultural enterprise, transaction costs, accounting, information, management.
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Tan, Rong, Volker Beckmann, Futian Qu, and Cifang Wu. "Governing Farmland Conversion for Urban Development from the Perspective of Transaction Cost Economics." Urban Studies 49, no. 10 (November 10, 2011): 2265–83. http://dx.doi.org/10.1177/0042098011423564.
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This paper considers farmland conversion for the purpose of urban development as a series of transactions and discusses the determinants of appropriate governance structures for governing farmland conversion in terms of process efficiency. Towards this end, the paper develops a theoretical framework for analysing the process of farmland conversion based on transaction cost economics. The framework covers transactions, transaction attributes, governance structures and performance with the aim of minimising transaction costs. The paper also demonstrates the usability of the framework by creating a corresponding quantitative model for a case study in China. Furthermore, it identifies factors that influence the transaction costs associated with farmland conversion in China and explains why the related governance structures are chosen.
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Zhuang, Taozhi, Queena K. Qian, Henk J. Visscher, and Marja G. Elsinga. "An analysis of urban renewal decision-making in China from the perspective of transaction costs theory: the case of Chongqing." Journal of Housing and the Built Environment 35, no. 4 (February 18, 2020): 1177–99. http://dx.doi.org/10.1007/s10901-020-09733-9.
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Abstract In China, there is a growing number of urban renewal projects due to the rapid growth of the economy and urbanization. To meet the needs of urban development, urban renewal requires a sound decision-making approach involving various stakeholder groups. However, current urban renewal decision-making is criticized for poor efficiency, equity, and resulting in many unintended adverse outcomes. It is claimed that high-level transaction costs (e.g., a great deal of time spent on negotiation and coordination) are the factors hidden behind the problems. However, few studies have analyzed urban renewal decision-making in a transaction costs perspective. Using the case of Chongqing, this paper aims at adopting transaction costs theory to understand the administrative process of urban renewal decision-making in China. This research focuses on four key stakeholder groups: municipal government, district government, local administrative organizations, and the consulting parties. A transaction costs analytical framework is established. First, the decision-making stages of urban renewal and involved key stakeholder groups are clarified. Second, the transactions done by different stakeholder groups in each stage is identified, thus to analyze what types of transaction costs are generated. Third, the relative levels of transaction costs among different stakeholder groups were measured based on the interview. The empirical analysis reveals how transaction costs occur and affect urban renewal decision-making. Finally, policy implications were proposed to reduce transaction costs in order to enhance urban renewal.
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Deng, Meie, and Anlu Zhang. "Effect of Transaction Rules on Enterprise Transaction Costs Based on Williamson Transaction Cost Theory in Nanhai, China." Sustainability 12, no. 3 (February 5, 2020): 1129. http://dx.doi.org/10.3390/su12031129.
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The high transaction costs due to the incomplete information and transaction rules of the rural collective construction land (RCCL) market indicate that the government must improve the rural collective construction land market. Transaction rules are an important means for the government to intervene in the market and promote the development of market order, to secure land tenure, and to improve the disclosure of information. Vertical integration may reduce enterprise transaction costs but will increase the governance cost of internal organizations in enterprises. Land commercialization and corporate governance restructuring is a considerable challenge worldwide. Using a field survey in Nanhai district, Guangdong province, China, we estimated how the transaction costs of the RCCL are influenced not only by three dimensions of transaction rules—openness, equity, and justice—but also by the human asset in EC or EJC. Tobit models were constructed, and the results show that (1) the greater number of collective leaders, the higher the enterprise transaction cost (human asset in EC or EJC increases transaction costs of enterprises) and (2) the transaction rules are not sufficiently open or fair, which leads to high costs of market information searching, opportunism, and corruption. The transaction information is not transparent and the lag in transaction supervision mode gives rise to unfair transactions, in which the formation mode of land price is unreasonable. Therefore, we suggest that the transaction rules of RCCL market should be further improved in the three dimensions of openness, equity, and justice. Chinese authorities should strengthen their current efforts to build a more open and fair market by reducing the transaction costs of enterprises and improving the transaction efficiency. Our work provides some insights into the improvement of market efficiency which will contribute to the development of the RCCL market in other areas of China and worldwide.
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SYAHRIL, E. "AN OPTIMAL TRANSACTION INTERVALS FOR PORTFOLIO SELECTION PROBLEM WITH BULLET TRANSACTION COS." Journal of Mathematics and Its Applications 3, no. 1 (July 1, 2004): 11. http://dx.doi.org/10.29244/jmap.3.1.11-26.
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This paper discusses an optimal transaction interval for a consumption and investment decision problem for an indi- vidual who has available a riskless asset paying fixed interest rate and a risky asset driven by Brownian motion price fluctuations. The individual observes current wealth when making transactions, that transactions incur costs, and that decisions to transact can be made at any time based on all current information. The trans- actions costs is fixed for every transaction, regardless of amount transacted. In addition, the investor is charged a fixed fraction of total wealth as management fee. The investor’s objective is to maximize the expected utility of consumption over a given horizon. The problem faced by the investor is formulated in a stochastic discrete-continuous-time control problem. An optimal transaction interval for the inverstor is derived.
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Sergiy Bardash and Tatiana Osadcha. "IDENTIFICATION OF MANAGEMENT FUNCTIONS OF TRANSACTION COSTS IN RENTAL RELATIONS." European Cooperation 4, no. 44 (October 1, 2019): 79–90. http://dx.doi.org/10.32070/ec.v4i44.67.
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The urgency of the research consists in the existence of problem issues related to managing transaction costs in terms of rental relations, the main ones being their identification, measurement, accounting, control and analysis. The root cause of the existence of these problems is the uncertainty of procedural content and the composition of the management functions of transaction costs. The purpose of the research is to determine the composition, interconnection and content of the main management functions of transaction costs. The research methodology is dialectical, abstract-logical and bibliographic methods, by which, based on the critical analysis of the main management functions of transaction costs, the composition of the main management functions of transaction costs is determined; techniques of induction, deduction, analysis and synthesis are applied to identify the content of the management functions of transactional costs of the enterprise as the basis for formation of an interaction system of the management mechanism of such costs. It has been established that management of transaction costs is an obligatory component of the dynamic management process of a business entity, which must be harmonized with the general management process and be consistent with its main purpose – to achieve high economic results of the enterprise. The structure of the main management functions of transaction costs (planning, organization, motivation, accounting, control, analysis, adjustment and coordination), logic of their implementation, interconnection and essence within the framework of implementation of rental relations are established. The practical significance of the research is to create a basis for building a management system for transaction costs and to determine the conditions for its effectiveness. The obtained scientific results will form the prospects for further research, which will consist in determining the elements of the system and the mechanism of transaction costs management by entities of rental relations.
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Cordelia, Antonio. "Transaction Costs and Information Systems: Does IT Add Up?" Journal of Information Technology 21, no. 3 (September 2006): 195–202. http://dx.doi.org/10.1057/palgrave.jit.2000066.
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Transaction cost theory has often been used to support the use of information and communication technology (ICT) to reduce imperfection in the economic system. Electronic markets and hierarchies have repeatedly been described as solutions to inefficiencies in the organisation of transactions in complex and uncertain settings. Far from criticising this assumption, this paper highlights the limits associated with this application of transaction cost theory that has been prevalent in IS research. Building on the concepts first proposed by Ciborra, the paper argues that information-related problems represent only some of the elements contributing to transaction costs. These costs also emerge due to the interdependencies among the various factors contributing to their growth. The study of the consequences associated with ICT design and implementation, grounded in transaction cost theory, should consider the overall implication associated with the adoption and use of ICT and not only the direct effect on problems associated with information flow, distribution, and management.
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Piechota, Natalia. "Convention Bureau as an Institution Reducing Transaction Costs in the Meetings Industry." Folia Turistica 40 (September 30, 2016): 0. http://dx.doi.org/10.5604/01.3001.0010.4023.
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Purpose. The aim of this paper is to identify the transaction costs in the meetings industry and to state, howa convention bureau can reduce these costs. Methods. The analysis of the transaction costs in the meetings industry and the impact of the convention bureau on them was based on a review of literature. Findings. A onvention bureau mostly influences the market and public transaction costs as an institution forming an institutional arrangement and creating the institutional environment. The convention bureau has the strongest impact on reducing transaction costs at the first stage – before winning the right fo ar city to host a meeting and making transactions. Research and conclusions limitations. The findings were based on analysis of literature, therefore, the results require empirical verification. Practical implications. Identification of transaction costs will help to understand processes in the meetings industry and enable comparison of different institutional arrangements, considering the convention bureau’s activity. It is particularly important in Poland, where these institutions have been operating for a relatively short period of time, and their forms and actions have not yet been regulated by law. Originality. There are many publications considering transaction costs in tourism and none about this problem in the meetings industry. Therefore, this paper fills the the knowledge gap regarding the presented topic. Type of paper. A theoretical study.
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Langlois, Richard N. "The Secret Life of Mundane Transaction Costs." Organization Studies 27, no. 9 (June 28, 2006): 1389–410. http://dx.doi.org/10.1177/0170840606067769.
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Transaction costs, one often hears, are ‘the economic equivalent of friction in physical systems’. Like physicists, economists can sometimes neglect friction in formulating theories; but like engineers, they can never neglect friction in studying how the system actually does — let alone should — work. Interestingly, however, the present-day economics of organization also ignores friction. That is, almost single-mindedly, the literature analyzes transactions from the point of view of misaligned incentives and (especially) transaction-specific assets. The costs involved are certainly costs of running the economic system in some sense, but they are not obviously ‘frictions’. Stories about frictions in trade are not nearly as intriguing as stories about guileful trading partners and expensive assets placed at risk. But I will argue that these seemingly dull categories of cost — what Baldwin and Clark call mundane transaction costs — actually have a secret life. They are at least as important as, and quite probably far more important than, the more glamorous costs of asset specificity in explaining the partition between firm and market. These costs also have a secret life in another sense: they have a secret life cycle. I will argue that these mundane transaction costs provide much better material for helping us understand how the boundaries among firms, markets, and hybrid forms change over time.
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Abbas, M. H. I., M. P. Priambodo, and L. F. Prastiwi. "Identifying production costs of Rosa sp: a transaction costs economics perspective." IOP Conference Series: Earth and Environmental Science 1302, no. 1 (February 1, 2024): 012126. http://dx.doi.org/10.1088/1755-1315/1302/1/012126.
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Abstract Transaction costs are costs that appear in almost every economic transaction. The existence of transaction costs creates production cost inefficiencies. This research aims to identify the production costs borne by rose farmers as one of the leading commodities in East Java, especially Batu City. Apart from that, this research also identifies transaction costs that make production costs inefficient. The method used in this study is qualitative. The data collection tool used was unstructured interviews with rose farmer group administrators in Gunungsari Village, Batu City. Based on the research results, without transaction costs, the average total costs incurred by rose farmers in cutting rose farming is IDR 43,565,085.78 per planting season. The research results also show that there are six types of transaction costs that we have identified. These costs consist of explicit and implicit costs. Explicit costs refer to costs that are clear in amount and farmers know the exact data. Meanwhile, implicit costs refer to costs that farmers do not know the exact amount of.
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Delmas, Magali, and Alfred Marcus. "Firms' Choice of Regulatory Instruments to Reduce Pollution: A Transaction Cost Approach." Business and Politics 6, no. 3 (December 2004): 1–20. http://dx.doi.org/10.2202/1469-3569.1073.
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This paper compares the economic efficiency of firm-agency governance structures for pollution reduction using transaction costs economics. Two governance structures are analyzed with the transaction costs approach: command and control regulation (CCR) and negotiated agreements (NAs). We propose that the choice of governance structure depends on the strategies firms pursue given the attributes of their transactions and their market opportunities. The application of transaction cost economics analysis leads to different choices of regulatory instruments. Firms in more mature, stable industries are likely to choose command and control, while firms in new, dynamic sectors are more likely to opt for negotiated agreements. Frequency of transactions is a key factor in firm choice.
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Medema, Steven G. "Transactions, transaction costs, and vertical integration: a re-examination." Review of Political Economy 4, no. 3 (January 1992): 291–316. http://dx.doi.org/10.1080/09538259200000021.
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De Schepper, Steven, Elvira Haezendonck, and Michaël Dooms. "Transaction cost analysis of public infrastructure delivery." International Journal of Managing Projects in Business 8, no. 3 (June 1, 2015): 441–56. http://dx.doi.org/10.1108/ijmpb-10-2014-0075.
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Purpose – The purpose of this paper is to offer a systematic assessment of the magnitude of transaction costs of public infrastructure delivery, based on the three attributes of transaction costs, being the asset specificity, uncertainty and frequency of a transaction. Design/methodology/approach – Non-parametric tests were used to test the transaction cost differences between different procurement types. Findings – The authors find empirical support, based on a sample of 172 public infrastructure projects in Belgium, that construction firms make higher relation specific investments to their transaction partners under a public-private partnership (PPP) than a under a traditional public procurement (TPP). In addition, the authors found that PPP transactions are burdened by a greater uncertainty and a less mature market than TPP transactions. Research limitations/implications – Given the complexity of this research, the scope is limited to: a strict distinction between two procurement types, one geographical area, a limited time scope and a focus on the private sector. Hence, the authors suggest that further research broadens the scope of either one of these aspects in order to get a better understanding of the total transaction cost burden of the public infrastructure market. Practical implications – This study offers policy makers form a better understanding of the transaction cost implications when evaluating different procurement types. Originality/value – This paper serves as one of the first systematic comparative analyses of the magnitude and determinants of transaction costs for the delivery of public infrastructure.
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Li, Geng. "Transaction Costs and Consumption." Finance and Economics Discussion Series 2007, no. 38 (2007): 1–44. http://dx.doi.org/10.17016/feds.2007.38.
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Chincarini, Ludwig B. "Transaction costs and crowding." Quantitative Finance 18, no. 8 (August 18, 2017): 1389–410. http://dx.doi.org/10.1080/14697688.2017.1342856.
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Lyasko, A. "Trust and Transaction Costs." Voprosy Ekonomiki, no. 1 (January 20, 2003): 42–58. http://dx.doi.org/10.32609/0042-8736-2003-1-42-58.
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In this paper, the influence of interfirm trust relationships on the level of transaction costs of economic exchanges is analysed. In many cases, it is argued, trust appears to be either neutral in respect of transaction costs or even augmenting them. The lowering of transaction costs can be explained by virtue of different attendant institutions, like reputation or contract securities, rather than owing to trust per se. Mutual correlation between trust and transaction costs, including knowledge accumulation in interfirm alliances, property rights protection within joint innovation projects and social capital formation in business groups, is considered.
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Bowman, John R. "Transaction costs and politics." European Journal of Sociology 30, no. 1 (May 1989): 150–68. http://dx.doi.org/10.1017/s0003975600005828.
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Henning, Christian H. C. A., Géraldine Henningsen, and Arne Henningsen. "Networks and Transaction Costs." American Journal of Agricultural Economics 94, no. 2 (October 21, 2011): 377–85. http://dx.doi.org/10.1093/ajae/aar099.
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Li, Geng. "Transaction costs and consumption." Journal of Economic Dynamics and Control 33, no. 6 (June 2009): 1263–77. http://dx.doi.org/10.1016/j.jedc.2008.12.003.
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Blois, Keith J. "Transaction costs and networks." Strategic Management Journal 11, no. 6 (October 1990): 493–96. http://dx.doi.org/10.1002/smj.4250110607.
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Locke, Peter R., and P. C. Venkatesh. "Futures market transaction costs." Journal of Futures Markets 17, no. 2 (April 1997): 229–45. http://dx.doi.org/10.1002/(sici)1096-9934(199704)17:2<229::aid-fut5>3.0.co;2-l.
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Nazarova, I. B., and T. V. Dianova. "Electronic Trade: Advantages, Problems and «Sliding Effect» Arising under Transaction Costs Reduction." MGIMO Review of International Relations, no. 4(25) (August 28, 2012): 173–78. http://dx.doi.org/10.24833/2071-8160-2012-4-25-173-178.
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The article entitled «Electronic trade: advantages, problems and «sliding effect» arising under transaction costs reduction» deals with the factors affecting the development of electronic trade and reveals the causes complicating its spread. Among the causes there are inability to have direct contact with purchased goods, infrastructure development problems, insufficient protection of in-formation, low trust to electronic transactions, legal regulation problems, low computer skills. The authors describe "sliding effect" which results in transaction costs reduction, leading to unreliability transforming the behavior of buyers based on researches to the behavior based on their stereotypes and brings buyers to loss of control under electronic transaction.
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VORONOVA, Ekaterina Yu, and Аnna А. VEKSHINA. "A model of accounting and analytical support of cost optimization in the context of new institutionalism." International Accounting 25, no. 12 (December 15, 2022): 1360–81. http://dx.doi.org/10.24891/ia.25.12.1360.
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Subject. This article deals with the theoretical and methodological features of the formation of accounting and analytical support for transformation and transaction cost optimization. Objectives. The article aims to indicate the need to classify costs according to their belonging to transactions and disclose the theoretical and methodological features in the context of accounting and analytical cost optimization support. Methods. For the study, we used general scientific methods (analysis, comparison and interpretation) and statistical methods in economics. The results of the study are shown in tabular and graphical forms. Results. The article defines the notion of Transaction Cost and the need to decompose cost into transformation and transaction parts to take measures to optimize the level of costs. It systematizes the theoretical and methodological features of accounting and analytical models for transformation and transaction cost optimization. The article also proposes to integrate digital technologies into the management cost accounting system. Conclusions and Relevance. The article justifies the necessity to break costs into transformation and transaction parts for these types of cost have different approaches to the accounting and analytical support formation for optimization. The organization of accounting and analysis of costs by their belonging to transactions can improve the quality of accounting and analytical support and, consequently, the information base for management decisions. At present, the digital technologies that can be used in financial and operational activities contribute to cost reduction.
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Baranov, Andrii. "TRANSACTION COSTS IN THE ACTIVITIES OF INSURANCE INSTITUTIONS." Economic Analysis, no. 32(2) (2022): 15–21. http://dx.doi.org/10.35774/econa2022.02.015.
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Introduction. The concept of transaction costs plays an important role in understanding the relationship between insurer and the insured, the principle of mutual good faith in the relations of these participants, the nature of the insurance company, managing insurance relations to increase the size of the insurance portfolio and increase solvency, increase insurer value. The presence of transaction costs in practice leads to a decrease in the efficiency of insurance institutions, as well as to a decrease in the financial results of insurance. The purpose of the study is the theoretical substantiate the nature of transaction costs that arise in the activities of insurance institutions, and development of practical recommendations for their reduction. The methodological basis of the study is a systematic approach, methods of analysis and synthesis, theoretical and abstract-logical generalizations and hypotheses, methods of comparison and grouping, the method of classification. Results. The institutional features inherent in the formation and development of insurance institutions are highlighted. It is determined that the main reason for transaction costs in insurance relations is the existence of asymmetry of information about the object of insurance, the probability of the insured event, the financial stability of the insurer, etc. The main types of transaction costs of insurance institutions are described: information retrieval, negotiation, measurement, costs of specification and protection of property rights, costs of opportunistic behavior. Based on the study, potential ways to minimize transaction costs of insurance institutions are revealed: state policy, vertical integration, reduction of bureaucratization, development of information and communication technologies, transactional analysis, process management model. The practical significance of the study lies in the justification of the need to purposefully influence the amount of transaction costs of insurance institutions in order to minimize them.
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Starukhin, Vitalii Anatolyevich. "Digitalization as a method of reducing transaction costs of a manufacturing enterprise." KANT 41, no. 4 (December 15, 2021): 95–99. http://dx.doi.org/10.24923/2222-243x.2021-41.18.
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The purpose of the study is to present the author's method of digitalization of transactions of solved business tasks to reduce transaction costs of a manufacturing enterprise. The scientific novelty of the research lies in the fact that the elements of digitalization are proposed in the work to reduce the transaction costs of searching for information, negotiating, measuring, and concluding a contract. The introduction of digital technologies into specific business tasks contributes to the optimization of transaction costs in the modern institutional environment. As a result, the information relationship of the structural divisions of the production company was established during the performance of their functions at all stages of the production cycle from procurement to sales, the functional filling subsystems of the organizational structure were determined. Transaction costs, in accordance with their classification, are structured according to these subsystems, they represent the elements of digitalization recommended for use in the business processes of a manufacturing company to reduce its transaction costs. The introduction of digitalization processes of business tasks into the management structure helps to increase the level of validity and speed of decisions in the subsystems of the organizational structure of the company.
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Shuvalova, N. V. "TRANSACTION COSTS FOR PROVIDING SERVICES TO A PARTICIPANT IN FOREIGN ECONOMIC ACTIVITY FOR CONNECTING TO THE ELECTRONIC DECLARATION SYSTEM OF THE FEDERAL CUSTOMS SERVICE OF RUSSIA." Vestnik Universiteta, no. 7 (September 7, 2020): 128–34. http://dx.doi.org/10.26425/1816-4277-2020-7-128-134.
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The essence of costs in the organizational interaction between participants of external economic activity and the market in the case of connection to the electronic Declaration system has been revealed. This type of cost is classified as transactional. The expenses faced by participants in foreign economic activity at the present time when connecting to the electronic Declaration system have been identified and disclosed. It has been found that the existence of intermediaries in the process of providing such services leads to transaction costs of an explicit type Seven groups of implicit transaction costs also have been highlighted. Various approaches to measuring transaction costs have been considered, a partial use of ordinalist and cardinalist approaches has been proposed.