Matches in SemOpenAlex for { <https://semopenalex.org/work/W3202973502> ?p ?o ?g. }
- W3202973502 abstract "A central theoretical premise is that firms internalize transactions that are not suited for formal contracting. Yet, there is growing evidence that firms rely on formal contracts to govern some of their transactions within the firm. This paper discusses why firms use formal contracts between units and develops propositions for when formal contracts arise. Internalization does not eliminate transactional problems, and informal agreements for transactions between units often suffer from problems understanding what the other unit will do and whether it will do what it promises. We argue that many of the features that make formal contracts valuable tools for market exchange are beneficial within firms, even if court enforcement of the contract is not possible. We suggest that formal contracts between units serve as communication and commitment devices that address coordination and incentive problems within the firm by providing clarity and credibility on the rights allocated to the units in the transaction." @default.
- W3202973502 created "2021-10-11" @default.
- W3202973502 creator A5008646822 @default.
- W3202973502 creator A5011330385 @default.
- W3202973502 creator A5087243866 @default.
- W3202973502 date "2021-09-06" @default.
- W3202973502 modified "2023-09-27" @default.
- W3202973502 title "The Contractual Governance of Transactions within Firms" @default.
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