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Current technological advances have led to the development of payment methods in online buying and selling practices. Usually the payment method is made via cash and non-cash; one of the current payment methods is known as the split payment method. Split payment is a payment made using more than one payment method to complete the entire transaction. There is a case where a consumer buys goods online by paying using split payment and the consumer will be given cash back when using split payment. However, the goods that have been purchased do not reach the consumer. The consumer and the shop agreed to ask for compensation from the market place, which is a meeting place for online buyers and sellers. Based on this case, the author is interested in researching the problem of how to complete online buying and selling transactions using split payments. This research uses normative legal research methods with a statutory approach. The results of this research show that it is important to have special regulations regarding the definition and validity of split payment methods for online buying and selling transactions in order to provide guarantees, justice and consumer security in order to realize the principle of legal certainty. [ABSTRACT FROM AUTHOR]

Information exchange is critical to the functionality of governance networks. Traditionally, it has been argued that actors within governance networks tend to engage in information exchange with others who share similar beliefs and motivations, as these are deemed catalysts for achieving collective objectives. An alternative viewpoint posits that actors may prioritize strategies aimed at minimizing transaction costs and maximizing returns when selecting their partners. This paper proposes that information exchange predominantly occurs with partners who are easily accessible (i.e., where transaction costs are low) and with partners who are perceived as influential (i.e., where benefits are high). To investigate these alternative propositions, we examine three distinct opportunity structures that actors may utilize, which are based on their preferences for (1) partners with similar participatory motivations, (2) partners who co‐participate in institutional committees, and (3) those perceived as influential. We empirically test these opportunity structures using unique survey data gathered from 10 anti‐corruption multi‐stakeholder partnerships within the public infrastructure domain in countries of Latin America, Africa, and Eurasia. Results from Exponential Random Graph Models suggest that shared participatory motivations do not significantly impact information exchange within our context, whereas the perceived influence of a partner emerges as a critical predictor. In addition, co‐participation in institutional committees significantly facilitates information dissemination, particularly when those committees involve discussions on deliberating about strategies to communicate findings on public‐sector infrastructure discrepancies and formulating recommendations to governments on transparency and accountability. These findings prompt discussions on four network management strategies aimed at restructuring networks and fostering stakeholder involvement and inclusivity. [ABSTRACT FROM AUTHOR]

This study aimed to explore the key factors affecting pig farmers' willingness to participate in a pig manure outsourcing treatment project (PMOTP) from the perspectives of transaction costs and peer effects. Survey data from 512 pig farmers and the probit and Heckman probit models were used to estimate the impact of transaction costs and peer effects on farmers' participation in the PMOTP. The results demonstrate that more than 62% of farmers are willing to participate in the PMOTP, and the average willingness to pay reaches 7.2 yuan/ton. Farmers' willingness to participate in the PMOTP decreases with asset specificity, transaction frequency and uncertainty but increases with peer effects. Moreover, peer effects attenuate the inhibitory effect of transaction costs on farmers' participation in the PMOTP. Heterogeneity analysis showed that large-scale farmers without the self-breeding and self-rearing model are more affected by transaction costs and peer effects than other farmers. Moreover, asset specificity and peer effects are likely to increase farmers' willingness to pay for the project, which suggests that larger farms are more willing to invest in the PMOTP. These findings provide a useful reference for establishing a model for sustainable environmental service projects in the farming industry. [ABSTRACT FROM AUTHOR]

Our study assesses the performance of a threshold vector error correction model (TVECM) for the analysis of spatial price transmission. We specifically determine how inference about price regimes and the process of price adjustment to the established long-run equilibrium is affected when the stochastic transaction cost is exogenously or endogenously determined in fixed and flexible threshold models. The study first generates non-stationary but cointegrated price series and transaction costs based on true price transmission parameters: percentage of violations of spatial equilibrium, speed of price adjustment, threshold and inaction band using Monte Carlo simulations. Then, the generated data are used to estimate TVECMs under various assumptions on transaction cost variation and threshold specification. Finally, estimates of price transmission parameters are compared with the true parameters to evaluate the performance of model specifications. Our results indicate that the flexible TVECM accounting for transaction cost variation outperforms the standard fixed TVECM, which is consistent with findings from many previous studies in the literature. Our study also finds that although the flexible TVECM performs better than the fixed TVECM, it may not fully address the limitation of linear models when a real-world data represents a complex nonlinearity in the spatial price transmission. [ABSTRACT FROM AUTHOR]

This article examines how contract model selection shapes PPP governance, which may affect the construction performance of PPP Toll Roads in Indonesia. This study compares the performance of PPP contracts used to build the 49 toll road projects, i.e. the Build-Operate-Transfer (BOT), Supported BOT (SBOT) and Design-Build-Finance-Operate-Maintenance (DBFOM) contracts. Using an Instrumental Variable Two-Stage Least Squares Regression (IV-2SLS) approach, this study discovers that SBOT contracts have lower costs and shorter completion times than BOT contracts due to a better incentive structure, which includes not only various government supports but also stronger control mechanisms in preparation, monitoring and audit. Meanwhile, using an OLS regression, DBFOM contracts have lower costs and shorter completion times than BOT contracts because private firms were able to better internalize externalities and perform better design and monitoring because they were in charge of the planning from the beginning. These findings suggest that the choice of contract has significant effects on the construction performance of PPP and transaction cost minimization is one of the keys to consider in the selection of PPP contract governance, especially to anticipate cost overrun and time delay risks. [ABSTRACT FROM AUTHOR]

This article examines how imperfect legislative agreements offer an opportunity for higher courts' intervention in policymaking. In concrete terms, it explains that lawmakers in certain situations avoid resolving apparent conflicts of interest due to high transaction costs in the legislative process, maintaining statutory criteria considered transparently inefficient or by simply developing regulatory arrangements with a significant degree of indeterminacy. Employing a simplified model of rational choice behaviour, the article asserts that those scenarios constitute an opportunity for strategic involvement of the higher courts in crafting public policy. As an unintended consequence of the imperfect legislative agreements, justices look at them as an indicator that members of the other branches of government have reached weak political compromises or are unable to impose their policy preferences. Therefore, justices can exercise discretion, foreseeing prospects to increase their authority while the risk of an overruling or the implementation of other retaliatory measures remains low. [ABSTRACT FROM AUTHOR]

This study investigated the extent to which the low-risk anomaly is present in a pooled sample of nine African frontier equity markets from March 2004 to July 2023. Portfolio-level analysis was used to investigate the total stock returns of equally weighted quintile portfolios sorted on historical volatility. The presence of a monotonic relationship between historical volatility and subsequent returns was evaluated using monotonicity tests, controlling for possible mediating variables. The results revealed evidence of a statistically significant low-volatility premium, except during bull markets. These findings imply that investors can expect to earn higher returns by allocating to stocks with lower historical volatility, but only during bear markets. These results hold for realistic portfolio construction constraints, such as (il)liquidity and high transaction costs. [ABSTRACT FROM AUTHOR]

Globalization and foreign direct investment (FDI) have made host country corruption a critical consideration for firms expanding internationally. This study investigates how perceived host country corruption influences the market entry mode choices of 207 Indonesian firms across 25 host countries between 2012-2022. Utilizing logistic regression analysis and grounded in transaction cost theory, we examine the likelihood of firms selecting joint ventures (JV) over wholly owned subsidiaries (WOS) in response to corruption risk. Results indicate that higher levels of perceived corruption in the host country significantly increase the probability of firms opting for JVs as a risk mitigation strategy. While strong country governance is often assumed to deter corruption, our findings suggest that it may not significantly reduce the perceived risk for firms entering foreign markets. This has important implications for policymakers seeking to attract foreign investment and for businesses developing strategies to navigate corrupt environments. [ABSTRACT FROM AUTHOR]

The housing market in England is in crisis, in terms of both availability and costs of housing. Although it is not a solution for everyone, many advocates of the tiny house movement promote developing small houses that are financially affordable and environmentally sustainable. There is limited research on tiny houses, and the hidden costs of developing this type of housing have not been investigated. This paper addresses this gap through exploring the perceived transaction costs associated with developing tiny houses in England, and how these costs can be reduced. It was found that there are considerable transaction costs in different stages of the development process, including searching for information, finding suitable land, obtaining planning permission, and constructing the house. The paper concludes that tiny houses require enabling legislation in planning policy so that planning permission is easier to obtain. Also, awareness of tiny houses needs to be raised so that local planning authorities and the public understand the concept better. [ABSTRACT FROM AUTHOR]

Selecting a suitable project delivery method is one of the most critical decisions responsible for project success in heritage conservation. This is an area where projects have greater uncertainties and governance issues in comparison to other building projects. India has a huge inventory of built heritage sites, but the heritage conservation sector is highly fragmented, with a wide range of project delivery methods. This paper discusses the selection of project delivery in the Indian context, using the theoretical lenses of agency theory, transaction cost economics (TCE), and institution theory. A conceptual framework has been proposed to explain the selection based on economical and institutional constructs. Our conclusion is that when institutional factors are weak, projects are executed departmentally or through non-priced contracts. In contrast, strong institutional forces discourage non-priced contracts and replace them with priced contracts. [ABSTRACT FROM AUTHOR]

Despite interest in preindustrial markets, archaeological discussions have largely been limited to proposing methods to determine the presence or absence of market exchange in ancient societies. While these contributions are important, methodological limitations have prevented theoretical considerations of the emergence and evolution of marketplaces and market exchange in prehistory. We propose that agent-based modeling provides a window to explore physical conditions and agent behaviors that facilitate the emergence of customary exchange locations and how such locations may evolve into socially embedded institutions. The model we designed suggests that simple bartering rules among agents can generate concentrated locations of exchange and that spatial heterogeneity of resources is the most important factor in facilitating the emergence of such locales. Furthermore, partner-search behaviors and exchange of information play a key role in the institutionalization of the marketplace. The results of our simulation suggest that marketplaces can develop, even with the absence of formalized currency or central planning, as a consequence of collective strategies taken up by agents to reduce exchange partner-search costs and make transactions more frequent and predictable. The model also suggests that, once established as a social institution, marketplaces may become highly conservative and resistant to change. As such, it is inferred that bottom-up and/or top-down interventions may have often been required to establish new marketplaces or relocate marketplaces to incorporate new resources, resolve supply–demand imbalances, or minimize rising economic costs that arise as a result of social, political, and economic change. [ABSTRACT FROM AUTHOR]

Objective of the study: Given the benefits of external collaborations in technology-intensive industries, we explore how firms adapt their portfolios of external collaborations to internal uncertainties. Using the behavioral theory of the firm, this study examines how firms adapt based on innovation performance feedback. Methodology/approach: We built a panel dataset from three sources. Patent data came from The National Bureau of Economic Research (NBER) paper (Kogan, Papanikolaou, Seru, & Stoffman, 2017), which used extensive name-matching tools to link USPTO patents to firms. External collaborations data were collected from the SDC Platinum Joint Ventures and Alliances database, focusing on R&D agreements. Financial data were sourced from Compustat. After processing, the dataset included nearly 900 publicly listed firms from 12 high-tech industries (1990-2010). We tested our hypotheses using two probit models, each predicting a different dependent variable. Originality/Relevance: We shift the focus from the traditional dyad perspective, which centers on individual partnerships, to how firms adjust their entire portfolios of external collaborations in response to their internal dynamics, like innovation performance feedback. While real options and transaction cost theories emphasize the need to maximize efficiency in individual partnerships, we explore how firms adapt their broader set of external collaborations to changing internal conditions. Main results: We find that firms performing above innovation aspirations are more likely to form equity alliances (i.e., joint ventures). However, the magnitude of this effect greatly differs between mature and young firms. Young firms are about four times more likely than their mature counterparts to form equity alliances when they significantly surpass their innovation targets. Theoretical/methodological contributions: Our study contributes to the research on alliance portfolio adaptation by showing that, beyond external factors like technological change and market uncertainty, firms also adjust their portfolios of external collaborations in response to internal factors, specifically innovation performance feedback. Moreover, our findings also demonstrate that firms' responses to innovation performance relative to aspirations vary based on their lifecycle stage. Social/management contributions: Our study also has several implications for managers. First, managers of well-performing firms should view exceeding innovation aspirations as a signal to pursue collaborations to scale new technologies and knowledge. Their performance gives them a stronger negotiating position for forming joint ventures, allowing them to secure more favorable terms. Additionally, they should, in this case, seek partnerships to share risks associated with cutting-edge innovation projects rather than solely investing in internal innovation prospects. For young firms, which tend to respond more aggressively when outperforming their innovation aspirations, managers should adopt bold partnership strategies. In contrast, managers in mature firms should focus their resources on internal development, mergers and acquisitions, or partnerships that help maintain the autonomy of these firms. [ABSTRACT FROM AUTHOR]

• Digital government (DG) can significantly promote corporate green innovation (CGI). • Digital government promotes CGI by digitizing the business environment. • Digital government promotes CGI by reducing transaction costs. • Digital government promotes CGI by increasing green investment. • The impact of DG on CGI varies across different companies, industries, and regions. This study leverages data of China's A-share listed companies spanning from 2010 to 2020, using the Internet Plus Government Services initiative as a quasi-natural experiment. By employing the difference-in-differences method, it empirically examines the empowering effects and underlying mechanisms of digital government on corporate green innovation. Research findings are as follows: 1) Digital government significantly enhances both the quantity and quality of corporate green innovation. 2) Corporate green innovation can be enhanced by digital government through promoting the digitization of the business environment, reducing transaction costs for enterprises, increasing R&D investment and green investments. 3) The enabling effects of digital government on corporate green innovation are particularly evident in companies with better environmental information disclosure, elevated levels of digital technology application, non-heavy-polluting industries, and enterprises located in regions with stricter environmental regulations. From the perspective of internalizing digital technology into government transformation, this study provides important insights for the future coordination of policies related to digital and green development. [ABSTRACT FROM AUTHOR]

Agricultural commodity supply chains are characterised by the involvement of multiple intermediaries, lack of access to finance and poor financial conditions of farmers. Additionally, there exist numerous inefficiencies and a lack of transparency in the trading processes. Blockchain-enabled supply chain finance (SCF) solutions can potentially help to overcome these problems. However, there is limited research on the process of developing and implementing such solutions and the potential consequences of their implementation. In this paper, we apply the Context-Intervention-Mechanism-Outcome (CIMO) framework to systematically analyse case studies of four firms that have developed blockchain-enabled SCF solutions in agricultural commodity supply chains. The findings show that blockchain-enabled SCF solutions can reduce different types of transaction costs such as costs associated with information search, negotiation and contracting costs, and costs of accessing finance. The solutions designed with the core objective of improving the financial conditions of farmers will differ from those with the core objective of reducing process inefficiencies. The findings of the study will benefit companies planning to develop and implement blockchain-enabled SCF solutions, by highlighting operational challenges and offering concrete solutions on how they can be overcome. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explain the causal complexity between ecosystems of doing business and living standards based on the theoretical model of the ecosystem of doing business proposed by Li (2019) and Du et al. (2020). By integrating ecological theory, transaction cost theory and institutional logics theory, this study explored effective ecosystems of doing business that achieve high living standards and explained the interpretive mechanisms behind different ecosystems of doing business. Moreover, this study also analyzed whether there were any necessary elements that lead to high living standards and discussed how the interactions between these elements influence carrying capacity and transaction costs from government logic and market logic, thus affecting living standards. Design/methodology/approach: In this study, fuzzy set qualitative comparative analysis (fsQCA) and necessary condition analysis (NCA) were combined to analyze the data from the 2020 China City Statistical Yearbook, covering the main socioeconomic statistical data of cities at all levels in 2019. Findings: This study found that no individual factor of the ecosystems of doing business was necessary to achieve high living standards, but the high level of human capital, innovation capacity, financial access and market demand play a significant role in achieving high living standards. Furthermore, two effective types of ecosystems of doing business lead to high living standards, namely, market dominance (government's "invisible hand" or "nudging hand") and government–market logic mutualism/symbiosis (government's "helping hand"). Originality/value: First, this work found that individual elements were not a necessary condition for high living standards, not only in kind but also in degree, complementing fsQCA with NCA, which indicates that environmental elements can be substituted by others. Second, this study considered the complex effects and explained the mechanisms behind different ecosystems of doing business, drawing on ecological theory, transaction cost theory and institutional logics theory from a configurational perspective. This study deepened the theories' applications in the field of living standards and further discussed the elements interactions. Third, this study introduced configurational perspective and QCA into living standards research and adopted a mixed method that combines fsQCA and NCA to analyze the causal complexity between ecosystems of doing business and people's living standards. [ABSTRACT FROM AUTHOR]

Purpose: This study employs an interpretivist approach to investigate how blockchain technology can transform the remittance industry. Design/methodology/approach: We collected data from blockchain experts with extensive experience, compellingly demonstrating the revolutionary impact of blockchain technology on the remittance sector. Findings: Despite experiencing rapid growth, the global remittance sector still faces challenges such as high costs and lengthy transaction times. However, blockchain technology, known for disrupting emerging industries, offers a decentralized and secure mechanism for containing, storing and managing information. By leveraging rapid block confirmations, blockchain reduces settlement times in remittance transactions, enabling value transfers between parties with just a crypto wallet. Research limitations/implications: The implications of this study are profound for theorists, as it validates existing theoretical frameworks, identifies specific pain points and explores exciting opportunities presented by blockchain technology. Additionally, we provide a roadmap for future research and innovation, bridging theory and practice and setting the stage for advancement, fostering knowledge, innovation and the successful integration of blockchain technology in the remittance industry. Originality/value: Analysis highlights a unanimous consensus among experts regarding the transformative potential of blockchain technology in the remittance industry. This consensus serves as a strong impetus for practitioners to swiftly adopt blockchain-based solutions, capitalizing on opportunities such as stable coin issuance, elimination of intermediaries in foreign exchange trading, access to liquidity and the exploration of new business models. Successfully addressing challenges like congestion and limited reach will ensure seamless integration. [ABSTRACT FROM AUTHOR]

Research question/issue: This is a study of the relationship between business angel retained ownership in investee firms across the Caribbean region and their informational asymmetry costs captured in bid‐ask spreads. Research findings/insights: We find business angel ownership to be associated with a reduction in transaction costs or bid‐ask spreads. However, this is reversed leading to increasing transaction costs following moderation by whether the investee firm has a subsidiary located within an offshore jurisdiction and separately if the investee firm adopts higher levels of Anglo‐American shareholder value corporate governance. Theoretical/academic implications: We undertake a novel application of incomplete contracting theory in theorizing the influence of ownership of business angels on the transaction costs of their investee firms. We extend and contribute to theory development through consideration of the presence of investee firm's subsidiary located in offshore financial centers within the firm's corporate network and the degree to which it adopts Anglo‐American shareholder value corporate governance. In the former, we argue business angels are more prone to collaborate with firm insiders to the detriment of outside minority investors given the enhanced opacity and shift in incentives. In the latter, we argue the incongruity between business angels, insiders, and outside minority expectations regarding the adoption of shareholder value governance also leads to elevated transaction costs. Practitioner/policy implications: Business angel finance is widely lauded as a potential source of development capital within regional and developing economies with the potential to rejuvenate otherwise moribund entrepreneurial ecosystems and business sectors. Our study yields important findings relevant for practitioners in formulating development policy nurturing the development of indigenous economies through enhanced business angel participation. It also considers the moderating influence of firm's adoption of Anglo‐American shareholder value corporate governance and whether the firm has a related party located in an offshore financial center, something of profound importance in regions comprising offshore financial centers. [ABSTRACT FROM AUTHOR]

Smart contracts govern transactions using the blockchain as the enforcing medium. They may be a cheaper form of governance of transactions compared to traditional contracts, the hierarchy of firms, and relational contracts. However, I argue that smart contracts do not eliminate transaction costs; rather, they can increase them, particularly when considering the issue of ex‐post efficiency‐enhancing adaptation. Thus, while smart contracts offer a new theoretical and practical way to govern transactions, they are not without challenges and limitations. [ABSTRACT FROM AUTHOR]

This study investigates the pricing strategies of a mobile payment platform connecting merchants and customers who may bypass the platform and trade in cash. Our analytical model incorporates cross-side network externalities at both sides of the platform. We find that the optimal pricing strategy involves cross-subsidization, including subsidizing customers to register for the service while charging the merchants per transaction. Moreover, the technology option adopted by the platform influences this optimal pricing format. In particular, the platform should subsidize customers more if the payment technology imposes larger transaction costs on customers and charge merchants more if banks demand a higher payment processing fee. Our major findings remain qualitatively valid when per-transaction subsidy is available and the marginal benefit of cross-side network externalities diminishes. Finally, the presence of a platform improves social welfare if the per-transaction subsidy sufficiently stimulates consumption on the platform. [ABSTRACT FROM AUTHOR]

After their advent, digital platforms were hailed as innovative institutional solutions capable of reducing transaction costs for a wide group of stakeholders by removing traditional intermediaries and facilitating the match of demand and supply through digital means. However, a group of big investor-owned platforms from Silicon Valley soon imposed themselves as monopolistic actors within digital markets, leveraging their strong bargaining position to abuse their authority and extract undue rents. Different legal strategies have been assessed in the last few years to limit this unilateral rule-setting power, particularly at the EU level. Nevertheless, little consideration has been given to alternative forms of platform organising, aimed at including the relevant stakeholders in the governance of platforms to redress power abuses. This article presents the case of platform cooperatives, which are platforms owned and governed by their workers and users. Moreover, the article considers the institutional complementarities that could help platform co-ops overcome challenges and compete with capitalist platforms on fair legal and political bases. [ABSTRACT FROM AUTHOR]

Technology and knowledge transfer (TKT) as a two-way interaction between sender and receiver is a key strategy for industrial development among developing countries. However, it includes intangible costs called transaction costs in addition to tangible and formal costs. Experience gained by developing countries show that expert expats have high capacity to play a key role in this regard. By adopting the phenomenological analysis method and using interpretative-structural modeling based on lived experience of 22 Iranian expert expats, this research tries to identify a model of their impact on reducing transaction costs (TCs) as well as factors in this respect. MICMAC analytical tool has then been applied to position the factors according to their influence and role. Finding show trust and personal credibility in the experts' network and informal relationship with expats home play a key role in reduction of TCs thus helping better achieve goals in TKT efforts. Policy recommendations in respect to facilitating the transfer of technology and strengthening informal connections and ties between expats and home are suggested, especially in hi-tech sectors. [ABSTRACT FROM AUTHOR]

Portfolio optimization is an important financial task that has received widespread attention in the field of artificial intelligence. In this paper, a novel deep portfolio optimization (DPO) framework was proposed, combining deep learning and reinforcement learning with modern portfolio theory. DPO not only has the advantages of machine learning methods in investment decision-making, but also retains the essence of modern portfolio theory in portfolio optimization. Additionaly, it was crucial to simultaneously consider the time series and complex asset correlations of financial market information. Therefore, in order to improve DPO performance, features of assets information were extracted and fused. In addition, a novel risk-cost reward function was proposed, which realized optimal portfolio decision-making considering transaction cost and risk factors through reinforcement learning. Our results showed the superiority and generalization of the DPO framework for portfolio optimization tasks. Experiments conducted on two real-world datasets validated that DPO achieved the highest accumulative portfolio value compared to other strategies, demonstrating strong profitability. Its Sharpe ratio and maximum drawdown also performed excellently, indicating good economic benefits and achieving a trade-off between portfolio returns and risk. Additionally, the extraction and fusion of financial information features can significantly improve the applicability and effectiveness of DPO. [ABSTRACT FROM AUTHOR]

We conducted an experiment designed to increase demand for academic support services among more than 2,100 students at a large U.S. public university. The intervention shifted student attention and increased service use, but also revealed behavioral biases. Structural estimates using the experimental variation suggest that transaction costs well in excess of plausible opportunity costs explain relatively low service use. Moreover, one-third of students are never attentive to student services. Message characteristics also matter. Several common nudging techniques—such as text messages, lottery-based economic incentives, and repeated messages—either had no effect or in some cases reduced the effectiveness of messaging. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore how the effect of knowledge sharing through mergers and acquisitions (M&As) on new product development (NPD) performance is contingent upon two different types of control mechanisms: behavior control and outcome control. Design/methodology/approach: Leveraging the theory from transaction cost economics, this study provides answers regarding the roles of behavior and outcome controls. The hypotheses were tested empirically across a sample of 143 UK cross-border M&A firms. Findings: The results provide the increasing call for an integrative perspective and theory in the M&A literature in that knowledge sharing through M&As is deemed decisive for NPD performance, and while both control mechanisms are effective, behavior control is more effective in enhancing NPD performance than outcome control. Originality/value: The relevant M&A studies lack insights into the use of control mechanisms as a way to monitor the target firm's behavior and performance and reduce the risk of its opportunistic behavior. Appreciating the need for M&A literature that elaborates control strategy and structure, this study incorporates behavior control and outcome control into M&A mechanisms. [ABSTRACT FROM AUTHOR]

The difficulty of regulating carbon trading due to information asymmetry and low consumer trust in low-carbon products are key factors hindering companies from reducing emissions. This paper examines a manufacturer-led secondary low-carbon supply chain consisting of a single supplier and a retailer, focusing on the impact of blockchain technology on carbon transaction costs and consumers' low-carbon preferences. Utilizing Stackelberg game theory, the paper constructs a supply chain decision model for emission reduction, determining the payment matrix and analyzing the stable strategy for blockchain adoption through evolutionary game theory. The findings indicate that retailers' adoption of blockchain technology significantly promotes emission reduction within the supply chain, whereas manufacturers' adoption has minimal impact. Additionally, the study reveals that variations in blockchain adoption costs and carbon quotas result in multiple evolutionary stable strategies. Specifically, when blockchain adoption costs and carbon quotas are below certain thresholds, the system reaches a unique equilibrium where both parties adopt blockchain technology. [ABSTRACT FROM AUTHOR]

This article uses the lens of key financial actors to analyse the daunting challenge of Asia's long-term infrastructure development. It examines three issues: (a) the historic role of infrastructure in Asian economic development; (b) the contribution of mega infrastructure initiatives (MIIs) (e.g., China's Belt and Road Initiative and Japan's Partnership for Quality Infrastructure) to filling the region's large infrastructure investment gap; and (c) the effectiveness of the Asian Development Bank (ADB). While underlining infrastructure investment as a key driver of Asia's economic miracle and emerging regionalism, the article highlights the region's large infrastructure investment gap. It shows that MIIs have only partially filled Asia's large infrastructure investment gap and there is a risk of an Asian 'noodle bowl' of multiple overlapping initiatives, which may raise transactions costs for small regional economies. It suggests that ADB's honest broker and financing roles have helped to bring parties together in regional projects, but ADB operations can be improved. It ends with policy implications. JEL Codes: O16, O19, G20, G23, H54 [ABSTRACT FROM AUTHOR]

Purpose: Agrifood platforms are now part of consumption habits. They have emerged in various forms, and we need to describe this diversity to understand better how platforms manage their relationships with farmers. We aim to understand the governance forms of agrifood platforms and consider whether they comply with the principles of transaction cost economics (TCE). Design/methodology/approach: Based on a survey of 103 French platform managers, a two-step cluster analysis and ordered logit regressions were applied to test hypotheses derived from the theory. Findings: The results enable us to propose a refined typology of eight governance forms for the farmer-platform relationship. These different forms can be classified according to a continuum ranging from "market to hierarchy", conforming to TCE principles. We define a gradient describing how the platforms manage their relations with the farmers through contractual and relational control. We show that specific assets, behavioural uncertainty, and membership in a platform network are associated with more integrated governance forms. Practical implications: The article describes the different forms of platform governance and their relevance to market conditions. This clarification is necessary for farmers to elect the more suitable platform and for platform managers to create a new business or improve its efficiency. Originality/value: This article is the first to offer a detailed typology of agrifood platform governance. It highlights these governance characteristics and their relationship with transaction attributes. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Planning Education & Research is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article provides a comprehensive study of various approaches to defining the term «electronic commerce» in the context of modern legal, economic and technological challenges. The analysis begins with an overview of scholarly perspectives on e-commerce, which range from narrow interpretations that focus on basic online sales contracts to broader concepts that encompass all aspects of electronic interaction between business entities, including logistics, marketing, financial operations and international transactions. The term «e-commerce» is clearly distinguished from related concepts, such as «e-commerce», «e-business», which mostly focuses on the sale of goods and services. The article also explores the positive aspects of e-commerce, such as increasing the efficiency of business processes, reducing transaction costs, access to global markets, increased convenience for consumers, etc. At the same time, a number of negatives have been identified, including the risk of personal data theft, payment fraud, and other types of cybercrime. The normative regulation of electronic commerce at the level of international law and in Ukraine is separately analyzed. The main legislative acts and their impact on the development of e-commerce are highlighted. On the basis of the conducted research, three key criteria for a clear definition of e-commerce are formulated, including legal relations arising through electronic means, interaction of entities through the Internet, and multi-level business processes, namely: basic e-commerce, integrated e-commerce and global e-commerce. As a result, a proper understanding of e-commerce as a form of business activity is proposed, which involves the implementation of commercial transactions using information and telecommunication means, covering a wide range of processes, including the conclusion and execution of contracts for the sale of goods and services, payment processing, logistics, marketing and advertising, as well as management of currency and customs operations during international transactions, which allows to increase business efficiency and reduce costs due to process automation, optimization of resource management, rapid exchange of information, reduction of transaction costs and simplification of communication between market participants. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Çankırı Karatekin University Journal of the Faculty of Economics & Administrative Sciences is the property of Cankiri Karatekin University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper proposes a cross‐section long short‐term memory (CS‐LSTM) factor model to explore the possibility of estimating expected returns in the Chinese stock market. In contrast to previous machine‐learning‐based asset pricing models that make predictions directly on equity returns, CS‐LSTM estimates are based on predictions of slope terms from Fama–MacBeth cross‐section regressions using 16 stock characteristics as factor loadings. In line with previous studies in the context of the Chinese market, we find illiquidity and short‐term momentum to be the most important factors in describing asset returns. By using 274 value‐weighted portfolios as test assets, we systematically compare the performances of CS‐LSTM and three other candidate models. Our CS‐LSTM model consistently delivers better performance than the candidate models and beats the market at all different levels of transaction costs. In addition, we observe that assets with smaller cap are favored by the model. By repeating the empirical analysis based on the top 70% of stocks, our CS‐LSTM model remains robust and consistently provides significant market‐beating performance. Our findings from the CS‐LSTM model have practical implications for the future development of the Chinese stock market and other emerging markets. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to provide a conceptual understanding of the drivers and outcomes of actor opportunism in the context of the three key actors of the sharing economy – the service provider, the platform and the consumer. Design/methodology/approach: The research uses a conceptual approach by drawing on literature from within and outside of marketing. Findings: The current research introduces a conceptual framework of opportunism in the sharing economy with seven underlying propositions. The framework posits a U-shaped moderating effect of social capital for the relationship between opportunism and its drivers, actor vulnerability and asset specificity. Furthermore, a 2 × 2 matrix consisting of two types of opportunistic behaviors (active and passive) and two coping strategies by other actors (defensive and nondefensive) suggests that passive opportunism tends to lead to value codestruction independently of the coping strategies employed by other actors. Counterintuitively, the combination of active opportunism and defensive coping strategy presents an opportunity for value cocreation due to its potential to break up older structures and generate new ones. Research limitations/implications: While our research provides a higher-level understanding of opportunism pertaining to platform, consumers and service providers in the sharing economy, future research could situate our framework within specific regulatory environments, incorporate the role of competitors and examine individual interaction effects between type of opportunism and coping strategies. Practical implications: The framework enables service providers, platforms and consumers to identify drivers of opportunistic behaviors of their partners and discern instances in which opportunistic behaviors lead to value codestruction for all actors. Originality/value: This research transcends prior work on the bright and dark sides of the sharing economy by identifying its dynamic nature and examining the contributing role of opportunism. [ABSTRACT FROM AUTHOR]

This paper presents a study on the applicability of blockchain technology in an e-learning system. The technical characteristics and operational costs of using blockchain technology were examined and evaluated to select the appropriate technology for a specific e-learning platform. A comparative analysis of leading Level 1 (L1) blockchain platforms was conducted, focusing on four main metrics: average block generation time, transaction cost, transaction finalization time, and chain throughput measured in transactions per second for each chain. The objective is to assess and compare key parameters that are crucial when choosing a specific blockchain for recording information under real-world conditions in e-learning systems. Methods for analyzing publicly available information were applied, combined with verification of data compatibility and consistency from various sources. [ABSTRACT FROM AUTHOR]

The purpose of the article is to review scientific research in the field of risk identification in investment and construction design based on the experience of Russian and foreign scientists. The distinctive methodological features in the designation of the relevance of this process among Russian and foreign scientists are revealed. In the scientific works of foreign researchers, the emphasis is placed on risks that lead to an increase in transaction costs: risks of transaction costs, managerial and organizational risks (contractual risks), information risks, and contractual risks. The methodology of risk research in Russia is aimed largely at classifying risks at the stages of the life cycle of an investment and construction project and on the way to reducing risks. As construction organizations need to adapt to constant changes and alterations in their field, it creates the need to develop existing management approaches based on the principles of economic efficiency. Economic efficiency is closely related to risk management.

This paper defines the "new" institutional economics pioneered by Coase's contributionas "neoclassical" institutional economics. It develops the firm theory on the basis of criticizing neoclassical economics for treating firms as black boxes. Coase's contribution is ground‐breaking: He created the transaction cost theory, reinterpreted the origin and essence of firms and the changes in firm size, and analyzed the internal power structure of firms from a contractual perspective. The follow‐up economists build incomplete contract theory, principal–agent theory, team production theory, corporate governance theory, mechanism design theory, and comparative institutional advantage theory to further develop the firm theory. Finally, according to the characteristics of China's economy, this paper provides the future direction of the firm theory. [ABSTRACT FROM AUTHOR]

The purpose of this article is to identify the impact of demonstrative formal rules on the dynamics of the effectiveness of institutional frameworks. The importance of forming an effective institutional framework for any country is undeniable. The presence of an effective institutional framework is a prerequisite for ensuring the successful socio-economic development of the country, on the other hand, an ineffective institutional framework can have a wide range of negative consequences, including disparities in regional development. However, the achievement of today’s effectiveness of institutional frameworks cannot guarantee the proper socio-economic development of the country in the long term, because the institutional framework of any country is not unchanged, but is in a state of constant transformation due to the need to adapt the current formal rules to the new challenges facing society. Accordingly, the identification of the factors that determine the dynamics of the effectiveness of formal rules is no less important than the identification of the factors of ineffectiveness of formal rules. It is shown that one of these factors is demonstrative formal rules, that is, rules whose target effectiveness was not taken into account from the very beginning, and the only purpose of their implementation was to increase the political ratings of the initiators of their implementation. It has been proven that an effective measure to prevent the spread of demonstrative formal rules can be an increase in the general education of the population. The main advantages of the proposed measure are the low level of transaction costs and the absence of danger of manipulating public sentiment.

A qualitative analysis of the constituent elements of the contractual paradigm, which is the result of a neo-institutional analysis of the market environment, requires a systematic approach. The main purpose of the article is to search for new methodological ways to improve the contract paradigm with the use of axiological aspects and the systemic approach of the methodology of traditional institutionalism. The features of the contractual paradigm of the theory of the firm built on the methodological platform of neoclassicism are investigated. A comparative analysis of market contracting with labor contracting in the context of saving on transaction costs is carried out. It is noted that the emphasis in the theory of the firm has shifted to the analysis of the external institutional environment, to the achievement of welfare through the specification of property rights. The importance of the principal-agent model for understanding the neoclassical theory of the firm, which raised the problem of agency relations in the context of separating managerial functions from ownership functions in the context of limited information, is clarified. It is emphasized that the main contribution of Alchian and Demzetz to the contractual paradigm was the formulation of the problem of incentives arising within the firm. Attention is focused on the differences between a conventional market contract and a contract for hire. It is noted that the possibility of sanctioning opportunistic behavior is important for understanding the theory of the firm as a relationship of hire. It is established that specific assets are of particular importance when choosing the form of contract and the appropriate way of organizing the transaction. A systematic approach to the contractual paradigm based on the methodology of traditional institutionalism will allow avoiding the one-sidedness of the principal-agent model, which absolutizes agency relations in the theory of the firm, and avoiding giving primary importance to certain qualitative components of the institutional system, such as transaction costs. The necessity of creating a contract paradigm on the extended methodological platform of neoclassicism and traditional institutionalism, especially in terms of contracts related to labor recruitment, is substantiated; the holism of traditional institutionalism and system analysis can expand the possibilities of specifying human assets and become the basis for studying the opportunistic behavior of an individual in the contract paradigm.

This study evaluates the risk-adjusted performance of a diversified portfolio in the Indian financial market from 2011 to 2021, incorporating Nifty 50 stocks and new-age assets. Leveraging Monte Carlo simulations and mathematical optimization, the research identifies an optimal portfolio on the efficient frontier. Integration of the Black-Litterman model provides a comparative analysis, emphasizing the impact of investor views. Despite transaction costs, optimized portfolios outperform the Nifty 50 index, with the rebalanced portfolio demonstrating higher cumulative returns. Key findings include TCS. NS is a leader in share price, HDFCBANK.NS showcasing stability and alternative assets exhibit higher volatility but have the potential for amplified returns. This research offers valuable insights for investors seeking resilient strategies in the Indian financial landscape.

This research introduces min-max portfolio optimization models that incorporating transaction costs and focus on robust Entropic value-at-risk. This study offers a unified approach to handl the distribution of random parameters that affect the reward and risk aspects. Utilizing the duality theorem, the study transforms the optimization models into manageable forms, thereby accommodating the underlying random variables' discrete box and ellipsoidal distributions. The impact of transaction costs on optimal portfolio selection is examined through numerical examples under a robust return-risk framework. The results underscore the importance of the proposed model in safeguarding capital and reducing exposure to extreme risks, thus outperforming other strategies documented in the literature. This demonstrates the model's effectiveness in balancing maximizing returns and minimizing potential losses, making it a valuable tool for investors that seek to navigate uncertain financial markets.

This paper elaborates on how design rules emerge and evolve as firms' micro-level choices of product and organization architectures coevolve with changes in product markets and an industry's competitive and cooperative dynamics. We suggest that the design rules a firm adopts will vary according to firms' strategic choices of product and organization architectures that they believe are or may become feasible in a given industry. Building on the mirroring hypothesis that product designs a firm adopts will influence the organization designs it uses, we develop a model that identifies key relationships that influence firms' strategic choices of product and organization architectures and associated design rules. We then elaborate on key interactions between firm-level architectural choices and the architecture-enabled competitive and cooperative dynamics that obtain in an industry. Our model identifies strategically important aspects of open- and closed-system architectures and modular and nonmodular architectures that impact industry structures, interfirm interactions, and resulting industry dynamics. Drawing on these analyses, we suggest how firms' strategic choices of architectures are influenced by their assessments of (i) the potential for capturing value through both gains from specialization and gains from trade that firms believe will be enabled by their architectural choices and (ii) both ex ante and ex post transaction costs implied by their architecture decisions. We conclude by suggesting how the perspective on firm's strategic architectural decisions we develop here enables new approaches to understanding evolutions of both product markets and industry structures for serving product markets. [ABSTRACT FROM AUTHOR]

This study advances our understanding of knowledge spillover of innovation, putting a firm's own R&D investment and knowledge spillovers to a competitive test. We use three matched databases of 15,430 firms in the United Kingdom (UK) during the period 2002–2014 in order to demonstrate that knowledge spillovers emanating from R&D investment within and between industries have different effects on innovation compared to imitation and that the ability to access spillover is conditional on the firm's own investment in R&D. This study furthers our understanding in two different ways. Firstly, it supports the two faces of the R&D story. Second, it demonstrates that the relationship between knowledge spillover and firm innovation depends on the firm's own investment in R&D and reveals the positive effects of knowledge transfer as well as factors limiting the use of spillovers such as industry competition, transaction costs, and eventually innovation type. [ABSTRACT FROM AUTHOR]

Currently, China is the largest carbon emitter and the pressure of carbon reduction in China is very severe. However, the lack of technological innovation momentum is a bottleneck factor that restricts carbon reduction in Chinese cities. In this context, open innovation is gradually replacing closed innovation and playing an increasingly important role in improving the technological innovation performance of enterprises. Analysis shows that a large amount of literature has explored the impacts of industry technological innovation and green technology innovation on carbon emissions, while there is little research on how open innovation affects carbon emissions. This study calculates cities' open innovation indicators and the carbon emission intensity indicators of listed enterprises. Using a three-fixed-effects model, it examines the effect and mechanism of open innovation on carbon emissions of enterprises and verifies the heterogeneity effect. The research results indicate that open innovation can significantly reduce the carbon emission intensity of enterprises by reducing transaction costs and upgrading the industrial structure. Further heterogeneity analysis shows that open innovation has an obvious carbon emission reduction effect on non-state-owned, polluting, small- and medium-sized enterprises and enterprises in central cities. [ABSTRACT FROM AUTHOR]

Adapting to horizontal market structures faces several drivers and challenges in the context of sustainable energy transition. The inherently decentralized nature qualifies blockchain technology as the major technical driver in the transition to peer-to-peer (P2P) energy market models. One major technical challenge encountered in the transition process is the active power loss associated with transactions, which can cause network congestion and economic loss. A review of existing research on the P2P transaction active power loss problem, examining the potential role of blockchain and the consequent additional costs incurred by blockchain transactions, is presented in this article. Consolidating major points and guiding observations for future research are provided to address the challenges while adapting to the potential driving blockchain technology. A conceptual peer-to-peer trading framework that considers blockchain transaction cost and active power loss compensation is also presented. [ABSTRACT FROM AUTHOR]

Previous studies have demonstrated that tangible and intangible transaction costs influence spatial price differences. The difference between the prices at which producers sell their goods, and the prices at which consumers purchase them is exacerbated by transaction costs. This indicates that farmers receive a lower price from buyers, who then charge consumers a greater price at urban marketplaces. However, existing documentation provides limited information on the relationship between spatial price differences and their drivers. Most research focused primarily on the co-movement of prices and the co-integration test, with little attention paid to the effects of transaction costs on spatial price differences. Thus, the paucity of information in the literature motivated the undertaking of this specific study. Therefore, this study assessed the impact of transaction costs on spatial price differences of maize in the Njombe District of Tanzania. A semi-structured questionnaire was developed and employed to collect information from maize traders. Also, checklists were used to collect information from market leaders. Both descriptive and quantitative analyses were undertaken. In the descriptive analysis, means and percentages were generated. On the other hand, in the quantitative analyses, the Ravalion model which is based on the co-movement of prices, was modified to fit the study in question and estimated. The outputs generated from the modified model were used for inferences. The estimated model results showed that transaction costs (transportation costs, years of schooling, bribery, and the number of maize bags carried in one trip) have significant effects on spatial price differences. Moreover, market leaders revealed that because of the poor quality of the roads, individual farmers find it challenging to deliver their produce to the Njombe market. Consequently, they obtain a low price when they sell their produce at the farm level. The study recommends deliberate measures to reduce transaction costs, such as improving urban and rural infrastructure, simplifying bureaucratic procedures that provide room for corruption, and, finally, promoting large-scale production or collective actions to reduce transaction costs. [ABSTRACT FROM AUTHOR]