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This paper sheds light on the role of firm social connectedness in multiple banking relationships, controlling for other firm-level determinants. Using a large sample of Italian manufacturing firms, we develop novel text-based measures of firm connectedness and multiple banking relationships. We measure firm connectedness by exploiting information on the number of links that a non-financial firm has with any other non-financial firm through individuals who hold a position (such as shareholder, administrator, and technical or administrative employee) in both firms. The paper finds empirical evidence that firm connectedness is positively associated with the number of banks lending to the firm. This effect is stronger for younger, smaller, and more indebted firms, suggesting that firm connectedness favors the diffusion of soft information and ultimately their access to multiple sources of credit by reducing negotiation and transaction costs. Connectedness, on the other hand, does not seem to reduce firms' incentives to increase the number of lenders in order to minimize hold-up risks. [ABSTRACT FROM AUTHOR]

This study examines the influence of corporate governance mechanisms on the sustainable economic performance of the textile industry in Pakistan. Performance is measured by using a global reporting initiative (GRI 201–1), an economic performance approach. The composite corporate governance mechanism index (CGMI) construction consists of five sub-indices: board of directors, disclosure and transparency, audit committee, shareholder rights, and remuneration committee. The empirical analysis demonstrated the consistency of the fixed effect model through the Hausman model specification test for data from textile firms listed on the Pakistan Stock Exchange from 2008 to 2023. However, the investigation has invoked the Generalized Method of Moments (GMM) estimation model to check its robustness. The findings indicated the positive empirical relationship between the composite CGMI and sustainable economic performance, supported by modified theoretical logics: agency theory, stewardship theory, stakeholder theory, resource-based theory, and transaction-cost theory. The findings support policymakers, regulators, and managers in executing appropriate governance mechanisms with reduced agency cost and transaction costs and improve sustainable performance. [ABSTRACT FROM AUTHOR]

As global manufacturing competition increasingly emphasizes supply chain resilience, enhancing the risk resistance of manufacturing supply chains through digital empowerment has become a critical priority. This study leverages the opportunities of the digital economy to deeply investigate the mechanisms that enhance supply chain resilience. Using data from China' s A-share listed manufacturing companies from 2012 to 2020, a research framework is constructed based on information asymmetry and transaction cost theories. Employing text analysis and factor analysis, the study develops indicators for digital empowerment and supply chain resilience and examines their relationship through both theoretical analysis and empirical testing. The findings reveal that: (a) Digital empowerment significantly enhances supply chain resilience in the manufacturing sector, and this conclusion is robust across various robustness checks. (b) Mechanism analysis demonstrates that digital empowerment drives supply chain resilience primarily by enhancing innovation vitality within enterprises. (c) The moderating analysis shows that environmental uncertainty positively influences the resilience of digitally empowered manufacturing supply chains. (d) Further analysis indicates that the effects of digital empowerment on supply chain resilience vary depending on factor intensity, supply chain position, and industry competition levels. These results validate the positive role of digital empowerment in promoting supply chain resilience and explore the 'black box' mechanism from the perspective of innovation vitality. The study also highlights the moderating influence of environmental uncertainty. By advancing the understanding of how the digital economy fosters high-quality development in manufacturing, this research provides actionable insights for strengthening supply chain resilience, achieving greater control over supply chain dynamics, and promoting deeper integration between digital technologies and the real economy. [ABSTRACT FROM AUTHOR]

We present convincing empirical results on the application of Randomized Signature Methods for non-linear, non-parametric drift estimation for a multi-variate financial market. Even though drift estimation is notoriously inaccurate due to small signal to noise ratio, one can still try to learn optimal non-linear maps from past data to conditional expectations of future returns for the purposes of portfolio optimization. Randomized Signatures, in contrast to classical signatures, allow for high dimensional markets and provide features on the same scale. We do not contribute to the theory of Randomized Signatures here, but rather present our empirical findings on portfolio selection in real world settings including real market data and transaction costs. [ABSTRACT FROM AUTHOR]

Transfer of development rights (TDR) programs have been used in Italy over the last two decades for various purposes, e.g. to avoid expropriation. While previous research shows that implementing TDR programs at a regional level creates considerable transaction costs, there is no study concerning the costs generated by employing these programs at a city level. This paper addresses this gap through an analysis of the city of Milan's TDR program. Results show that transaction costs in a fully market-based TDR program are mainly related to TDR contracting, monitoring and creation, influencing the efficacy of the program. [ABSTRACT FROM AUTHOR]

This study is the first to apply transaction cost theory to identify optimal influencer marketing strategies for the tourism sector through three content types: hero, hub, and hygiene content. Transaction cost theory posits that stakeholders seek to minimize information search and delivery costs. Semi-structured interviews were conducted with different experienced level tourists to measure the effect of influencer attributes and content on inspiration levels. The findings indicate that differentiating content based on targeted personas minimizes transaction costs. Hero content highly motivated specific tourist personas to visit destinations. Hub content provided practical trip planning details. Hygiene content addressed fundamental customer concerns. By framing influencer marketing through the lens of transaction cost economics, this study contributes to the literature by tailoring influencer content (hero, hub, and hygiene content) to meet the specific needs of tourist personas, which managerially can optimize credibility and value while reducing tourism stakeholders' information search and delivery costs. [ABSTRACT FROM AUTHOR]

This paper developed a closed-loop supply chain network (CLSCN) optimization model with corporate social responsibility (CSR), recycling, remanufacturing, refurbishing, and transaction cost on a supply chain consisting of manufacturers, retailers, a new product demand market, and a retailer-refurbished product demand market. The manufacturers produce substitutable products using raw materials from two sources, new and recycled. The retailers, in turn, face the demands of new products and retailer-refurbished products, and recycle from the new product demand market. We investigated a number of cases, and our results indicate that CSR can enhance CLSCN performance but more to the party closest to the demand market. It also shows that consumer behavior, competition, CSR investment, and sustainable practices (new material procurement, recycling, refurbishing, re-manufacturing, and environmental costs), play an essential role in CSR and closing the loop. With higher landfill cost, more willingness to return from consumers, less disutility for consumers to return, higher level of recycling and refurbishing, and higher re-manufacturing rate, CSR level tends to improve. Policy-makers can use these findings to encourage firms to improve CSR in CLSCN. [ABSTRACT FROM AUTHOR]

This paper introduces the concept of citizenship rent to help explain the apparently contradictory coexistence of liberalising economic reforms and the entrenchment of patriarchal values. Citizenship rent (CR) is defined as the financial flows that move from the state to the citizen in the form of entitlements, employment, and access to state-subsidised goods, labour and business opportunities. Our innovative proposal substitutes transaction cost economics' assumption of market selection for a selection by patriarchy to show how gender plays a central role in the reproduction of the asset specificities that increase transaction costs. This illustrates how an extractive, asset-based economy, like Kuwait's, can afford to double down on conservative social values, even at a considerable fiscal price, as long as the transaction costs of getting oil to the international markets are not increased through social disruption or political uncertainty. Rather than examining how women's social reproductive work subsidises social and political stability, CR reveals women's role in sustaining assets valuable to the state. This paper demonstrates that a close examination of the social values that inhibit transactions can also reveal patriarchal structures in rentier capital and exhibit a need to further analyse the patriarchal transaction costs that shape and sustain societies. [ABSTRACT FROM AUTHOR]

Due to the market demand, the development of the high-speed railway (HSR) is crucial. The purpose of this study is to analyze the competitive and cooperative behavior of enterprises in the international HSR industry chain. The evolutionary game model between upstream and downstream enterprises and the evolutionary game model between peer enterprises are constructed and solved. Then, the factors influencing strategy selection process and evolution direction are evaluated by numerical experiments. The findings reveal that various factors play role in relationships among HSR enterprises to evolve differently. For the upstream and downstream enterprises, critical factors such as the probability of winning the bid, construction costs, increased management costs, and transaction costs paid will influence the speed and direction of evolution. Whereas, for the peer enterprises, other factors, related to the winning probability of joint bidding, income distribution, cost distribution, and transaction costs will influence the speed and direction of evolution. [ABSTRACT FROM AUTHOR]

Pilot free trade zones (PFTZs) is a significant result of China's institutional innovation. The analysis examines the role of PFTZs in narrowing economic gap in China using provincial data from 2000 to 2019. This paper firstly measures the current situation and trend of economic development gap in China, and sorts out the mechanism of the institutional innovation on narrowing the economic gap. Secondly, the empirical test is conducted by difference in differences method and finds as follows. (1) PFTZs have positive effect on narrowing the economic gap. (2) PFTZs have more significant effect on the northern provinces and provinces with better business environment. (3)PFTZs narrow the economic gap by saving transaction costs. Based on the results of this test, this study proposes corresponding countermeasures. [ABSTRACT FROM AUTHOR]

We study the blocking effect of patents on follow-on innovation by others. We posit that follow-on innovation requires freedom to operate (FTO), which firms typically obtain through a license from the patentee holding the original innovation. Where licensing fails, follow-on innovation is blocked unless firms gain FTO through patent invalidation. Using large-scale data from post-grant oppositions at the European Patent Office, we find that patent invalidation increases follow-on innovation, measured in citations, by 16% on average. This effect exhibits a U-shape in the value of the original innovation. For patents on low-value original innovations, invalidation predominantly increases low-value follow-on innovation outside the patentee's product market. Here, transaction costs likely exceed the joint surplus of licensing, causing licensing failure. In contrast, for patents on high-value original innovations, invalidation mainly increases high-value follow-on innovation in the patentee's product market. We attribute this latter result to rent dissipation, which renders patentees unwilling to license out valuable technologies to (potential) competitors. This paper was accepted by Ashish Arora, entrepreneurship and innovation. Funding: This work was supported by the Deutsche Forschungsgemeinschaft [Collaborative Research Center TRR 190]. F. Gaessler acknowledges financial support from the Spanish Agencia Estatal de Investigación through the Severo Ochoa Programme for Centres of Excellence in R&D [Barcelona School of Economics CEX2019-000915-S]. Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mnsc.2019.02294. [ABSTRACT FROM AUTHOR]

Blockchain technology is a rapidly emerging technology that has attracted widespread attention in recent years. Given that new technology plays a crucial role in driving innovation, this paper investigates whether blockchain technology has a positive impact on corporate innovation. We provide robust evidence that blockchain significantly enhances corporate innovation with a multi-period difference-in-difference model using data from Chinese listed firms between 2010 and 2020. We also discuss possible mechanisms of how blockchain increases innovation. Specifically, the reduction of transaction costs and the enhancement of supply chain financing capabilities are identified as plausible channels for the influence of blockchain on innovation. Heterogeneity analysis shows the positive relation is more pronounced in regions with higher intellectual property protection and marketization. Our findings have important policy implications, suggesting that fostering the development of new technologies can facilitate corporate innovation. [ABSTRACT FROM AUTHOR]

This paper provides new empirical evidence of purchasing power parity (PPP) in 18 countries. We thoroughly test for the non-stationarity and nonlinearity jointly of the real effective exchange rates (REERs) using a variety of transition functions, which allow for asymmetric adjustment of the REERs depending upon the size and sign of deviation from the equilibrium. The empirical results reveal that the REERs possess nonlinearity. The stationarity of the REERs is strongly dependent upon the size of disequilibrium, which is theoretically attributed to the transaction costs. The autoregressive model associated with the exponential smooth transition function dominates the other transition functions in characterizing the size nonlinearity of the REERs. In addition, if the Heaviside indicator variable of the threshold autoregressive model is assumed to be the lagged real effective exchange rate, then the asymmetric adjustment, theoretically suggested by the price stickiness, is indispensable to validating the PPP hypothesis. [ABSTRACT FROM AUTHOR]

Purpose: Given the sudden disruption caused by COVID-19, knowledge sharing between organizations has become a meaningful way to improve supply chain resilience. However, there is still a lack of in-depth research on how to reduce the threat to knowledge sharing caused by increased levels of relational risk. With the emergence of new digital technologies, whether blockchain governance can control relational risk and replace traditional relational governance remains to be demonstrated. Design/methodology/approach: This study uses a cross-sectional survey approach in which quantitative data are collected from 300 participants from Chinese manufacturing enterprises to test the hypotheses. Findings: The results show that relational and blockchain governance can significantly and complementarily reduce the level of relational risk in knowledge sharing. When the relational risk is at a low, medium or high level, the best matches of relational and blockchain governance are low-level relational governance–low-level blockchain governance, high-level relational governance–low-level blockchain governance and high-level relational governance–high-level blockchain governance, respectively. Practical implications: The findings of this study have important practical implications for manufacturing enterprises in terms of how to choose reasonable governance modes to manage relational risk behaviour according to different relational risk levels to better understand the positive role of knowledge sharing in supply chain resilience. Originality/value: The antecedent variables of knowledge sharing in previous studies are based on transaction cost theory or relational theory and have not moved beyond the original theoretical framework. This paper addresses this limitation, puts knowledge sharing in the academic context of digital technology, considers blockchain governance into the process of relational risk-knowledge sharing and defines blockchain governance, which is a novel approach in the supply chain resilience management literature. [ABSTRACT FROM AUTHOR]

Nonprofits play a leading role in community development, including the provision of economic development services. Despite their involvement, few studies have examined why some cities contract with nonprofits to facilitate economic development. This study investigates how transaction costs, affected by factors such as governance structure, preference diversity, market structure, and fiscal stress, shape a city's decisions to rely on nonprofits. Using probit regression, the study finds that an increase in the number of nonprofit economic development organizations within a city increases the likelihood of nonprofit selection, while municipal fiscal stress decreases that likelihood. It also finds that the impacts of preference diversity, measured by income inequality and racial-ethnic diversity, are mixed, with income inequality increasing and racial-ethnic diversity decreasing the likelihood of nonprofit participation. The findings elucidate the dynamics of government-nonprofit relations, highlighting how community characteristics influence local governments' contracting decisions. [ABSTRACT FROM AUTHOR]

Purpose: Blockchains used by e-commerce consortia are a novel form of governance that facilitates coordination and collaboration among the numerous organisations that comprise e-commerce supply chains. Despite the increasing prevalence of consortium blockchain networks for e-commerce, there is a limited understanding of the economic and social dynamics that influence the behaviour of blockchain consortium members. By utilising transaction cost theory and social exchange theory, this research investigates the interplay between blockchain transaction-specific investment (BTSI), trust, adaptive collaboration (ADC) and the overall performance of supply chains in consortium blockchains Design/methodology/approach: A quantitative research approach was employed to collect data from a representative sample of blockchain organisations affiliated with e-commerce consortium blockchains worldwide. Following this, the data obtained from 361 participants were analysed using descriptive and inferential statistics. Findings: The results of our study indicate that BTSI has a substantial impact on trust. Furthermore, trust plays a pivotal role in shaping ADC, and ADC, in turn, acts as a mediator in the relationship between trust and performance outcomes. Originality/value: This study underlines these economic and social dynamics in the evolving context of consortium blockchain networks, offering insights into their significance within a technology-driven environment. [ABSTRACT FROM AUTHOR]

Reverse auctions are often recognized as a tool that can cost-effectively allocate agri-environmental program funds to support environmentally-beneficial land management practices. However, transaction costs can limit participation in auctions which limits their cost-effectiveness. We use a laboratory experiment to examine how various levels of transaction costs influence participation and bidding behavior in discriminatory-price reverse auctions in low and high budget scenarios. Our experimental results show that transaction costs limit auction participation, increase bid amounts, and reduce cost-effectiveness. The negative effect of transaction costs on participation is particularly large when the budget level is low. Using the results of our experiment, we design a simulation to investigate whether reducing transaction costs via subsidies could increase program cost-effectiveness under various conditions. We find that transaction cost subsidies increase auction cost-effectiveness; however, our study raises new questions about how these subsidies are designed and the implications for the overall costs and benefits of efforts to reduce transaction costs in reverse auctions. [ABSTRACT FROM AUTHOR]

This paper uses meta-regression analysis to investigate the empirical literature on the performance of water institutions. This pioneering study synthesizes and quantifies the overall water institution-performance effect using data extracted from 23 original studies. A bivariate meta-regression and funnel asymmetric test are estimated and conducted, respectively, and for our multivariate meta-regressions (MMRs), four different fixed and random effects weighted least square models are estimated. Both bivariate and MMRs confirm the presence of a publication selection bias that favors the positive impact of water institutions on performance. Once this bias is corrected, evidence of a genuine empirical effect of water institutions on the performance is evident. Also, the variations in this literature are attributable to differences in the way these studies capture water institutions, the variables used to capture performance, and the estimation strategies, among others. Primary studies that use the water law, water policy, and/or some aspects of these to capture performance tend to report a greater impact of water institutions on performance. This paper contributes not only to improving the quality of research, reporting, review, and publication in the water space but also provides further insights for additional development, facilitation, and strengthening of water laws, policies, and administration to lower transaction costs in the water space. [ABSTRACT FROM AUTHOR]

This paper studies a fuzzy portfolio selection program with different risk attitudes based on Machine Learning to help investors make reasonable investment decisions. Firstly, the asset’s return is assumed as a fuzzy variable, which is estimated by the Long-Short Term Memory, Convolutional Neural Networks, Support Vector Regression and Random Forest, respectively. Secondly, the possibilistic mean and possibilistic variance with different risk attitudes are calculated within the framework of possibilistic theory. Thirdly, considering the borrowing constraints, transaction costs, and threshold constraints, a fuzzy portfolio selection model with different risk attitudes based on Machine Learning is proposed. According to the possibilistic measure, the proposed model is transformed into a quadratic programming problem, and the pivoting algorithm is designed to obtain the optimal solution. Finally, the possibility equal-weight portfolio model and possibility mean-variance portfolio model based on history quartile are selected as benchmarks, and a comparing numerical example is provided to demonstrate the effectiveness of the proposed model. [ABSTRACT FROM AUTHOR]

The foreign exchange (FX) markets are some of the most liquid in the world, yet this liquidity is not spread evenly across currencies or market conditions. Factors like the time of day or week factor heavily in the transaction cost of exchanging currencies. The worst times to trade can be 10 or 100 times more expensive than the best, with liquidity concentrated with some predictably over time. Forecasting the likely cost of trading currencies (measured by Bid–Ask Spreads) is thus critical for effectively trading in these markets. This article analyzes these transaction costs and the use of machine learning to accurately forecast them. The authors show that, by using supervised machine learning algorithms with appropriately chosen features, Bid–Ask Spreads can be used to forecast reliably in the FX market. [ABSTRACT FROM AUTHOR]

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Purpose: Prior research from transaction costs economics argued that central firms perform better because they have superior access to information to discipline their alliance partners. Central firms may also, however, face higher costs and risks of unintentional learning and weaken their competence through structural inertia. We propose that these costs and risks are influenced by the learning capacities of the firms in the network and can explain different outcomes for focal firm performance. Design/methodology/approach: To test our predictions, we use instrumental variable–generalized method of moments estimation techniques on 15,517 firm-year observations from equity alliance portfolios in the global food industry across a 21-year window. Findings: We find support for our predictions and show that the relationship between network degree centrality and firm performance is negatively influenced by partners' learning capacity and positively influenced by focal firms' learning capacity, while firms with low network degree centrality benefit less from their learning capacity. Research limitations/implications: Future developments in transaction cost economics may consider partner and focal firms' learning capacity as moderators of the network degree centrality – firm performance relationship. Practical implications: In alliance decisions, managers must consider that the combination of high network degree centrality and partners' learning capacity can lead to high costs, risks of unintentional learning, and structural inertia, all of which have negative consequences for performance. In concentrated industries where network positions are controlled by a few large firms, policymakers must acknowledge that firms may face substantial barriers to collaboration with learning-intensive firms. Originality/value: This study is the first to develop and test a comprehensive transaction cost analysis of the central firm's unintended knowledge flows and structural inertia in alliance networks. It is also the first to incorporate theoretically and empirically the hazards of complex and unintended information flows on the relationship of network degree centrality to performance in equity alliance portfolios. [ABSTRACT FROM AUTHOR]

The standard model, which determines option pricing, is the well-known Black-Scholes formula. Heston in addition to Cox-Ingersoll-Ross which is called CIR, respectively, implemented the models of stochastic volatility and interest rate to the standard option pricing model. The cost of transaction, which the Black-Scholes method overlooked, is another crucial consideration that must be made when trading a service or production. It is acknowledged that by employing the log-normal stock diffusion hypothesis with constant volatility, the Black-Scholes model for option pricing departs from reality. The standard log-normal stock price distribution used in the Black-Scholes model is insufficient to account for the leaps that regularly emerge in the discontinuous swings of stock prices. A jump-diffusion model, which combines a jump process and a diffusion process is a type of mixed model in the Black-Scholes model belief. Merton developed a jump model as a modification of jump models to better describe purchasing and selling behavior. In this study, the Heston-Cox-Ingersoll-Ross (HCIR) model with transaction costs is solved using the alternating direction implicit (ADI) approach and the Monte Carlo simulation assuming the underlying asset adheres to the jump-diffusion case, then the outcomes are compared to the analytical solution. In addition, the consistency of the numerical method is proven for the model. [ABSTRACT FROM AUTHOR]

Digital technology significantly transforms economies by reducing transaction costs and promoting economic growth. Similarly, international remittances decrease poverty and improve employment. This article investigates whether digitalization increases international remittances in developing economies and how institutional development affects the nexus between digitalization and international remittances. The study employs internet users and fixed broadband subscriptions as proxies for digitalization and the difference generalized method of moments estimators to test the role of governance in the digitalization-international remittances nexus across 102 developing economies. The findings are counter-intuitive. First, digitalization and governance increase international remittances. Second, as a proxy for digitalization, the interaction term with internet users decreases international remittances, while the interaction term with fixed broadband subscriptions promotes them. Finally, trade openness, economic growth, and inflation are determinants of international remittances. From these findings, the article makes arguments to show the paradox of institutional development in developing economies and some policy lessons to improve institutional quality in promoting digital technology and attracting more international remittances. JEL Classification C23, G21, O47 [ABSTRACT FROM AUTHOR]

Urban renewal is a critical approach to address issues such as the scarcity of urban spatial resources and infrastructure aging in the later stages of urbanization. Urban village renewal is one of the typical practices of urban renewal. Based on China's unique dual urban–rural land system and urbanization process, this study localizes the rent gap theory. It applies the modified rent gap theory to conduct a case study on Wangjiapeng Village in Xi'an using the process-tracing method. It explores the internal mechanisms of urban village renewal and the key factors influencing the progress of renewal projects. The findings reveal that the size of the rent gap directly determines the attractiveness and timing of urban village renewal. However, issues such as interest conflicts, administrative redundancy, and government supervision during the renewal process significantly increase transaction costs, raising the rent gap threshold and thereby affecting the progress and outcomes of the renewal. This paper proposes a rent gap theory that is more suited to China's context and further expands its applicability through case study research. The practical experience of Wangjiapeng Village provides important policy implications for other major cities in China and cities currently in the late stages of urbanization. [ABSTRACT FROM AUTHOR]

This study, as a contribution to the research on urban land grabbing (grabs) as a global phenomenon, seeks to evaluate the populist belief that developers swallow up urban land originally zoned for community purposes under Government, Institution and Community (GIC) zoning, thus depriving communities of space for their own benefit. The authors applied a systematic analysis of non-aggregate planning and development statistics to better interpret the features of the land market as regulated by zoning. Their research focuses on the salient features of redevelopment projects that enjoy successful planning applications and onsite development in GIC zones. They compared the planning and development statistics, obtained from the Planning Department's website, of 425 approved GIC projects with those of the 261 Comprehensive Development Area (CDA) zone projects. Subject to the limitations of the data collected, the results qualify a negative view of land oligarchs (powerful land developers) who sought land under unitary ownership obtained in the past at nominal land premiums for quick windfalls. Particularly, GIC redevelopments were found to have proceeded much faster than CDA developments and, hence, were a natural attraction to developers, which were diverse, not exclusively private, and produced a few urban innovations during the redevelopment process. [ABSTRACT FROM AUTHOR]

Large-scale disasters are characterized by significant risk spreading and cross administrative boundaries of regional governments, and thus intergovernmental collaborative governance of emergency response logistics is of great importance. This paper selects the local government and the external government as game participants and constructs a dynamic evolutionary game model to analyze the evolution process of emergency logistics coordination and the conditions of achieving stability. Multiple factors are considered, which include the coordination cost and benefit, emergency intensity, external synergistic effects, and central government constraints. On this basis, a simulation analysis is carried out to investigate the dynamic evolution trajectory of the game and explore the influence of different parameters on the strategy selection of participants. The results show that: the participant behaviors are not sensitive to changes in emergency intensity, while increasing regional public benefits, reducing emergency logistics cooperation costs and external synergistic effects will increase the willingness of regional governments towards collaborative governance. Meanwhile, the central government constraints can effectively mitigate the imperfect transaction and cost compensation mechanisms for cooperation among regional governments. Intensifying rewarding and punitive measures as well as increasing the coefficient of participation will lead to a rapid evolution of stabilization strategies toward positive cooperation, in which imposition of penalties appears to be more effective than rewarding measures in promoting synergies among regional governments. In brief, this study sheds light on intergovernmental collaborative governance of emergency logistics by developing a much-needed scientific tool and providing a valuable theoretical reference. [ABSTRACT FROM AUTHOR]

Purpose: This paper presents a comprehensive and integrated review of the literature on the role of psychic distance in shaping inter-organizational relationships, by uncovering the theoretical, methodological, and thematic foundations of this research domain. Design/methodology/approach: Leveraging a systematic literature review in combination of text mining techniques using Leximancer, the study identified 62 relevant articles published between 1980 and 2024. The analysis revealed four key areas of focus: (1) interfirm business relationships, (2) relational governance and performance, (3) relationship quality, and (4) relationship violation. Findings: The findings indicate that this body of research is grounded in well-established theoretical frameworks, with social exchange theory, transaction cost analysis, relational exchange theory, and the resource-based view being the most frequently employed. The literature predominantly emphasizes the role of psychic distance in the formation and maintenance of interfirm business relationships, while the other three areas remain comparatively underexplored. Originality/value: By offering a more robust framework and a holistic understanding of psychic distance in inter-organizational relationships context, this study paves the way for further theory-driven studies, which is a theoretical contribution towards advancing this research area [ABSTRACT FROM AUTHOR]

Transaction cost model predicts opportunity costs should negatively affect money demand. Examining the effect of cost of carry (CC) on cash holdings at the firm‐level, rather the average effect for entire population, we find that such a pervasive negative relation does not hold in times of low interest rate with about a 10% chance of observing positive effects. Firm size emerges as the primary driver of this heterogeneity, demonstrating a hump‐shaped effect on the cash‐CC link. Our findings suggest that policymakers should track the distributional impacts of opportunity cost of money demand over time to better evaluation of monetary policy. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to integrate perspectives of transaction costs and capabilities to investigate how the configurational fit between outsourcing strategies, asset specificity of projects and the capabilities of general contractors could achieve high outsourcing performance. Design/methodology/approach: Employing fuzzy-set qualitative comparative analysis, this study analyzes 31 outsourcing cases in construction projects to examine outsourcing performance under different combinations of transaction costs and capabilities. Findings: The findings highlight six different but functionally equivalent configurations to high outsourcing performance, which vary according to attributes of projects and capabilities of contractors. Further, this study develops four context-dependent paths that link outsourcing strategies to high outsourcing performance: leading practitioner, collaborative manager, partnership dependent, and struggler. Practical implications: How do contractors in construction projects navigate outsourcing practices to high performance? This study provides a configurational perspective to make outsourcing strategy decisions. Based on the firm's capabilities and project asset specificity, contractors are encouraged to select from six different but functionally equivalent combinations and thereby four outsourcing strategies, namely leading practitioner, collaborative manager, partnership dependent, and struggler, to achieve high outsourcing performance. Originality/value: This study contributes to the body of knowledge by offering a holistic perspective that integrates production and transaction costs to analyze contractors' outsourcing strategies, contributing to the integration of the transaction cost perspective and capability perspective. [ABSTRACT FROM AUTHOR]

This study presents a distributed electricity trading system using smart contracts to improve transaction efficiency and reduce costs in power markets. Three trading models are analyzed: centralized trading, blockchain-based decentralized trading, and smart contract-driven automated trading. The advantages and challenges of each model are examined, focusing on factors like node inclusion time, transaction costs, and price stability. The results show that the smart contract-driven model outperforms the others by increasing market efficiency, lowering transaction costs, and reducing price fluctuations. Through simulations and real-world analysis, this study provides support for using blockchain technology in power markets and offers practical advice for improving electricity trading systems. The findings suggest that the proposed system could greatly enhance transparency, efficiency, and cost-effectiveness in distributed energy markets, even in uncertain market conditions. [ABSTRACT FROM AUTHOR]

Maintaining the stability of foreign trade in an uncertain environment is crucial to building a new development pattern. By combing through the existing literature, this paper analyzes the impact of economic policy uncertainty on enterprise export recovery from the perspective of market integration. Firstly, theoretical analysis shows that economic policy uncertainty is expected to attenuate enterprise export recovery levels by amplifying export transaction costs. Secondly, the escalation in market integration is anticipated to mitigate the attenuation above effect through the mechanism of "enhanced production efficiency", while simultaneously amplifying it through the mechanism of "intensified market competition". Based on the empirical test of China's micro-level data, it is found that the rise of market integration generally alleviates the weakening effect of economic policy uncertainty on enterprise export resilience, and this mitigation effect is more obvious for high-efficiency enterprises; The test results of further mechanism analysis and heterogeneity analysis are also consistent with the logic of theoretical analysis. [ABSTRACT FROM AUTHOR]

In this study, we model the dynamics of oil prices based on a dynamic heterogeneous agent model. Two types of agents including fundamentalists and chartists trade in the market, and the transaction costs are taken into consideration. The empirical results show that it is useful to improve forecasting performance if the model allows the agents to learn from their past performance and considers the transaction costs. Examination of the agents' dynamic weights shows that fundamentalists and chartists co-existed in the oil market with almost equal weights, and the fundamentalists dominated the market when the oil prices had large deviations from the fundamental level. [ABSTRACT FROM AUTHOR]