Toward an Integrating Theory of Firm Boundaries

Research Project

Project/Area Number	19K13702
Research Category	Grant-in-Aid for Early-Career Scientists
Allocation Type	Multi-year Fund
Review Section	Basic Section 07040:Economic policy-related
Research Institution	Ritsumeikan University
Principal Investigator	Mori Yusuke 立命館大学, 経営学部, 准教授 (50747590)
Project Period (FY)	2019-04-01 – 2022-03-31
Project Status	Completed (Fiscal Year 2021)
Budget Amount *help	¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000) Fiscal Year 2021: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2020: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000) Fiscal Year 2019: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
Keywords	企業の境界問題 / 財産権理論 / 取引費用の経済学 / 不完備契約 / 企業の境界 / 参照点依存型選好 / 損失回避 / 権限関係 / asset ownership / joint ownership / ex ante investment / ex post adaptation / 所有権 / 取引費用
Outline of Research at the Start	本研究では、企業の境界問題への経済学的アプローチのなかでも特に影響力の強い、取引費用の経済学と財産権理論の議論を統合する、包括的な理論モデルの構築を試みる。本研究を通じて、中間的取引形態・競争政策・公共調達への含意の導出が期待される。
Outline of Final Research Achievements	I extended the standard model of the property-rights theory of the firm (PRT) in two ways. First, I introduced an additional investment opportunity, which can be considered as ex post adaptation to the changes in trade circumstances, into the standard PRT model. The first extension showed higher ex ante relationship-specific investment crowds out ex post investment in the adaptation. Second, I considered loss-averse trading parties, whose reference points are determined by the choice of governance structure, within the PRT framework. In both extensions, I constituted new rationales for joint ownership, whose optimality has been rejected in the standard PRT model.
Academic Significance and Societal Importance of the Research Achievements	共同所有に代表される、企業内取引と市場取引との中間的な取引形態は社会にあまねく存在するものの、その利点や欠点は企業内取引や市場取引ほど十分に議論されているとは言い難い。本研究課題の成果は、既存研究とは異なる2つの方向性から、共同所有の最適性を示すものであり、中間的取引形態への我々の理解を深める一助となる。