Toward an Integrating Theory of Firm Boundaries

2021 Fiscal Year Final Research Report

• 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
• 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

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.

Free Research Field

組織の経済学

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。