Institutional determinism of the execution of transactions within the company
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Published:
Jun 22, 2020
Keywords:
institutions, internal organization, organizational behaviour, transactions, business economics, firms
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Abstract
Modern companies, operating in a dynamically changing environment, are subject to the permanent determinism of the institution. On the other hand, companies are more and more often perceived as complex networks of interpersonal relations in often dispersed organizational structures. Rela- tionships seem to play the role of a link between human activities. The latter, being dependent on the level of his/her opportunism, limited rationality, uncertainty and defined costs of transaction execution within the company, take actions consistent with the company's goal. Man-made activ- ities seem to be more and more often characterised by market transactions concluded within the frames of a company. The whole mechanism of company functioning cohabits under the influence of institutional determinism.
Such a context of social and economic reality observed within the frame of the company has become a contribution to the emergence of the question which inspires the author's scientific work within the scope of the new institutional economics. What are the reasons for the existence of various forms of transaction organization and ways of their implementation within the company? The following article is an attempt to answer such a question in the context of the theory of institutions. The presented considerations, through the theoretical meanders of neo-institutionalism, ultimately lead to the localization of institutional determinism, which shapes the way transactions are carried out within the company.
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How to Cite
Derkacz, A. J. . (2020). Institutional determinism of the execution of transactions within the company. Journal of Management and Financial Sciences, (40), 21–41. https://doi.org/10.33119/JMFS.2020.40.2
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References
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52. Williamson, O.E. (1979). Transaction Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics, No 22.
53. Williamson, O.E. (1981). The Economics of Organization: The Transaction Costs Approach. American Journal of Sociology, No. 87, pp. 548-577.
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57. Williamson, C.R. (2009). Informal institutions rule: institutional arrangements and economic performance. Public Choice, No. 139, pp. 371-387.
2. Brousseau, E., Glachant, J.-M. (2008). New Institutional Economics. Cambridge: Cambridge University Press.
3. Buchanan, J.M. (1975). A Contractarian Paradigm for Applying Economic Theory. American Economic Review, No. 65.
4. Chavance, B. (2009). Institutional economics. London and New York: Routledge Taylor & Francis Group.
5. Coase, R. (1937). The Nature of the Firm. Economica, No. 4, pp. 386-405.
6. Coase, R.H. (1984). The New Institutional Economics. Journal of Institutional and Theoretical Economics, No 140.
7. Coase, R.H. (2008). The Institutional Structure of Production. [In:] C. Menard, M.M. Shirley, (Eds.), Handbook of New Institutional Economics. Heidelberg: Springer-Verlag.
8. Commons, J.R. (1931). Institutional economics. The American economic review, No 21, pp. 648-657.
9. Commons, J.R. (1934). Institutional Economics. New York: Macmillian.
10. Commons, J.R. (2009). Institutional Economics. Its Place in Political Economy, 3rd ed. New Brunswick & London: Transaction Publishers.
11. Czech, S., Zachorowska-Mazurkiewicz, A. (2018). Instytucje w społeczeństwie i gospodarce, in: Zrozumieć Kapitalizm. Podejście Ewolucyjno-Instytucjonalne. Sosnowiec-Kraków: Oficyna Wydawnicza “Humanitas”, Stowarzyszenie Forum Myśli Instytucjonalnej.
12. Davis, L.E., North, D.C. (2008). Institutional Change and American Economic Growth. Cambridge: Cambridge University Press.
13. Derkacz, A.J. (2018). W poszukiwaniu efektywności inwestycji publicznych. Koncepcja optymalizacji inwestycji publicznych a wybrane teorie nowej ekonomii instytucjonalnej. Szczecin: MyBook.
14. Derkacz, A.J., Bołkunow, W. (2019). Neoinstytucjonalna koncepcja mierników procesów biznesowych. Warszawa: ZN KZiF SGH.
15. Durkheim, E. (2000). Zasady metody socjologicznej. Warszawa: PWN.
16. Gruszewska, E. (2018). Wpływ interakcji instytucji formalnych i nieformalnych na przedsiębiorczość w Polsce. [In:] Zrozumieć Kapitalizm: Podejście Ewolucyjno-Instytucjonalne. Sosnowiec-Kraków: Oficyna Wydawnicza” Humanitas”, Stowarzyszenie Forum Myśli Insty-tucjonalnej, pp. 197-215.
17. Hardt, Ł. (2005). Instytucje a koszty transakcyjne w nowej ekonomii instytucjonalnej. Gospodarka Narodowa, No. 1-19.
18. Hardt, Ł. (2010). Rozwój ekonomii kosztów transakcyjnych a wzrost różnorodności współczesnej ekonomii. Ekonomista, No. 9-34.
19. Hayek, F.A. (1967). The results of human action but not of human design, Studies in philosophy, politics and economics. London: Routledge & Kegan Paul.
20. Hodgson, G.M. (2006). What Are Institutions? Journal of Economic Issues, No. XL, pp. 1-25.
21. Hodgson, G.M. (2007). Evolutionary and institutional economics as the new mainstream? Evolutionary and Institutional Economics Review, No. 4, pp. 7-25.
22. Homans, G.C. (1967). The Nature of Social Science. New York: Harcourt, Brace & World.
23. Jenkins, I. (1980). Social Order & The Limits Of Law. Princeton: Princeton University Press.
24. Kirdina, S. (2003). Institutional Matrices and Institutional Changes. The 5th International Symposium on Evolutionary Economics. Pushchino, pp. 182-195.
25. Kirdina, S., Sandstrom, G. (2010). Institutional Matrices Theory as a Framework for both Western and Non-Western People to Understand the Global Village. [In:] Non-Western Challenges to Western Social Theory. Presented at the World Congress of Sociology International Sociological Association. Gothenburg (Sweden): International Sociological Association.
26. Kleiner, G.B. (2004). Evoljucyja institutocyonalnych sistiem. Moskwa: Nauka.
27. Kołodko, G. (2008). Wędrujący świat. Warszawa: Prószyński i S-ka SA.
28. Krampf, A. (2019). What do workers want? Institutional complementarity as a mechanism of social change. Journal of Institutional Economics, No. 15, pp. 881-896.
29. Langlois, R.N. (1992). Transaction-cost Economics in Real Time. Ind Corp Change, No. 1, pp. 99-127.
30. Langlois, R.N. (2002). Modularity in technology and organization. Journal of economic beha- vior & organization, No. 49, pp. 19-37.
31. Lawson, T. (2003). Reorienting Economics. London and New York: Routledge Taylor & Francis Group.
32. Matuszczak, A. (2009). Koncepcja zrównoważonego rozwoju w obszarze ekonomicznym, środowiskowym i społecznym. Rocznik Ekonomiczny KPSW w Bydgoszczy, pp. 125-141.
33. Menger, C. (1883). Untersuchungen uber die Methode der Socialwissenschaften und der Politischen Okonomie Insbesondere. Leipzig: Dunker & Humblot.
34. North, D.C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.
35. North, D.C. (1991). Institutions. Journal of Economic Perspectives, No 5.
36. North, D.C. (1993). The Five Proposition about Institutional Change. Economics Working Paper Archive at WUSTL.
37. North, D.C. (1994). Economic Performance Through Time. The American Economic Review, No. 84, pp. 359-368.
38. North, D.C. (2008). Institutions and the Performance of Economies Over Time. [In:] C. Menard, M. M. Shirley (Eds.), Hanbook of New Institutional Economics. Heidelberg: Springer-Verlag.
39. Nowak, M. (2009). Instytucjonalizmy w socjologii ekonomii. Problem i jego konceptualizacja. Poznań: WN WNS Uniwersytetu im. A. Mickiewicza.
40. Ollila, P. (2009). Principles of Institutional Economics - with Applications to Cooperative Enterprises. Helsinki: Helsinki University, Department of Economics.
41. Potts, J., Hartley, J., Banks, J., Burgess, J., Cobcroft, R., Cunningham, S., Montgomery, L. (2008). Consumer Co-creation and Situated Creativity. Industry and Innovation, No. 15, pp. 459-474.
42. Robson, A., Beadle, R. (2019). Institutions and moral agency: the case of Scottish banking. Journal of Institutional Economics, No. 15, pp. 845-859.
43. Rudolf, S. (2010). Nowa Ekonomia Instytucjonalna. Przedsiębiorstwo przyszłości, No. 1.
44. Simon, H.A. (1961). Administrative Behavior. New York: Macmillian.
45. Solek, A. (2010). Ekonomia behawioralna a ekonomia neoklasyczna. Zeszyty Naukowe PTE, No. 8.
46. Staniek, Z. (2012). Równowaga instytucjonalna i jej wymiary. [In:] Rudolf, S. (Ed.), Nowa Ekonomia Instytucjonalna Wobec Kryzysu Gospodarczego. Kielce: WSEiP.
47. Stankiewicz, W. (2012). Ekonomika instytucjonalna. Zarys wykładu. Warszawa: PWSBIA.
48. Szacki, J. (2002). Historia myśli socjologicznej. Warszawa: Wydawnictwo Naukowe PWN.
49. Veblen, T. (1971). Teoria Klasy Próżniaczej. Warszawa: PWN.
50. Veblen, T. (2009). Absentee Ownership. Business Enterprise in Resent Times: The Case of America, 3rd ed. New Brunswick & London: Transaction Publishers.
51. Whalen, C.J. (1996). The institutional approach to political economy. [In:] Foldvary F. E. (Ed.). Beyond Neoclassical Economics; Heterodox Approaches to Economic Theory. Cheltenham:
Edward Elgar Pub, pp. 83-99.
52. Williamson, O.E. (1979). Transaction Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics, No 22.
53. Williamson, O.E. (1981). The Economics of Organization: The Transaction Costs Approach. American Journal of Sociology, No. 87, pp. 548-577.
54. Williamson, O.E. (1981). The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature, No 19.
55. Williamson, O.E. (1994). Comparative Economic Organization. The Analysis of Discrete Structural Alternatives. San Francisco, California: International Center for Economic Growth Publication.
56. Williamson, O.E. (1998). Ekonomiczne instytucje kapitalizmu: firmy, rynki, relacje kontraktowe. Warszawa: Wydawnictwo Naukowe PWN.
57. Williamson, C.R. (2009). Informal institutions rule: institutional arrangements and economic performance. Public Choice, No. 139, pp. 371-387.