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Analysis of Dynamic Capabilities and Transaction Cost

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Summary


While dynamic capabilities and transaction cost theories significantly vary in their approaches, their joint analysis can lead to a mutual refinement and an elimination of conceptual weaknesses in both theories. Specifically, it can contribute to the concept of firm-market interface that is currently absent in the dynamic capabilities theory, and to the lack of acknowledgement for the existence of capabilities identified in the transaction cost theory.

The discussion has shown that the original concepts of dynamic capabilities and transaction cost theories are to a large extent mutually exclusive. For instance, in the case of the transaction cost theory, only if the capability differences between firms are removed can the workings of “the firm” and “the market” as coordination mechanisms be directly compared. If capability heterogeneity does exist, any comparison between “the firm” and “the market” is simultaneously a comparison of the properties of the governance mechanism and of the particular capabilities of potential transacting partners vs. those of the integrated firm. Therefore, the necessary element for further refinement of both theories is the mutual acknowledgement of the principles, which were originally disregarded.

The combination of the logic from both theories can increase their explanatory power. For instance, the assumption of the dynamic capabilities theory that firms are different, in combination with the argument of the transaction cost theory that transaction cost can be reduced, allow for significant specialization of the firms to occur. Following this logic, specialized firms refine both their internal unique assets and capabilities (in line with the dynamic capabilities theory) and actively trade the results of their production activity with other firms (in line with the transaction cost theory). However, if one follows the logic of the transaction cost theory, then all firms should be seen as alike. In this view they do not differentiate in their capabilities, and the same reduction in the transaction cost will not do much, if anything, to promote specialization, disintegration, and market interactions. Therefore, explanatory power of two theories increases if they are jointly analyzed.

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Румянцева Мария Николаевна (1978)

Лектор, Факультет Менеджмента, СПбГУ (2009)

Постдок, Лондонская Бизнес Школа (2006-2007),

Докторантура, Институт Менеджмента, Университет Санкт-Галлена, Швейцария (2001-2006)


Maria Rumyantseva. (1978)


St.Petersburg State University (2009),

London Business School (2006-2007)

University of St.Gallen

(2001-2006)


Диплом экономического факультета СПбГУ (2000)



Научные интересы: управление инновационными процессами на уровне фирмы; анализ современных организационных форм, поддерживающих процесс инноваций; архитектура отраслей; региональное развитие и создание инновационного потенциала

Scientific interests: Management of innovation, industry architectures, regional development and innovativeness