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From Transaction Cost to Transactional Value Analysis: Implications for the Study of Interorganizational Strategies
Edward J. Zajac and Cyrus P. Olsen, Journal of Management Studies, January 1993, Vol. 30, No.1, 131-144

This article examines interorganizational strategies from a transactional value, rather than transaction cost, perspective. It argues that the transaction cost perspective has at least two major limitations when used to analyze interorganizational strategies: (1) a single party, cost minimization emphases that neglects the interdependence between exchange partners in the pursuit of joint value, and (2) over-emphasis on the structural features of interorganizational strategies that addresses (1) joint value maximization, and (2) the processes by which exchange partners create and claim value. We discuss the implications of the present approach for the study of interorganizational strategies and for the transaction cost perspective itself.

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