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How Relevant is Transaction Cost Economics to Inter-Firm Relationships in the Music Industry?

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  • Jonathan Gander
  • Alison Rieple
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    Abstract

    This paper applies the transaction cost framework to the organisation of product sourcing and development (PS&D) activities within the popular music industry. Two firm types characterise the industry and this particular set of activities; large multinational firms (`majors') and smaller regionally bound companies (`independents'). We find that the Transaction CostEconomies framework of Oliver Williamson (1985, 1999) provides only a partial explanation for the observed hybrid organisational structures established by the two firm types. A more sensitive model can be achieved by including a number of moderating variables drawn from the socially constructed and situationally dependent idiosyncrasies of the assets involved in the PS&D activities under consideration. Copyright Kluwer Academic Publishers 2004

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    File URL: http://hdl.handle.net/10.1023/B:JCEC.0000009958.80454.f6
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 28 (2004)
    Issue (Month): 1 (February)
    Pages: 57-79

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    Handle: RePEc:kap:jculte:v:28:y:2004:i:1:p:57-79

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    Web page: http://www.springerlink.com/link.asp?id=100284

    Related research

    Keywords: alliances; popular music industry; transaction cost economics;

    References

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    1. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, vol. 82(4), pages 713-19, September.
    2. Eric Strobl & Clive Tucker, 2000. "The Dynamics of Chart Success in the U.K. Pre-Recorded Popular Music Industry," Journal of Cultural Economics, Springer, vol. 24(2), pages 113-134, May.
    3. Hodgson, Geoffrey M., 1998. "Competence and contract in the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 179-201, April.
    4. Bengt Holmstrom & John Roberts, 1998. "The Boundaries of the Firm Revisited," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 73-94, Fall.
    5. Andrew E. Burke, 1995. "The Dynamics of Product Differentiation in the British Record Industry," Economics Technical Papers 951, Trinity College Dublin, Department of Economics.
    6. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    7. Robert D. Dewar & Jane E. Dutton, 1986. "The Adoption of Radical and Incremental Innovations: An Empirical Analysis," Management Science, INFORMS, vol. 32(11), pages 1422-1433, November.
    8. Hamlen, William A, Jr, 1991. "Superstardom in Popular Music: Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 729-33, November.
    9. Huascar Pessali & Ramon Fernandez, 2005. "Institutional Economics at the Micro Level? What Transaction Costs Theory Could Listen From Original Institutionalism (In the Spirit of Building Bridges)," Method and Hist of Econ Thought 0511001, EconWPA.
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    Cited by:
    1. Julia Hiscock & David E. Hojman, 2004. "Where Have All the Flowers Gone? Coase Theorem Failures in English Summer Cultural Events: The Case of Sidmouth International Festival," Research Papers 200406, University of Liverpool Management School.

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