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A Transaction Cost Theory of the TNC

In: Transnational Corporations and Transnational Governance

Author

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  • Jean-François Hennart

Abstract

Business firms, along with nation states, are crucial agents in today’s advanced economies. Transnational corporations (TNC) are business firms with activities in more than one nation state,1 and although they are but a small subset of all business firms, they play a dominant role in the world economy. According to UNCTAD (2009), there were some 82,000 TNCs in 2008 owning more than 800,000 foreign affiliates. Ten years earlier, their internal trade was estimated to already account for as much as three-quarters of world exports (UNCTAD, 1999: 232).

Suggested Citation

  • Jean-François Hennart, 2015. "A Transaction Cost Theory of the TNC," Palgrave Macmillan Books, in: Sarianna Lundan (ed.), Transnational Corporations and Transnational Governance, chapter 2, pages 25-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46769-0_2
    DOI: 10.1057/9781137467690_2
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