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Which mechanisms support the fulfillment of sales agreements?: Asking decision-makers in firms

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  • Hendley, Kathryn
  • Murrell, Peter

Abstract

The paper proposes a methodology to obtain evidence on the relative importance of different mechanisms for supporting agreements. A survey question posed to company directors summarizes key aspects of mechanisms and asks for judgments on use. In contrast to existing approaches, the data covers the full complement of mechanisms and much economic activity, offering aggregate numerical judgments. The methodology is applied in Romania. Popular hypotheses are examined. Bilateralism is numerically dominant; the legal system is used extensively; third-party mechanisms are less important. These three mechanisms are non-complementary.
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Suggested Citation

  • Hendley, Kathryn & Murrell, Peter, 2003. "Which mechanisms support the fulfillment of sales agreements?: Asking decision-makers in firms," Economics Letters, Elsevier, vol. 78(1), pages 49-54, January.
    • Handle: RePEc:eee:ecolet:v:78:y:2003:i:1:p:49-54
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    1. Simon Johnson & John McMillan, 2002. "Courts and Relational Contracts," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 18(1), pages 221-277, April.
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    Cited by:

    1. World Bank, 2005. "El Salvador : Investment Climate Assessment, Volume 1, Main Findings and Policy Recommendations," World Bank Publications - Reports 8673, The World Bank Group.
    2. Pyle, William, 2006. "Resolutions, recoveries and relationships: The evolution of payment disputes in Central and Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 317-337, June.
    3. Michael Danquah & Kunal Sen, 2022. "Informal institutions, transaction risk, and firm productivity in Myanmar," Small Business Economics, Springer, vol. 58(3), pages 1721-1737, March.
    4. World Bank, 2005. "El Salvador : Investment Climate Assessment, Volume 2, Detailed Findings and Recommendations," World Bank Publications - Reports 8670, The World Bank Group.
    5. Francis,David C. & Karalashvili,Nona & Murrell,Peter, 2022. "Transactional Governance Structures : New Cross-Country Data and an Application tothe Effect of Uncertainty," Policy Research Working Paper Series 10118, The World Bank.
    6. Harry G. Broadman & James Anderson & Constantijn A. Claessens & Randi Ryterman & Stefka Slavova & Maria Vagliasindi & Gallina A. Vincelette, 2004. "Buildings Market Institutions in South Eastern Europe : Comparative Prospects for Investment and Private Sector Development," World Bank Publications - Books, The World Bank Group, number 14947.
    7. World Bank, 2007. "Chile : Investment Climate Assessment, Volume 2. Background Chapters," World Bank Publications - Reports 7716, The World Bank Group.
    8. Murrell, Peter, 2003. "Firms facing new institutions: transactional governance in Romania," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 695-714, December.
    9. Steer, Liesbet & Sen, Kunal, 2010. "Formal and Informal Institutions in a Transition Economy: The Case of Vietnam," World Development, Elsevier, vol. 38(11), pages 1603-1615, November.
    10. Amirah El-Haddad, 2008. "Vertical Integration and Institutional Constraints on Firm Behavior: The Case of the Garment Industry in Egypt," Working Papers 383, Economic Research Forum, revised 01 Jan 2008.
    11. Svetlana Avdasheva & Nadezhda Goreyko, 2010. "Governance Structures in Russian manufacturing: assessment using sample survey data," UCL SSEES Economics and Business working paper series 112, UCL School of Slavonic and East European Studies (SSEES).
    12. William Pyle, 2006. "Collective action and post-communist enterprise: The economic logic of Russia's business associations," Europe-Asia Studies, Taylor & Francis Journals, vol. 58(4), pages 491-521.
    13. El-Haddad, Amirah, 2008. "Dispute resolution mechanisms in the Egyptian garment industry," Economics Letters, Elsevier, vol. 99(3), pages 425-430, June.
    14. World Bank, 2007. "Costa Rica : Investment Climate Assessment," World Bank Publications - Reports 7691, The World Bank Group.
    15. Abdirashid A. Ismail, 2007. "Lawlessness and economic governance: the case ofhawalasystem in Somalia," International Journal of Development Issues, Emerald Group Publishing Limited, vol. 6(2), pages 168-185, May.
    16. Mike, Károly & Kiss, Gábor, 2017. "Hitelesek-e a vállalkozások ígéretei Magyarországon? [Do Hungarian entrepreneurs make credible promises?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1285-1315.
    17. Oguzhan Celebi, 2023. "Substitutability in Favor Exchange," Papers 2309.10749, arXiv.org.
    18. Amirah El-Haddad, 2013. "Political Patronage and Economic Opportunity: The Case of Vertical Integration in the Egyptian Clothing Industry," Working Papers 797, Economic Research Forum, revised Nov 2013.

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    More about this item

    JEL classification:

    • K0 - Law and Economics - - General
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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