Abstract
Energy usage and energy costs have gained attention in recent years. Prior research has primarily focused on the energy management services provided by energy service companies (ESCOs) and have neglected energy demanders in a transaction structure. This study investigated the ex ante and ex post transaction costs with respect to contracting between ESCOs and energy demanders. This study conducted a large-scale survey of 835 manufacturing firms and one focus group. Four key determinants of energy management services were identified: asset specificity, task complexity, market competitiveness and institutional support. The results showed that asset propriety and task complexity significantly increase transaction costs and reduce demand intentions for energy management services. However, market competitiveness and institutional supports are negatively related to transaction costs and increase demand intentions for energy management services. This study further verified the importance of formal control mechanisms, which not only strengthen industrial development but also increase demand intentions for energy management services.
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