Abstract
AbstractThis article offers a transaction cost explanation for the different paths of organizational adjustment in the case of the former state and collective farms in Czech Republic after 1989. The focus is the strategic interaction among the stakeholders in the agricultural organization undergoing restructuring. In the presence of a neutral institutional environment, the number of players involved in the intraorganizational process, their ability to make collective decisions, and their perceived payoffs in alternative farming structures determine the restructuring outcome. These factors influence the choice between maintaining the inherited deployment of assets and the creation of a deeply restructured organization. Empirical results based on a farm‐level data set support this basic idea.
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