Structure Of Transaction Costs Research Articles

Государство и иерархии: особенности взаимодействия в форме ГЧП

The participation of the state as an economic agent in the institutional structures that ensure the exchange of assets determines the specific features of their organization in the form of a public-private partnership (PPP). Within the framework of PPP, alternative forms of cooperation between the state and private business regard-ing the production of public goods are integrated: quasi-market organization, hierarchical and hybrid. The arti-cle is devoted to the analysis of the forms of organization of transactions based on PPP as an institutionaliza-tion of the possibilities of reducing transaction costs based on the exchange of property rights. The methodo-logical basis of the study was the main provisions and developments in the field of institutional economic theo-ry, the theory of property rights and the theory of public goods. The methods of work included a positive and normative analysis of the transactions of the hierarchical organization of private business and the state regard-ing the production of public goods. The analysis showed that the variety of PPP forms that implement this part-nership can be viewed as a function of changes in relative differences in the levels and structure of transaction costs. The results of the study contribute to the understanding of the specificity of the state’s position as an agency for the specification and protection of property rights within PPPs organized in the form of hierarchies.

Spot–Futures Price Adjustments in the Nikkei 225: Linear or Smooth Transition? Financial Centre Leadership or Home Bias?

This paper studies price discovery in Nikkei 225 markets through the nonlinear smooth transition price adjustments between spot and future prices and across all three futures markets. We test for smooth transition nonlinearity and employ an exponential smooth transition error correction model (ESTECM) with exponential generalised autoregressive conditional heteroscedasticity (EGARCH), allowing for the effects of transaction costs, heterogeneity, and asymmetry in Nikkei price adjustments. We show that the ESTECM-EGARCH is the appropriate model as it offers new insights into Nikkei price dynamics and information transmission across international markets. For spot–futures price dynamics, we find that futures led spot prices before the crisis, but spot prices led afterwards. This can be explained by the lower level of heterogeneity in the underlying spot transaction costs after the crisis. For cross-border futures prices, the foreign exchanges (Chicago and Singapore) lead in price discovery, which can be attributed to their roles as global information centres and their flexible trading conditions, such as a more heterogeneous structure of transaction costs. The foreign leadership is robust to the use of linear or nonlinear models, the time differences between Chicago and the other markets, and the long-run liquidity conditions of the Nikkei futures markets, and strongly supports the international centre hypothesis.

ПРОБЛЕМАТИКА ІНСТИТУЦІЙНОГО СЕРЕДОВИЩА ДЕРЖАВНОЇ ПОЛІТИКИ УПРАВЛІННЯ КОНКУРЕНТОСПРОМОЖНІСТЮ ПІДПРИЄМНИЦЬКОГО СЕКТОРА ЕКОНОМІКИ УКРАЇНИ

A comparative analysis of the macro-institutional environment and the structure of transaction costs of subjects of the entrepreneurial sector of the economy in Ukraine was conducted. Micro-institutional indicators of the effectiveness of the state policy of managing the competitiveness of the entrepreneurial sector of the Ukrainian economy are highlighted. A complex of institutional factors that prevent the competitiveness of the entrepreneurial sector of the Ukrainian economy is provided. A set of transaction costs associated with enterprise registration, registration of property rights and loans and their impact on the level of ensuring the competitiveness of entrepreneurship in Ukraine have been determined. It was emphasized that in Ukraine during the transition period, the appropriate conditions for the formation of civilized entrepreneurship and incentives that would ensure their sufficient level of competitiveness were not created. It has been established that the most important factor of modern transformational processes in the sphere of state policy is integration for the benefit of the further development of entrepreneurship and ensuring its competitiveness. Despite the ineffective attempt to create the institutional foundations of entrepreneurship, changes in the system of market relations led to the transformation of the social and institutional order in Ukraine and did not ensure the formation of an effective state policy for managing the competitiveness of the entrepreneurial sector of the economy. Significant disproportions related to the deformation of the monetary and credit system of Ukraine and their negative impact on ensuring the competitiveness of the business sector and the formation of sources for the implementation of state policy in the relevant sphere are emphasized.

SPECIFICITY OF TRANSACTION COSTS AT BIOENERGY PRODUCERS – A CASE STUDY

One of the nexus in the modern energy sector are bioenergy companies. To generate green electricity, economic operators trade in the market, incurring transaction costs. The main objective of the paper is to identify and describe the transaction costs using a case study of biomass combined heat and power plant (CHP). The company used for the case study was Polmos Żyrardów. A diagnostic survey with a questionnaire was carried out. It was found that information procurement and negotiation costs are the most significant in the transaction cost structure of a biomass CHP plant. The importance of access to information about biomass suppliers in the region and the company›s closest surroundings was highlighted the most. This factor significantly increases the time-consuming activities that make up the process of acquiring information about a potential business partner. The aspect of the formalisation of the contract and the building of mutual trust between the participants in the transaction were emphasised as elements to minimise the uncertainty and opportunism of the partners. It is argued that the level of transaction costs influences decision-making within the organisation, also translating into the efficiency of the entire biomass CHP area. Conscious management of energy resources and care for the environment has made Polmos Żyrardów self-sufficient in energy. In light of the challenges of the energy transition, bioenergy installations make an important contribution to reducing greenhouse gas emissions and building circular bioeconomy.

Transaction Cost Analysis of Sustainable Management of Terubuk Fish (Tenualosa macrura) in the Waters of Bengkalis Riau

This research was conducted in a terubuk fishermen area in Bengkalis District (3 villages), Bukit Batu District (4 villages) in Bengkalis Regency; Sungai Apit District (2 villages), Siak Regency and Tasik Putri Puyu District (2 villages) in Meranti Islands Regency. The location is densely populated by fishermen with the largest fishery reserve in the waters of Bengkalis, Riau. This study was carried out to examine the transaction costs in the management of terubuk fish in Bengkalis waters. A survey was administered to collect primary data and secondary data through interview and focus group discussions with stakeholders relevant to Terubuk fisheries reserves (fishermen and the government). The transaction cost structure of terubuk fish management was determined using transaction cost analysis. Analytical method using the equation . The results of the study showed that the total transaction costs required in the management of terubuk fish in Bengkalis waters reported by the government reached IDR 1,505,134,000 for a year. Meanwhile, the transaction cost of fishermen was IDR 95,750,000 per year which is significantly lower than the one reported by the government. The cost included the decision-making costs, information costs, and joint operational cost.

Get Ready for Quantum Age: The Implications of Quantum Technologies for Business Model Innovation

Quantum technologies (QT) are nearing a phase of commercialization where technology adoption and business model design are becoming a major topic among practitioners and policymakers. This paper explores the potential impact of QT in transforming the way firms create and capture value. We identify the key properties of quantum mechanics and explain their potential in enabling new applications around computation, communication, and sensing. We propose that the application of QT has the potential to enable business model innovation by generating new market demand through novel customer value propositions, changing the structure of transaction costs, and enabling unique capabilities. This study aims to highlight the theoretical challenges and opportunities for management scholars and help organizations prepare for the quantum-enabled economy by analyzing the impact of QT on business models.

METHODOLOGICAL APPROACHES TO ORGANIZING THE ACCOUNTING OF TRANSACTION COSTS IN AGRICULTURAL ENTERPRISES

Introduction. The characteristic features of agriculture in relation to the formation of transaction costs in the agricultural sector compared to other branches of the national economy are its high dependence on the natural environment and biological processes, which causes the manifestation of low stability and predictability of its development. The situation that has developed is caused by the fact that in the system of formation of new economic and agrarian-land relations, along with technological factors, the key place is occupied by institutional factors of the development of the agricultural sector. In this connection, there is a need to study the nature of transactions, transaction costs and assess their impact on reproductive processes in the agricultural sector, as well as to find mechanisms for managing this type of costs in the agricultural sector. Methods. General scientific and special methods of economic research were used in the process of conducting research, in particular: systematic approach, comparative, dialectical, abstract and logical. Results. The proposed methodical approach to determining the amount and structure of transaction costs of agricultural enterprises will make it possible to redistribute internal and external transactions, the essence of which is to compare the amount of transaction costs, the source of which is the company's own divisions, and those arising as a result of market transactions. Discussion. Ukraine's war with Russia caused the appearance of new types and manifestations of transaction costs in the activities of agricultural enterprises. A similar situation will be observed during the period of post-war reconstruction of the agricultural sector of our country. In this regard, scientists are faced with the task of developing methodical approaches to clarifying the economic nature and reflecting them in accounting registers. Keywords: agricultural enterprise, transaction costs, accounting, information, management.

Transaction costs and competitive tendering in public sector

This paper presents the structure and contexts of transaction costs and competitive tendering. The model is proposed as the first step in the development of a causal link between transaction costs and competitive tendering in the public sector. It draws upon the theory of open systems to build a structural framework. Concepts relevant to transaction costs and competitive tendering in the public sector are integrated into this framework. The subsequent papers will add concepts to the model and demonstrate a generic model fit for public practitioners, decision-makers, academicians, and bidders (suppliers, contractors, and service providers) to carry out their procurement activities in a systematic and planned manner.

Formation of Managers’ Competencies in The Field of Project Portfolio Management of The Enterprise

The purpose of this study is to analyze existing approaches to managing a portfolio of projects and programs, their further development and generalization, the creation of systems focused on creating the competence of specialists in the field of managing enterprise project portfolios. The substantiation and main reasons for the need to form the competencies of specialists in project portfolio management from the point of view of the effectiveness of project activities and business of the enterprise are discussed.In modern conditions, the functioning of any company is determined by a number of global trends - a change in business formats under the influence of digitalization, networkization of the economy, and changes in the structure of transaction costs, optimization of project portfolio management. This, in turn, entails a change in the requirements for the competencies of managers in managing enterprise project portfolios. The higher education system currently does not form the necessary set of competencies for university graduates, who should be functionally involved in managing a portfolio of projects and programs. Project portfolio management competencies are erroneously replaced by individual project management competencies, while almost all modern enterprises have a project portfolio. This is one of the reasons why the managers of the enterprise, when hiring yesterday’s university graduates, formulate an introductory requirement for them: - “Forget everything you were taught at the university”.Materials and methods. The study was conducted from 2019 to 2021 at the Financial University under the Government of the Russian Federation among 4th year students of the direction of study “Business Informatics”, studying in the profile “IT Management in Business”. The methodological basis of the study was a set of theories of innovation management, portfolio and project management. The typology of project portfolios is represented by the core competencies required by managers in managing project and program portfolios. An analysis of the existing education system shows that even after a master’s degree it is not capable of providing businesses with a professionally trained manager of large projects, not to mention a bachelor’s degree. Some limitations in the use of well-known portfolio management competencies due to their inconsistency with current business realities are noted. The main research method was the analysis of modern requirements for the functionality of the organization’s project portfolio management system.Results. It was revealed that the main requirements of modern business in specialists with competencies in managing a portfolio of projects and programs are significantly ahead of the existing competencies of university graduates. The main necessary competencies of project portfolio managers are determined. The gap in business requirements and existing competencies of university graduates in this direction of management is shown. The results obtained in the study can be used in the formation of competencies in the management of a portfolio of projects that the business presents to the education system.Conclusion. Project and program portfolio management is a significant factor in the development of an enterprise’s business. Business conditions are now such that enterprises simultaneously implement several projects and programs, these projects and programs are forced to be combined into portfolios. In portfolios, projects compete for the limited resources of the enterprise, and in the absence of systemic management of the project portfolio, lack of coordination between them, managerial chaos may arise that harm both individual projects and the entire business of the enterprise. Thus, combining individual projects into programs, and programs into portfolios, significantly increases the efficiency of project activities and the business of the enterprise as a whole.Using the example of Sberbank, the article compares the list of competencies required by the business functionality in the field of managing portfolios of projects and programs with the assessment of the competence of graduates in the direction of business informatics. The results obtained in the study can be used in the transformation of personnel training systems, in practical activities for managing portfolios of projects and programs of organizations of any type.

Development of new approaches to information transparency diagnostics in the regional market

The purpose of the research is to develop a methodological approach to the information transparency diagnostics in regional markets based on the analysis of the transaction costs dynamics.
 Methodology. To achieve this goal, methods of logical generalization, dialectical, system-structural methods, methods of analysis, synthesis and grouping, regression analysis were used.
 Results. It is proved that the level and structure of transaction costs are influenced by the peculiarities of the functioning of a particular market, so the approbation of the approach took place in a regional real estate market. The hypothesis that there is a linear relationship between the profits of market participants outside the region and foreign investment in this market has been put forward and successfully proved. Attention is focused on the presence of a significant number of investment risks associated with information entropy. It is justified that this encourages market agents to constantly conduct a thorough search, structuring and analysis of any information, which ultimately leads to a significant increase in transaction costs. Based on this, it is suggested that the reduction of transaction costs will increase foreign investment in market development. To confirm it, a regression model was developed, which allowed to establish that the reduction of the average transaction costs of one transaction in the current year will lead to an increase in foreign investment by 1 operation next year. At the same time, integration processes play a significant role, which is expressed in the increase of profits of foreign actors in the regional market and, as a consequence, in the growth of foreign investment in the region.
 Practical meaning. The proposed approach allows to assess in numerical terms the information transparency of a particular regional market. It contributes to the expansion of methodological tools of territorial marketing. In practical terms, it will facilitate the adoption and implementation of adequate management decisions aimed at improving the investment climate and, consequently, the formation of a positive image of the region.
 Prospects for further research. As a promising area of ​​further research, it is proposed to develop a methodology for forming an index of information transparency, based on the analysis of the dynamics of transaction costs and their impact on foreign investment.

Liquidity commonality in the cryptocurrency market

ABSTRACT Motivated by the unique transaction cost structure of the cryptocurrency (CC) market1 1 The authors thank the anonymous reviewer for the review of the manuscript and the insightful comments. , this study investigates the phenomenon of liquidity commonality across a sample of 53 CCs. The study employs the google search volume index (GSVI) measure to capture the retail investor’s attention towards the CC market. Using the quantile regression method, we document the liquidity dynamics of CCs that is contrasting to other asset classes, and is ascribed to its unique transaction cost structure. In view of the relatively high liquidity commonality levels found in the CC market, this paper sounds a note of caution to retail investors on episodic non-availability of liquidity in CCs.

The Effect of Transaction Costs on The Benefits of Hybrid Maize Farming in Dompu District, West Nusa Tenggara

The characteristics of imperfect markets are characterized by the presence of transaction costs. One sector that is an imperfect market is the agricultural sector. The purpose of this study was to analyze the structure of transaction costs and the implications of transaction costs on the benefits of hybrid corn farming. The research method uses transaction cost analysis and multiple linear regression. The research was conducted in Dompu Regency, West Nusa Tenggara with 120 respondents as corn farmers. The results show that implementation costs are the component of transaction costs that have the highest percentage of 43.35%, then supervision costs are 28.37%, transportation costs are 20.61%, negotiation costs are 3.70%, information costs are 3.41% and coordination 0.57%. These transaction cost components are distributed in each hybrid corn farming cycle, among others; (1) birth cycle; (2) cropping cycle; (3) maintenance cycle; (4) supervision; (5) harvest cycle; and (6) postharvest cycle. The postharvest cycle is the cycle that has the highest percentage of 23.17%, then the maintenance cycle is 18.53%, the harvest cycle is 17.65%, the cropping cycle is 17.28% and the control cycle is 13.99%. Transaction costs have a positive and significant effect on the profits of hybrid corn farming.

Why transaction costs do not decrease over time? A case study of energy efficiency programmes in Czechia

Transaction costs have a negative impact on the implementation and effectiveness of energy efficiency policies, while they remain rarely systematically tracked and evaluated. Transaction costs should decrease over time, thanks to the ageing of the policy (and the effects of learning) and the prevalence of initial, fixed costs. However, we find that the opposite may be true.We examine the effect of time and learning on the structure and size of transaction costs by using a data set of two programmes in two programming periods (2007–2013 and 2014–2020). We find that despite the continuity of the programmes, the burden of transaction costs in both cases increased significantly. The potential gains from learning throughout the programmes are overrun by constant internally and externally driven changes to the programme. In addition, through the course of the programmes, smaller and more complicated projects prevail. Lastly, due to internal organisational changes among the recipients, there is little institutional memory and distribution of information.An early thorough preparatory phase of a programme and stability of the institutional environment increase the effectiveness of the programmes. Differentiating the administrative processes according to the size of projects, with simplified procedures for smaller projects, may further decrease administrative intensity.

Dealing with complex transaction costs in portfolio management

This paper deals with the problem of modelling complex transaction cost structures within portfolio management models in an efficient and effective way. We consider a general structure of transaction costs, where the applied commissions depend on the range of traded monetary amount and we use this general structure within a portfolio optimization problem with rebalancing decisions in response to new market conditions. The presence of transaction costs reduces the fund’s capital and should be properly accounted for to avoid substantial costs that impact on portfolio performance. In this paper we present a mixed integer model equipped with a specialized Branch and Bound method that exploits the specific formulation of the trading operations. Computational experiments, carried out on transaction cost structures offered by real-life traders, have shown the effectiveness of the proposed model and the computational efficiency of the solution approach.

Transaction Cost Analysis on Revenues and Profits of Red Chili Farming

This research aimed to analyze the transaction cost structure and the effect of transaction costs on the revenue and profit of red chili farming. The analytical methods used were Transaction Cost Economic (TCE) analysis and multiple regression analysis. This research was conducted in Garut Regency, West Java, on 145 farm households. The research results showed that the highest percentage of transaction cost components was at implementation costs of 25.1 percent, followed by information search costs of 23.1 percent and negotiation costs of 22.3 percent. The number of transaction costs formed in red chili farming was IDR 3,990 727.74 per year. The ratio of transaction costs to total costs was 0.0285. This indicated that farmers had to issue 2.85 percent of the total costs for transaction costs. In addition, the percentages of transaction costs for revenue and profit of red chili farming were 4.65 and 5.27 percent respectively. The results also showed that five variables had significant effects on the benefits of red chili farming. The five variables included the price of chili seeds, manure, insecticides, labor wages, and transaction costs.

Institutional Credibility Measurement Based on Structure of Transaction Costs: A Case Study of Ongniud Banner in the Inner Mongolia Autonomous Region

The need to assess institutional efficiency remains a key issue in institutional economics. Credibility theory is a useful theoretical innovation that uses institution function to analyze institutional efficiency. However, current credibility measurement methods have shortcomings. In this research, we developed a method to measure institutional credibility based on the transaction cost structure. We used the ratio of endogenous transaction costs to transaction costs, and the ratio of transaction costs to total cost, to get the transaction cost structure coefficient. Then, based on the correspondence between institutional credibility and the transaction cost structure, we developed a model to analyze and evaluate institutional credibility. As a case study, we provided a longitudinal and horizontal comparison of the credibility of two ecological governance policies from Ongniud Banner in Inner Mongolia. The study showed that our institutional credibility evaluation model is feasible. The model can compare institutional credibility over time, and provide a horizontal comparison of the credibility of different institutions. Our proposed approach is of significance because it avoids the shortcomings of existing credibility measurement methods, and provides quantitative assessment of institutional credibility.

A Conceptual Benefits Realization Model for Minimization of Transaction Costs in Building Energy Efficiency (BEE) Affordable Housing Delivery

Energy efficiency is fundamental to enhancing homes affordability. There are several unique challenges to affordable housing that owner-developers need to address in order for energy efficiency to make significant economic sense. Issues such as Transaction Costs (TCs) plays a significant role in achieving building energy efficiency (BEE) for affordable housing delivery. It is evident that split incentives, information asymmetry, institutional transition, opportunistic behavior, and ill-informed users incur different levels of TCs and affect stakeholder’s willingness to take part in BEE for affordable housing. A better understanding of the nature and structure of TCs is indispensable to enhance the market-drive and investment for BEE affordable housing. Uncertainty, specific investment, frequency, and bounded rationality seen as the key dimensions of TCs. The research focuses on how to minimize TCs involve in BEE affordable housing delivery. It was found in the literature that, the level of TCs for building energy efficiency estimated at 20.5% of total project costs. A conceptual competency-driven benefits realization model is proposed for minimizing TCs taking into consideration the peculiarities of the current housing projects delivery. This research aims to establish the significance of leveraging on BEE project team-competency and commitment organized within a strategic Benefits Realization Management framework to optimize client‘s benefits regarding minimizing TCs. The focus is on the aspect of a developer’s competencies and their project team commitment concerning minimizing TCs that structured within a Benefits Realization Management (BRM) practice. This model is proposed as a pro-active enabler tool to achieve Value for Money in BEE affordable housing projects. This paper is part of a series of publications.

BIAYA TRANSAKSI DAN ANALISIS KEUNTUNGAN PETANI PADA SISTEM RESI GUDANG KOPI ARABIKA GAYO DI KABUPATEN ACEH TENGAH

The purpose of this study was to analyze the structure of transaction cost and analyze farmers profit on Arabica Gayo Coffee Warehouse Receipt System (WRS) in Central Aceh District. Transaction Costs Analysis (TCA) was used to analize transaction cost structure at selling delay activity and financing activity on WRS. While the ratio of transaction costs to farmers' profit was used to determine the level of effectiveness of WRS. The research was conducted at PT. Ketiara Warehouse, West Aceh district, Aceh. The selected samples were all 4o farmers of Arabica Gayo WRS in Central Aceh Regency. The highest transction cost was on delay selling activity (64,07%) than transaction cost on warehouse receipt financing activity (35,93%). Implementation of the warehouse receipt system in PT. Ketiara provided more benefits to the participants because average percentage ratio between the cost of the transaction with the benefit of <10 percent. Transaction costs and effectiveness of WRS need more attention and focus on the improvement of these two things to maximize the implementation and sustainability of Gayo Arabica Coffee WRS in Central Aceh District.

BIAYA TRANSAKSI DAN ANALISIS KEUNTUNGAN PETANI PADA SISTEM RESI GUDANG KOPI ARABIKA GAYO DI KABUPATEN ACEH TENGAH

<em>The purpose of this study was to analyze the structure of transaction cost and analyze farmers profit on Arabica Gayo Coffee Warehouse Receipt System (WRS) in Central Aceh District. Transaction Costs Analysis (TCA) was used to analize transaction cost structure at selling delay activity and financing activity on WRS. While the ratio of transaction costs to farmers' profit was used to determine the level of effectiveness of WRS. The research was conducted at PT. Ketiara Warehouse, West Aceh district, Aceh. The selected samples were all 4o farmers of Arabica Gayo WRS in Central Aceh Regency. The highest transction cost was on delay selling activity (64,07%) than transaction cost on warehouse receipt financing activity (35,93%). Implementation of the warehouse receipt system in PT. Ketiara provided more benefits to the participants because average percentage ratio between the cost of the transaction with the benefit of <10 percent. Transaction costs and effectiveness of WRS need more attention and focus on the improvement of these two things to maximize the implementation and sustainability of Gayo Arabica Coffee WRS in Central Aceh District.</em>

Minimization of transaction costs in the process of reproduction of national wealth

The process of reproduction of national wealth is accompanied by transaction costs, which have a number of features. The structure of these costs is heterogeneous. Due to the fact that the bulk of the costs directly associated with the provision of exchange between individuals. Size and structure of transaction costs has a significant impact on the dynamics of investment in the development of the national wealth and its movement in stages of the reproductive process. Transaction costs create an incentive system that determines the behavior of individuals in certain circumstances. Due to the fact that the objectives of economic agents are mixed, then some of them will be interested in minimizing transaction costs and other directly will tend to increase. The problem of transaction costs in the process of reproduction of national wealth are unexplored in current economic literature. In this regard, it is expected to determine and clarify the nature of these costs, their causes, the distinctive features and characteristics. Clarified that the basic forms of transaction costs of reproduction of the national wealth are: the costs of finding the required resources and estimation of their useful properties; the opportunity costs; the costs of Contracting and enforcement; the costs of economic realization of ownership of human capital. The study of characteristics and forms of transaction costs, as well as the specifics of their manifestation enables minimization. To this end, developed evaluation criteria for all forms of transaction costs, explored the contradictory nature of the impact of transaction costs on the reproduction of the national wealth, institutional arrangements and tools, the use of which will allow not only to minimize these costs, but under certain conditions to ensure their growth..