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korean management review - Vol. 48 , No. 4

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korean management review - Vol. 48, No. 4, pp. 969-995
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2019
Received 01 Feb 2019 Revised 04 Jun 2019 Accepted 18 Jun 2019
DOI: https://doi.org/10.17287/kmr.2019.48.4.969
The Effects of Transaction Specific Investments on Vertical Quasi-Integration and Joint Operation Performance
Sang Duck Kim^*
*Department of Business Administration, Kyungnam University

대형마트-벤더업체 간 거래특유투자가 수직적 준통합과 공동 영업성과에 미치는 영향
김상덕^*

*(단독저자) 경남대학교 경영학부 (sdkim@kyungnam.ac.kr)

Abstract

According to transaction cost theory, under buyer-seller relationship conditions of asset specificity, they have to choose vertical integration rather than outsourcing, the most efficient and preferable governance structure to safeguard against partner’s opportunism. Numerous studies have so far investigated transaction specific investments as safeguarding mechanisms. The studies, however, have come up with implications for outsourcing relationship performance in the presence of transaction specific investments. Moreover the effects of transaction specific investments were biased towards explaining the performance of either one rather than both of transaction partners.

This study tried to investigate the relationship between three types of transaction specific investments and performances. Especially the study suggest that transaction specific investment in the buyer-seller context can be conceptualized in terms of three types, ‘physical asset TSI’, ‘business process TSI’ and ‘domain knowledge TSI’. And the study. And the study focused on vertical quasi-integration and joint operation performance as performance variables. In short, the purposes of the study are to investigate the effects of three types of TSIs on vertical quasiintegration and joint operation performance. The study derived a set of detailed hypotheses and tested them on the relationship between buyers and vendors in Korean discount store distribution channels in which various types of TSIs are actively occurring.

To test the research model empirically, data were collected from 143 buyer-vendor dyads of a discount store company in Korea. Path analysis was used to test main effects of three types of TSIs and two group tests were used to test moderating effects of relational variables, such as vendor’s trust toward buyer, buyer’s distributive fairness, and buyer’s procedural fairness. In general, the results provided supports for the main effects while moderating effect tests showed different results. As expected, physical asset TSI and business process TSI had positive effects on vertical quasi-integration and quasi-integration also had a positive on joint operation performance. domain knowledge TSI, however, had no significant effect on quasi-integration. In addition, there were several interaction effects, such as physical asset TSI with vendor’s trust, physical asset TSI with buyer’s distributive fairness, and business process TSI with buyer’s distributive fairness in the relationship between TSIs and vertical quasi-integration. Buyer’s procedural fairness, however, had no interaction effects with all types of TSIs.

초록

지금까지 많은 연구들이 거래특유투자가 있는 조건에서 기업의 수직적 통합 의사결정의 기준으로 거래비용이론의 관점을 제시하였다. 하지만 대부분의 연구들은 거래특유투자의 존재여부에 초점을 맞추었고, 거래특유투자의 효과가 거래파트너 중 어느 한쪽의 성과나 행동적 성과인 관계성과를 설명하는데 치우쳐 있다. 이러한 문제를 극복하기 위해 시도된 본 연구는 거래특유투자를 물적자산, 사업 프로세스, 도메인 지식으로 구분하여 수직적 준통합과 공동 영업성과에 미치는 영향을 규명하고자 하였다.

이를 위해 다양한 유형의 거래특유투자가 활발하게 일어나는 대표적인 유통경로인 대형마트 유통경로의 바이어와 벤더 간 관계를 대상으로 양방향 설문조사를 실시하였고, 총 143개의 바이어-벤더 쌍을 대상으로 경로분석을 실시하였다. 연구결과 물적자산과 사업 프로세스 거래특유투자는 준통합 수준을 높여서 공동 영업성과를 강화하지만 도메인 지식 거래특유투자는 유의적인 효과가 없었다. 또한 신뢰와 분배적 공정성은 물적자산과 사업 프로세스 거래특유투자의 효과를 강화시키지만 절차적 공정성은 유의적인 효과가 없었다.


Keywords: Transaction Specific Investment, Physical Asset, Business Process, Domain Knowledge, Vertical Quasi-integration, Joint Operation Performance 키워드: 거래특유투자, 물적자산, 사업 프로세스, 도메인 지식, 수직적 준통합, 공동 영업성과

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• 저자 김상덕은 현재 경남대학교 경영학부 마케팅 전공 교수로 재직 중이다. 연세대학교 경영학과를 졸업하였고, 동 대학교 대학원에서 석사와 박사를 취득하였다. 아모레퍼시픽, 삼성전자, 한국유통연구원 등에서 근무하였고, 유통관리, 프랜차이즈, 소매경영, 관계마케팅, SCM, B2B마케팅 등의 학문분야와 화장품산업, 전자산업, 문화예술산업 등의 실무분야 연구가 주된 관심사이다.