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The Many Faces of Asset Specificity: A Critical Review of Key Theoretical Perspectives
Author(s) -
De Vita Glauco,
Tekaya Arafet,
Wang Catherine L.
Publication year - 2011
Publication title -
international journal of management reviews
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 4.475
H-Index - 107
eISSN - 1468-2370
pISSN - 1460-8545
DOI - 10.1111/j.1468-2370.2010.00294.x
Subject(s) - operationalization , unpacking , extant taxon , asset (computer security) , asset specificity , transaction cost , construct (python library) , key (lock) , order (exchange) , resource (disambiguation) , economics , business , microeconomics , computer science , epistemology , finance , computer security , computer network , philosophy , linguistics , evolutionary biology , programming language , biology
This paper presents a review of the concept of asset specificity and of the impact which asset specificity is expected to exert on the performance of buyer–supplier relationships. The paper begins by unpacking the complex definitional features of asset specificity and how its multifaceted nature is reflected in an inconsistent and rather ad hoc operationalization of the construct in the extant empirical literature. Following a comprehensive examination of the many dimensions of asset specificity, the review then focuses on the expected role of asset specificity in inter‐firm relationships according to three different theoretical perspectives: transaction costs economics, the resource‐based view and relational exchange theory. Considerable ambiguities and inconsistencies are highlighted by reviewing hypotheses typically developed within their respective theoretical framework. The paper concludes by identifying key challenges and new directions in order to derive maximum benefit from future research.