What constitutes a transaction-specific asset?

Abstract

Transaction-cost economics has been applied to a wide range of research areas; however, the definition of transaction-specific asset (TSA) has been overlooked. Content analysis of previous research suggests six dimensions (specificity, magnitude, durability, value-in-use, importance, and risk) and six types (site, human, physical, dedicated, brand name, and temporal assets) of TSAs. Prior empirical operationalizations of TSAs are also content-analyzed, and results indicate that although all six types of TSAs have received research attention, only three dimensions have been empirically addressed. Correspondence analysis is used to examine the relationships among the types and dimensions of TSAs.