Valen ino , Vladisla ; Ro h, S e en
A icle — Published Ve sion
Rela ionali y in ansac ion cos economics and
s akeholde heo y: A new concep ual amewo k
Business E hics, he En i onmen & Responsibili y
P o ided in Coope a ion wi h:
Leibniz Ins i u e o Ag icul u al De elopmen in T ansi ion Economies (IAMO), Halle (Saale)
Sugges ed Ci a ion: Valen ino , Vladisla ; Ro h, S e en (2024) : Rela ionali y in ansac ion cos
economics and s akeholde heo y: A new concep ual amewo k, Business E hics, he En i onmen
& Responsibili y, ISSN 2694-6424, Wiley, Hoboken, NJ, Vol. 33, Iss. 3, pp. 535-546,
h ps://doi.o g/10.1111/bee .12652 ,
h ps://onlinelib a y.wiley.com/doi/10.1111/bee .12652
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/297810
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Business E hics, En & Resp. 2024;33:535–546.
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535wileyonlinelib a y.com/jou nal/bee
1 | INTRODUCTION
S akeholde heo y is widely known o p omo ing a ela ional
iew o business. Acco ding o his unde s anding, “[b]usiness is a
se o alue- c ea ing ela ionships” among s akeholde s (Phillips
e al., 2019, p. 3). S akeholde ela ionships a e seen o be di e -
en om economic ansac ions (Ba ney, 2020; Jones e al., 2018;
B idoux & S oelho s , 2016). F eeman e al. (2020, p. 225) conside
s akeholde ela ionships o be a mo e use ul uni o analysis o
s akeholde heo y han economic ansac ions.
Bu wha p ecisely dis inguishes s akeholde ela ionships om
economic ansac ions? While his ques ion has in igued nume ous
schola s (B idoux & S oelho s , 2016; Buchholz & Rosen hal, 2005;
Jones e al., 2018; Kujala e al., 2022; Valen ino & Chia, 2022), we
wan o add ess i by explo ing he in e sec ion o s akeholde he-
o y and ansac ion cos economics (F eeman & E an, 1990; F eeman
e al., 2010; Ke oki i & Mahoney, 2016; Ke oki i & Mahoney, 2017;
S oelho s & Vishwana han, 2022). This explo a ion is i al because
ansac ion cos economics has ne e nega ed he impo ance o
human ela ionships in eal- wo ld economic ansac ions. In ac ,
ansac ion cos schola s ha e long been discussing he concep s o
ela ional con ac ing (e.g., Williamson, 1979, 1985) and ela ional
go e nance (e.g., Cuype s e al., 2021; Zahee & Venka aman, 1995),
blu ing he lines be ween “ ela ional” and “ ansac ional.”
Recei ed: 15 No embe 2022
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Re ised: 15 No embe 2023
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Accep ed: 19 Decembe 2023
DOI: 10.1111/bee .12652
PERSPECTIVE
Rela ionali y in ansac ion cos economics and s akeholde
heo y: A new concep ual amewo k
Vladisla Valen ino 1,2,3 | S e en Ro h3,4,5
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion-NonComme cial-NoDe i s License, which pe mi s use and dis ibu ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed, he use is non-comme cial and no modi ica ions o adap a ions a e made.
© 2024 The Au ho s. Business E hics, he En i onmen & Responsibili y published by John Wiley & Sons L d.
1Leibniz Ins i u e o Ag icul u al
De elopmen in T ansi ion Economies,
Halle, Ge many
2Depa men o Law and Economics,
Ma in Lu he Uni e si y, Halle, Ge many
3Nex Socie y Ins i u e, Kazimie as
Simona ičius Uni e si y, Vilnius, Li huania
4La Rochelle Business School, La Rochelle,
F ance
5Wi en Ins i u e o Family Business,
Uni e si y o Wi en- He decke, Wi en,
Ge many
Co espondence
Vladisla Valen ino , Leibniz Ins i u e o
Ag icul u al De elopmen in T ansi ion
Economies, Halle, Ge many.
Email: alen ino @iamo.de
Abs ac
S akeholde schola s ha e long explo ed how s akeholde ela ionships di e
om economic ansac ions. We con ibu e o his ongoing inqui y by de eloping
a concep ual amewo k o ela ionali y in s akeholde heo y ha encompasses a
s akeholde - heo e ic ex ension o Williamson's con ac ing schema and a new ypol-
ogy o s akeholde ela ionships. P emised on unde s anding ela ionali y as he need
o in o mal human ela ionships beyond o mal go e nance, ou amewo k loca es
he key di e ence be ween ansac ion cos economics and s akeholde heo y in
hei ea men o in o mal ela ionships. While ansac ion cos economics pe cei es
in o mal ela ionships o be shaped by o mal go e nance s uc u es and en o ced by
con ac ual sa egua ds, s akeholde heo y is open o he possibili y ha some in o -
mal ela ionships be ween s akeholde s may be genuinely mo al and hus i educible
o o mal go e nance and con ac ual sa egua ds. These s akeholde ela ionships
may lead o unique economic e ec s desc ibed by ins umen al s akeholde heo y.
The di e ence ha we iden i ied be ween he wo li e a u es shows how s akeholde
heo y's emb ace o ela ionali y su passes ha o ansac ion cos economics.
KEYWORDS
s akeholde ela ionships, s akeholde heo y, ansac ion cos economics, ansac ions
536
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VALENTINOV and ROTH
In he p esen pape , we del e in o he na u e o ela ionali y as a
common heme in bo h ansac ion cos economics and s akeholde
heo y and de elop a no el concep ual amewo k o ela ionali y
wi hin s akeholde heo y. In e p e ing ela ionali y as he i educ-
ibili y o he o ganiza ion o business ac i i ies o o mal go e nance
alone, ou amewo k inqui es in o why he in o mal human ela ion-
ships equi ed o ela ional con ac ing may no be adequa ely acil-
i a ed solely h ough he o mal go e nance s uc u es p oposed by
ansac ion cos economics. This inqui y leads us o p esen wo in-
e connec ed concep ual con ibu ions: a s akeholde - heo e ic ex-
ension o Williamson's (1996, 2002) con ac ing schema and a esh
ypology o s akeholde ela ionships. These con ibu ions enable us
o pinpoin how s akeholde heo y's emb ace o ela ionali y su -
passes ha o ansac ion cos economics.
We ake his oppo uni y o emind ou eade s ha
Williamson (1985) ap ly ega ded ansac ion cos economics as a
uniquely sys ema ic app oach o explaining he as a ay o “eco-
nomic ins i u ions o capi alism.” I ansac ion cos economics
indeed p esen s a comp ehensi e, sys ema ic, and powe ul ame-
wo k o unde s anding he ela ionships be ween i ms and hei
s akeholde s, hen i becomes impe a i e o s akeholde heo-
is s o delinea e he bounda y be ween he wo heo ies (B idoux
& S oelho s , 2022a). Ou concep ual amewo k mee s his call
by elucida ing how s akeholde heo y's emb ace o ela ional-
i y anscends ha o ansac ion cos economics. In addi ion, ou
concep ual amewo k e ines exis ing schola ship on ins umen al
s akeholde heo y by highligh ing how he unique economic e ec s
o mo al s akeholde ela ionships equi e in o mal human ela ion-
ships ha a e oo ich and sub le o be adequa ely sus ained solely
by o mal go e nance s uc u es ad oca ed by ansac ion cos
economics.
Towa d his end, he nex sec ion will discuss he meaning o
ela ionali y in ansac ion cos economics and s akeholde he-
o y. On his basis, he subsequen sec ion will p esen a concep ual
amewo k o ela ionali y wi hin s akeholde heo y, including a
s akeholde - heo e ic ex ension o Williamson's con ac ing schema
and a new classi ica ion o s akeholde ela ionships. The pape ends
by discussing he con ibu ions and limi a ions o he a gumen , as
well as he implica ions o u u e esea ch.
2 | RELATIONALITY AS A COMMON
FOCUS IN TRANSACTION COST
ECONOMICS AND STAKEHOLDER THEORY
In his sec ion, we elucida e ou in e p e a ion o he e m “ ela ion-
ali y” and explo e i s mani es a ions in he ansac ion cos econom-
ics and s akeholde heo y li e a u es. We a gue ha ela ionali y, in
he ansac ion cos economics con ex , cap u es he in ui ion be-
hind Williamson's (1985, 1996, 2002) eliance on Llewellyn's (1931)
unde s anding o “con ac as a amewo k”. In s akeholde he-
o y, his unde s anding o ela ionali y builds on he explo a ion
o he con as be ween s akeholde ela ionships and economic
ansac ions (B idoux & S oelho s , 2016; Jones e al., 2018). Ou
li e a u e e iew ex ends and sha pens hese impo an explo a-
ions by highligh ing how he dis inc i e economic e ec s o mo al
s akeholde ela ionships necessi a e in o mal human ela ionships
ha possess a ichness and sub le y exceeding wha o mal go e n-
ance s uc u es, as ad oca ed by ansac ion cos economics, can
p o ide.
2.1 | De ining ela ionali y
The e m “ ela ionali y,” as used in a ious s ands o o ganiza ion
s udies li e a u e, is usually aced back o p agma is philosophy,
p ocess philosophy, sys ems hinking, and e en physics (B adbu y &
Lich ens ein, 2000). While many discussions o he e m emain a a
high le el o abs ac ion ha complica es i s p ecise de ini ion (e.g.,
Coope , 2005), we see g ea me i in Lejano and Kan's (2022) ecen
de ini ion o his e m in he public policy con ex : “Rela ionali y is
he condi ion in which policy, in i s meanings and p ac ice, eme ges
no jus om o mal, p esc ibed ule- making and ins i u ion- building
bu also om he wo king and ewo king o ela ionships among a
ne wo k o policy ac o s.”
In ou pape , we use Lejano and Kan's (2022) de ini ion,
which we conside o be use ully complemen ed by B adbu y and
Lich ens ein's (2000, p. 555) iden i ica ion o ela ionali y a ibu es
such as he lack o angibili y, isibili y, and measu abili y combined
wi h a high deg ee o i idness o in e ac ions. We a gue ha , in he
con ex o s akeholde heo y, each o he ela ionali y a ibu es
poin ed ou by B adbu y and Lich ens ein's (2000, p. 555) poses a
challenge o egula ing s akeholde in e ac ions h ough o mal
go e nance alone, hus c ea ing a unc ional niche o a balance o
o mal and in o mal ela ionships among s akeholde s. Mo e speci -
ically, we main ain ha hose s akeholde in e ac ions ha exhibi a
pa icula ly s ong lack o angibili y, isibili y, and measu abili y a e
mo e likely o emain iable i hei o ganiza ion encompasses in-
o mal ela ionships ha a e i educible o o mal go e nance alone.
Thus, ou unde s anding o ela ionali y does no diminish he ole
o o mal go e nance bu unde sco es he impo ance o his go e -
nance being complemen ed by in o mal ela ionships in cases whe e
s akeholde in e ac ions lack angibili y, isibili y, and measu abili y.
Wha ypes o s akeholde in e ac ions a e likely o exhibi a
signi ican lack o angibili y, isibili y, and measu abili y in p ac-
ical e ms? One possible illus a ion o such in e ac ions in ol es
dealing wi h in angible o abs ac ou comes, such as social im-
pac , en i onmen al sus ainabili y, o e hical alues. Conside he
collabo a ion be ween a non- go e nmen al o ganiza ion and a
mul ina ional co po a ion aimed a educing hei ca bon oo p in
o enhancing hei human igh s p ac ices. In such cases, quan i-
ying and measu ing p og ess can be challenging due o he ab-
s ac na u e o he goals. Ano he scena io a ises in s akeholde
in e ac ions ela ed o dynamic o eme gen p ocesses like inno-
a ion, lea ning, o adap a ion. Imagine a esea ch eam collabo-
a ing wi h a unding agency o conduc a no el o isky p ojec
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537
VALENTINOV and ROTH
o add ess unexpec ed challenges ha may a ise du ing he e-
sea ch p ocess. These in e ac ions o en in ol e elemen s ha a e
di icul o p edic o measu e. S akeholde in e ac ions be ween
cus ome s and se ice p o ide s ha e ol e a ound cus omizing
se ices a e ano he case in poin . He e, challenges s em om he
lack o obse able and p og ammable in o ma ion ega ding cus-
ome p e e ences, mo i a ions, o expec a ions. Addi ionally, he
complexi y and di e si y o cus ome needs and po en ial solu-
ions, as well as conce ns abou oppo unism o dissa is ac ion,
can u he obscu e measu abili y. In all hese scena ios, in o mal
ela ionships play a pi o al ole ha canno be educed o o -
mal go e nance alone. These in o mal ela ionships con ibu e o
building us and commi men among s akeholde s, he eby e-
ducing he necessi y o o mal con ac s o moni o ing sys ems,
which may be cos ly, incomple e, o ine ec i e. Fu he mo e,
hese ela ionships acili a e lea ning and inno a ion among s ake-
holde s, enabling hem o adap o changing ci cums ances and
o e come un o eseen challenges. Finally, hey os e coope a ion
and alignmen on sha ed objec i es, ul ima ely enhancing s ake-
holde sa is ac ion and loyal y.
These examples o s akeholde in e ac ions connec o he
amilia so o a iables ha o ganiza ional economics has al-
eady iden i ied as impo an o he go e nance o ansac ions,
such as obse abili y and p og ammabili y (e.g. Ouchi, 1980), o
complemen a i y (Alchian & Demse z, 1972), o asse - speci ici y
(Williamson, 1985). Howe e , we a gue ha hese a iables a e no
su icien o cap u e he ull scope and complexi y o ela ionali y in
business ac i i ies, especially when i comes o mo al s akeholde
ela ionships ha canno be su icien ly en o ced by o mal go e -
nance s uc u es. These a iables a e mainly conce ned wi h he
design and implemen a ion o o mal con ac s and sa egua ds ha
minimize ansac ion cos s and mi iga e con ac ual haza ds. They
do no accoun o he ole o in o mal ela ionships ha a e sus-
ained by mo al mo i a ion, us , loyal y, iden i y, and communi y.
They also do no p o ide ull accoun o he economic e ec s ha
may be de i ed om hese in o mal ela ionships, such as lea ning,
epu a ion, isk- sha ing, in o ma ion le e aging, mo i a ion en-
hancemen , ecip ocal coo dina ion, knowledge sha ing, and a ac -
ing high- quali y s akeholde s (B idoux & S oelho s , 2016; Jones
e al., 2018; Jones & Ha ison, 2019). The e o e, we a gue ha ou
unde s anding o ela ionali y goes beyond hese adi ional a i-
ables and hus p o ides a use ul poin o depa u e o con as ing
he unde s anding o business li e on he pa o ansac ion cos
economics and s akeholde heo y.
2.2 | T ansac ional ela ionships in ansac ion
cos economics
As explained by Williamson (1996, p. 46), he cen al idea o
ansac ion cos economics is ha “ he economic ins i u ions o
capi alism ha e he main pu pose and e ec o economizing on
ansac ion cos s.” T acing ansac ion cos s back o he a ibu es
o human na u e, such as bounded a ionali y and oppo unism,
Williamson a gues ha hese cos s make con ac ual ela ion-
ships inhe en ly haza dous. T ansac ion cos economics seeks o
“iden i y, explica e, and mi iga e” con ac ual haza ds and p edic s
ha ansac ions align wi h go e nance mechanisms, such as ma -
ke s, hyb ids, and hie a chies, in a way ha minimizes ansac-
ion cos s (Williamson, 1996, p. 101). T ansac ion cos economics
has been widely discussed in s akeholde li e a u e (S oelho s &
Vishwana han, 2022; Ke oki i & Mahoney, 2016, 2017; F eeman
e al., 2010; F eeman & E an, 1990). Ke oki i and Mahoney (2016,
2017) cha ac e ize ansac ion cos economics as “cons uc i e
s akeholde heo y” which highligh s he impo ance o sa e-
gua ding s akeholde ela ionships in o de o p e en hem om
being ad e sely a ec ed by con ac ual haza ds.
We a gue ha he chie implica ion o ela ionali y in ansac-
ion cos economics esides in i s undamen al awa eness ha “all
complex con ac s a e una oidably incomple e” (Williamson, 2002,
p. 174). As Williamson (2002) explains, in iew o con ac ual in-
comple eness, “pa ies will be con on ed wi h he need o adap o
unan icipa ed dis u bances ha a ise by eason o gaps, e o s and
omissions in he o iginal con ac … I human ac o s a e no only con-
on ed wi h needs o adap o he un o eseen (by eason o bounded
a ionali y), bu a e also gi en o s a egic beha io (by eason o op-
po unism), hen cos ly con ac ual b eakdowns ( e usals o coope -
a ion, maladap a ions, demands o enego ia ion) may be posed. In
ha e en , p i a e o de ing e o s o de ise suppo i e go e nance
s uc u es, he eby o mi iga e p ospec i e con ac ual impasses
and b eakdowns, ha e me i ”. As sugges ed by Gibbons (2005),
con ac ual incomple eness highligh s he limi a ions o p ima ily
o mal con ac s, i.e. hose con ac s “ ha a ach objec i e weigh s
o objec i e measu es” (Gibbons & Hende son, 2012, p. 1351). I is
p ecisely hese weigh s and measu es ha a e di icul o de ine o
hose con ac ual ela ionships ha lack angibili y, isibili y, and
measu abili y (B adbu y & Lich ens ein, 2000).
The use o p i a e o de ing, which Williamson (e.g.,
Williamson, 1996, p. 57) sees as an al e na i e o legal cen alism
(i.e., cou o de ing), opens he space o con ac ual pa ies o
ely on hei in o mal in e ac ions and ela ionships in adap ing o
he un o eseen dis u bances in he p ocess o con ac execu ion
(c . Gibbons & Hende son, 2012). The eliance on p i a e o de ing
mi o s he ac ha he go e nance s uc u es ha may be de-
ised by con ac ual pa ies may be suppo ed by di e en o ms
o con ac law (Williamson, 1996, p. 95). One o m o con ac
law is classical con ac law which “applies o he ideal ansac ion
… in which he iden i y o he pa ies is i ele an ”. Epi omized
by a m's- leng h spo ma ke con ac ing, classical con ac law
a o ds minimum space o he e ec s o in o mal ela ionships
be ween con ac ual pa ies. Two o he o ms o con ac law,
acco ding o Williamson (1996, p. 95), a e neoclassical con ac
law and he law o o bea ance. Being espec i ely exempli ied
by he use o hyb id go e nance s uc u es and hie a chy, hese
o ms o con ac law a e mo e elas ic and, in cases o unan ici-
pa ed con ac ual dis u bances, enable con ac ual pa icipan s “ o
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VALENTINOV and ROTH
wo k ou hei di e ences hemsel es” wi hou going o cou . In
ha sense, hyb id go e nance s uc u es and hie a chy embody
Llewellyn's (1931) unde s anding o con ac as an elas ic ame-
wo k ha “suppo s a (coope a i e) exchange ela ion o e a wide
ange o con ac ual dis ubances” (Williamson, 2002, p. 177).
A key example o hyb id go e nance s uc u es is ela ional go -
e nance, which is de ined by Zahee and Venka aman (1995, p. 374)
as “exchange which includes signi ican ela ionship- speci ic asse s,
combined wi h a high le el o … us .” A ela ed no ion, in oduced
by Williamson (1979), is ela ional con ac s, which o eg ound “ he
ongoing na u e o ansac ions and [ ecognize] ha hese ongoing
ansac ions a e embedded in ela ionships” (Cuype s e al., 2021,
p. 125). Gibbons and Hende son (2012, p. 1350) de ine ela ional
con ac s as “an economis 's e m o collabo a ion sus ained by he
shadow o he u u e as opposed o o mal con ac s en o ced by
cou s”. They explain ha i con ac ual ela ionships “in ol e ac-
ions ha canno be speci ied in ad ance, i is ypically impossible o
mo i a e hei pe o mance ia o mal con ac s… Ins ead, i i is nec-
essa y o p o ide mo i a ion o pa ies o ake hese ac ions, i will
ha e o be done h ough in o mal ag eemen s ha in ol e subjec-
i e weigh s and subjec i e measu es” (Gibbons & Hende son, 2012,
p. 1351). The au ho s see ela ional con ac s as p ecisely his ype
o in o mal ag eemen (Gibbons & Hende son, 2012).
The no ions o ela ional go e nance and ela ional con-
ac s (Cuype s e al., 2021; Gibbons & Hende son, 2012;
Williamson, 1979), as well as he mo e gene al no ion o con ac
as amewo k (Llewellyn, 1931; Williamson, 1996, 2002), highligh
he limi s o a m's- leng h o mal con ac s, and hus o classical
con ac law, in go e ning business ac i i ies exhibi ing s ong e-
la ionali y a ibu es, such as he lack o angibili y, isibili y, and
measu abili y (B adbu y & Lich ens ein, 2000). The use o ela ional
con ac s, o he o ms o hyb id go e nance, o hie a chy indica es
he ecou se o “ he conscious, delibe a e, and pu pose ul e o s o
c a adap i e in e nal coo dina ing mechanisms” (Williamson, 1996,
p. 103) o ca y ou “gap illing” equi ed by con ac ual incomple e-
ness (Williamson, 1996, p. 102). A he same ime, he p ecise na u e
o hese “conscious, delibe a e, and pu pose ul e o s”, a ph ase
ha Williamson (1996, p. 103) bo owed om Ba na d (1938), e-
mains deba ed in he ansac ion cos economics li e a u e (Cuype s
e al., 2021). On he one hand, hese e o s may e lec he wo k-
ings o in o mal ela ionships suppo ed by us and social em-
beddedness (Zahee & Venka aman, 1995); on he o he hand, i
emains ue ha ansac ion cos economics gi es p imacy o o -
mal a he han in o mal go e nance (Cuype s e al., 2021, p. 136).
While Williamson has ne e denied he eal economic impac s o in-
o mal ela ionships, he saw hese ela ionships as c ucially shaped
by o mal go e nance. This means ha in o mal ela ionships a e
seen o be ul ima ely sus ained by con ac ual sa egua ds, such as
“c edible hos ages” (Williamson, 1996, p. 120), a he han by he
shadow o he u u e (c . Gibbons & Hende son, 2012, p. 1350).
Williamson (1996, p. 275) did no deny ha “c edible hos ages” c e-
a e us , bu he conside ed his us o be calcula i e and e en u-
ally pleaded o abandoning his ca ego y.
2.3 | S akeholde ela ionships in s akeholde
heo y
The p eceding subsec ion's po ayal o ansac ion cos economics
e eals ha i ecognizes he signi icance o ela ionali y in he ealm
o business by acknowledging he limi a ions o o mal con ac s and
he need o in o mal ela ionships o add ess hei incomple eness.
I his po ayal is accu a e, he e is oom o a gue ha s akeholde
heo y goes e en u he in acknowledging he impo ance o e-
la ionali y. I no only ecognizes he ole o in o mal s akeholde
ela ionships bu also does no conside hese ela ionships o be
sus ained and en o ced by o mal go e nance s uc u es alone.
Acco ding o B idoux and S oelho s (2022b, pp. 799–800), he
cen al p oposi ion o ins umen al s akeholde heo y is ha “an
app oach o managing s akeholde s ha aims o ai ela ionships
ha balance s akeholde s' in e es s will posi i ely a ec a i m's
pe o mance”. Jones and Ha ison (2019, p. 77) summa ize he ex-
ensi e s akeholde li e a u e by sugges ing ha hese ela ionships
should no only adhe e o socie al no ms bu also embody alues
such as “ ai ness, us wo hiness, espec , loyal y, ca e, and co-
ope a ion”. We main ain ha hese alues canno be e ec i ely
en o ced h ough o mal go e nance s uc u es alone. While o -
mal go e nance mechanisms can acili a e he cul i a ion o hese
cha ac e is ics, he ealiza ion o “ ai ness, us wo hiness, espec ,
loyal y, ca e, and coope a ion” as in insic a ibu es o s akeholde
ela ionships equi es s akeholde s o ac in good ai h. E en hough
o mal go e nance s uc u es, such as con ac s and legal ame-
wo ks, es ablish he necessa y g oundwo k o de ining igh s, obli-
ga ions, and mechanisms o dispu e esolu ion, ac ing in good ai h
logically goes beyond me e compliance. I en ails a pe sonal and gen-
uine commi men o upholding p inciples o ai ness, anspa ency,
and coope a ion ha ex end beyond he con ines o o mal law and
con ac .
I is impo an o s ess ha o mal go e nance s uc u es
ad oca ed by ansac ion cos economics and mo al s akeholde
ela ionships ad oca ed by ins umen al s akeholde heo y may
bo h esul in he educ ion o ansac ion cos s and a e comple-
men a y in his espec . This complemen a i y was poin ed ou
by Jones (1995) in his seminal concep ualiza ion o ins umen al
s akeholde heo y in e ms o e icien con ac ing. T ansac ion
cos economics and he ela ed new ins i u ional economics li -
e a u e emb ace oppo unism as “a beha io al assump ion, [and
ocus] on such de ices as in e es - aligning mechanisms, incen i e
s uc u es, moni o ing mechanisms, and go e ning s uc u es
ha will educe oppo unism o an ‘e icien ’ le el o which he
cos s o u he educ ions ou weigh he bene i s” (Jones, 1995, p.
412). A he same ime, con inues Jones (1995), “[ ]he e is ano he
way o educe oppo unis ic beha io … - he olun a y adop ion
o s anda ds o beha io ha limi o elimina e i ”. As he u he
(Jones, 1995, p. 414) shows, his educ ion o oppo unis ic be-
ha io con ibu es o he educ ion o ansac ion cos s. We poin
ou ha he ways o economizing on ansac ion cos s, as sug-
ges ed by ansac ion cos economics and s akeholde heo y, a e
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539
VALENTINOV and ROTH
en o ced by di e en mechanisms. While he ea o sanc ions is
he en o cemen mechanism o ansac ion cos economics, mo al
s akeholde ela ionships a e a guably sus ained by mo al mo i-
a ions, i.e., by ‘in e nal mo al cons ain s, a he han hi d- pa y
en o cemen ’ (Jones e al., 2018, p. 375). We con end ha hese
in e nal mo al cons ain s go beyond Williamson's (1996) cal-
cula i e us , e en i his us esul s in he eme gence o ‘ he
shadow o he u u e’ (Gibbons & Hende son, 2012, p. 1350) o e
he cou se o epea ed in e ac ions.
By ex ending beyond he ealm o o mal go e nance, mo al
s akeholde ela ionships o e a b oade se o economic e ec s be-
yond ansac ion cos educ ion alone. B idoux and S oelho s (2016)
p opose ha s akeholde ela ionships based on communal sha ing,
which in ol es a genuine sense o sel - iden i ica ion wi h he com-
muni y, end o os e a high willingness among s akeholde s o co-
ope a e, exchange in o ma ion, and align on sha ed goals. Jones and
Ha ison (2019, p. 78) a gue ha such s akeholde ela ionships “in-
c ease e iciency by educing con ac ing cos s, le e aging a ailable
in o ma ion h oughou he p oduc ion sys em, minimizing o elim-
ina ing en o cemen cos s, and enhancing s akeholde mo i a ion
and loyal y”. These di e se e ec s s emming om mo al s akeholde
ela ionships, achie ed h ough i ms ea ing hei s akeholde s in
a mo ally esponsible manne , can culmina e in unique capabili ies
ha may become a sou ce o compe i i e ad an age (Gibbons &
Hende son, 2012; Jones e al., 2018). E en beyond he scope o in-
s umen al s akeholde heo y p ope , he economic e ec s o mo al
s akeholde ela ionships a e illus a ed by a b oad ange o business
e hics schola ship ha inqui es in o condi ions unde which mo al
a i udes p omo e business success. Fo example, Gonzalez- Mo eno
e al.'s (2019) examine how CEOs' co po a e social esponsibili y
o ien a ion imp o es i ms' coope a ion in in e na ional scena ios.
Using a sample o in e na ionalized Spanish i ms, hey show ha
ac ing in good ai h and in e - o ganiza ional us become pa icu-
la ly ele an o business success and compe i i e ad an age when
i ms ac in hos ile in e na ional ma ke s.
Ye , i compe i i e ad an age is o be sus ainable, i mus no
be easily imi able by o he compe ing i ms (c . Ba ney, 1991).
Desc ibing mo al s akeholde ela ionships in e ms o commu-
nal sha ing ela ional e hics s a egies pu sued by co po a e man-
age s, Jones e al. (2018) see such ela ionships as an ou come o
close ela ionship capabili ies ha a e a e, di icul o imi a e, and
aluable, pa icula ly inso a as hey enable ela ional con ac -
ing and high le els o mu ual us and coope a ion. Gibbons and
Hende son (2012, p. 1350) ag ee ha ela ional con ac ing may
cons i u e a unique o ganiza ional capabili y ha may be di icul o
copy because i “mus sol e he wins p oblems o c edibili y and
cla i y”. Wha is impo an in ou con ex is ha , while he easons
o impe ec imi abili y o mo al s akeholde ela ionships may a y,
all o hem highligh he p ac ical challenges o he mo al ea men
o s akeholde s. Because o hese challenges, we do no expec
mo al s akeholde ela ionships o eme ge au oma ically in all cases
when hey a e economically bene icial. Ins ead, ollowing he ans-
ac ion cos economics logic o compa a i e ins i u ional analysis, we
ask o wha ex en he in o mal human ela ionships equi ed o
ela ional con ac s may be su icien ly achie ed h ough p ima y
ecou se o o mal go e nance s uc u es sugges ed by ansac ion
cos economics. This ques ion is explo ed in he ollowing sec ion.
3 | A CONCEPTUAL FRAMEWORK OF
RELATIONALITY IN STAKEHOLDER THEORY
In his sec ion, we p opose a no el app oach o concep ualizing he
na u e o ela ionali y in s akeholde heo y. Ou app oach consis s
o wo s eps. Fi s , we ex end he con ac ing schema o ansac ion
cos economics o he con ex o s akeholde heo y and show how
in o mal ela ionships can o e come he limi s o o mal go e nance
ha elies on exogenous and endogenous con ac ual sa egua ds.
Second, we de elop a no el ypology o s akeholde ela ionships,
oo ed in ou in e p e a ion o ela ionali y. Ou ypology unde -
sco es he signi icance o genuinely mo al s akeholde ela ionships,
which canno be adequa ely en o ced by ei he exogenous o en-
dogenous sa egua ds.
3.1 | A s akeholde - heo e ic ex ension o
Williamson's con ac ing schema
Williamson's ansac ion cos economics encompasses a sys ema ic
concep ual co e ha is a icula ed wi hin he “simple con ac ing
schema” (e.g., Williamson, 1991, 1996, 2002). The schema dem-
ons a es how he condi ion o asse speci ici y leads o he use
o o mal go e nance s uc u es based on con ac ual sa egua ds
(e.g., Williamson, 1991, 1996, 2002). As eade s amilia wi h ans-
ac ion cos economics will ecall, asse speci ici y “is a measu e
o asse edeployabili y” (Williamson, 1996, p. 13) which e lec s
complemen a i ies among esou ces. Agen s making in es men s
in ela ionship- speci ic asse s gene a e app op iable quasi- en s e-
sul ing om hese complemen a i ies (c . Cuype s e al., 2021). In
essence, hese app op iable quasi- en s a e up o pu e ba gaining.
I agen s make such in es men s unila e ally, hey will be ulne able
o hold- ups (S oelho s , 2023). Wha is impo an in he p esen
con ex is he idea ha , i he condi ion o asse speci ici y exis s,
agen s in es ing in ela ionship- speci ic asse s a e assumed o be
clea ly iden i iable and capable o being p o ec ed by con ac ual
sa egua ds. As Williamson explained, con ac ual sa egua ds “in-
clude penal ies, in o ma ion disclosu e and e i ica ion p ocedu es,
specialized dispu e esolu ion (such as a bi a ion)”, all he way down
o he in eg a ion o con ac ual pa ies wi hin he same hie a chical
i m (Williamson, 2002, p. 183). These con ac ual sa egua ds a e
key pa s o o mal go e nance s uc u es ha p o ide c edibili y o
in o mal human ela ionships ha may esol e “unan icipa ed dis-
u bances” (Williamson, 1991, p. 272) wi hin he ongoing con ac-
ual ela ionships. I is h ough hei capaci y o enable such human
ela ionships ha o mal go e nance s uc u es a e conside ed by
Williamson (1991, p. 273) o be “elas ic and adap i e.”
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VALENTINOV and ROTH
S akeholde heo is s en iched his a gumen wi h he aluable
insigh ha “sa egua ds ha e cos s” which can be bo ne by con ac-
ual pa ies hemsel es o ex e nalized o hi d pa ies (F eeman
e al., 2010, p. 17; F eeman & E an, 1990). Con ac ual sa egua ds
a e de ined as endogenous in he o me case and exogenous in he
la e (F eeman & E an, 1990). In con as o Williamson, who be-
lie ed ha ansac ions una ec ed by signi ican isks o oppo u-
nis ic beha io do no equi e con ac ual sa egua ds, F eeman and
E an (1990) a gued ha all ansac ions a e suppo ed by sa egua ds.
To F eeman and E an (1990), hose ansac ions ha do no equi e
con ac ual sa egua ds om Williamson's (1996, 2002) poin o iew
a e in ac p o ec ed by exogenous s anda ds ha a e au oma ically
p o ided by he legal sys em, being pa o wha Williamson called
he classical con ac law. As F eeman and E an (1990, p. 347) ex-
plained, exogenous sa egua ds a e enac ed by “legisla i e and judi-
cial ac s” which sp ead hei cos s “o e he en i e socie y,” while
endogenous sa egua ds a e c a ed by con ac ual pa ies hem-
sel es, who acco dingly ca y hei cos s.
The concep s o exogenous and endogenous sa egua ds p o ide
a use ul pe spec i e on in e p e ing he meaning o ela ionali y in
business li e and sugges an ex ension o Williamson's con ac ing
schema (see Figu e 1 a he end o he ex ). Williamson's con ac ing
schema d aws on he co e idea ha signi ican isks o oppo unis ic
beha io need o be managed by employing con ac ual sa egua ds.
Using F eeman and E an's (1990) dis inc ion be ween exogenous
and endogenous sa egua ds, we modi y he schema by conside ing
how hese sa egua ds enable in o mal ela ionships needed o man-
age he isks o oppo unis ic beha io . I hese isks a e minimal,
in o mal ela ionships may be la gely unneeded, hus making exog-
enous sa egua ds a su icien solu ion. I hese isks a e mo e se i-
ous, hey may equi e in o mal ela ionships ha may be su icien ly
acili a ed by o mal go e nance s uc u es. These ela ionships a e
sus ained by wha F eeman and E an (1990) e e ed o as endoge-
nous con ac ual sa egua ds ha may e ec i ely induce he ea o
sanc ions as an en o cemen mechanism.
Bu e en hese sa egua ds will no be su icien o en o ce hose
s akeholde ela ionships ha a e s ongly ma ked by B adbu y
and Lich ens ein's (2000, p. 555) ela ionali y a ibu es such as
he lack o angibili y, isibili y, and measu abili y. In he na u e
o he case, hese a ibu es unde mine he en o cemen po en-
ial o endogenous con ac ual sa egua ds and he sanc ions ha
hese sa egua ds encompass. The e o e, we a gue ha s akeholde
ela ionships exhibi ing a s ong lack o angibili y, isibili y, and
measu abili y can only unc ion well i hey a e based on genuine
mo al mo i a ion, which p esupposes ac ing in good ai h guided
by alues such as “ ai ness, us wo hiness, espec , loyal y, ca e,
and coope a ion” (Jones & Ha ison, 2019, p. 77). Ob iously, his
genuine mo al mo i a ion is no educible o he “calcula i e us ”
desc ibed by Williamson (1996). Thus, he s akeholde - heo e ic
ex ension o Williamson's con ac ing schema, illus a ed in
Figu e 1, en iches his schema wi h an app ecia ion o how in o -
mal ela ionships go beyond he bounda ies o o mal go e nance.
D awing inspi a ion om he idea o ela ionali y, his en ichmen
c ea es a concep ual niche o genuinely mo al s akeholde ela-
ionships ha canno be su icien ly en o ced by exogenous and
endogenous sa egua ds.
3.2 | A new classi ica ion o s akeholde
ela ionships
The ex ension o Williamson's con ac ing schema sugges ed in he
p eceding subsec ion di ec ly ansla es in o a classi ica ion o h ee
ypes o s akeholde ela ionships, co esponding o he h ee nodes
o Figu e 1 (see Table 1). The i s ype o s akeholde ela ionship
is cha ac e ized by minimal isks o oppo unis ic beha io , making
a m's- leng h con ac ing a su icien go e nance s uc u e. In he
e minology o F eeman and E an (1990), hese s akeholde ela ion-
ships a e adequa ely p o ec ed by exogenous sa egua ds. They align
wi h B idoux and S oelho s 's (2016, p. 234) ma ke p icing model
o s akeholde ela ionships, which gi es p io i y o sel - in e es as
he p ima y mo al mo i a ion o s akeholde s. Acco ding o Jones
e al. (2018, p. 375), hese ela ionships may ely on an a m's- leng h
ela ional e hics s a egy ha is sui able o “ ime- bound o mal con-
ac s, wi h li le conside a ion o u u e in e ac ions, in he con ex
o ai ma ke compe i ion.”
FIGURE 1 Modi ying Williamson's
con ac ing schema. [Colou igu e can be
iewed a wileyonlinelib a y.com]
Insigni ican isk o
oppo unisc beha io
A m‘s-leng h con acng suppo ed
by exogenous con ac ual sa egua ds
Signi ican isk o
oppo unisc beha io
Fo mal go e nance enabling in o mal
elaonships suppo ed by endogenous
con ac ual sa egua ds
In o mal mo al s akeholde elaonships
going beyond „calcula e us “
O iginal TCE
A s akeholde -
heo ec ex ension
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541
VALENTINOV and ROTH
The second ype o s akeholde ela ionship is cha ac e ized
by signi ican isks o oppo unis ic beha io , bu hese isks can
be e ec i ely managed wi hin o mal hyb id o hie a chical go e -
nance s uc u es as desc ibed by ansac ion cos economics. Fo
such isks o be manageable o o mal go e nance, hey mus be as-
sumed o be su icien ly well de inable and localizable. This assump-
ion is ealis ic unless s akeholde ela ionships a e s ongly ma ked
by B adbu y and Lich ens ein's (2000) ela ionali y a ibu es, such
as he lack o angibili y, isibili y, and measu abili y. In he e mi-
nology o F eeman and E an (1990), hese s akeholde ela ionships
a e no adequa ely p o ec ed by exogenous sa egua ds and neces-
si a e he use o endogenous sa egua ds. A no able example o he
use o endogenous con ac ual sa egua ds in he ecen s akeholde
li e a u e is S oelho s and Vishwana han's (2022) model o he
s akeholde co po a ion. This model en isions he empowe men o
“all s akeholde s who a e ulne able o oppo unism” (S oelho s &
Vishwana han, 2022). A key aspec o his model is i s b oad un-
de s anding o oppo unism, which encompasses no only he con-
ac ing p oblems o shi king and hold- up adi ionally add essed by
i ms bu also ma ke ailu es ha ha e adi ionally been add essed
h ough go e nmen egula ion.
S oelho s and Vishwana han's (2022) heo y o co po a e go -
e nance is a highly apposi e illus a ion o how s akeholde man-
agemen can be enhanced by he use o endogenous con ac ual
sa egua ds. The au ho s p opose a pa h- b eaking gene aliza ion o
he ansac ion cos economics concep o con ac ual sa egua ds o
he s akeholde heo y con ex (S oelho s & Vishwana han, 2022).
Bu wha hei model does ha e in common wi h ansac ion cos
economics is he assump ion o su icien cla i y abou he speci ic
isks o oppo unis ic beha io and whom hey a ec . S oelho s
and Vishwana han (2022) p opose co po a e go e nance design
p inciples acco ding o which “s akeholde s who a e ulne able o
shi king o ex e nali ies should be gi en ixed and/o esidual con ol
igh s”; while “s akeholde s who a e ulne able o ma ke powe o
hold- up should be gi en esidual claim igh s.” Jus as Williamson
( igh ly) supposes ha he isks o oppo unis ic beha io a e un-
ambiguously iden i iable, so do S oelho s and Vishwana han (2022)
likewise seem o assume ha hese isks mus be unambiguously
iden i iable and capable o being p o ec ed by o mal go e nance in-
s umen s embodied in he co po a e go e nance design p inciples
o mula ed by he au ho s.
The limi a ions o o mal go e nance and endogenous sa e-
gua ds become e iden when conside ing he genuine mo al ea -
men o s akeholde s ad oca ed by ins umen al s akeholde heo y.
This mo al ea men o s akeholde s gi es ise o mo al s akeholde
ela ionships, which a e he hi d ype o s akeholde ela ionships
in he classi ica ion we p opose. In he e minology o F eeman and
E an (1990), hese s akeholde ela ionships a e no adequa ely p o-
ec ed by ei he exogenous sa egua ds o endogenous sa egua ds.
The insu iciency o con ac ual sa egua ds, e en hose ha a e
endogenous, a ises om he ac ha genuinely mo al beha io
necessi a es ac ing in good ai h, which canno be eliably induced
h ough o mal go e nance alone. To illus a e his poin , we u ilize
Jones e al.'s (2018) concep o he communal sha ing ela ional e h-
ics s a egy. As Jones e al.'s (2018, p. 375) pu i , “[ ]a he han being
speci ic, explici , and empo ally bounded con ac s, he p omises
in ol ed in ela ional con ac ing a e gene al, implici , and open-
ended commi men s o coope a e olun a ily and gene ously wi h
pa ne s in join weal h c ea ion e o s”. Jones e al. (2018, p. 375)
u he explain ha communal sha ing ela ional e hics s a egies
p io i ize he main enance o ongoing ela ionships, elying hea ily
on mu ual us and us wo hiness o cul i a e ecip ocal loyal y.
These s a egies in ol e con ac s wi h e ms ha a e o en unclea
and nea ly impossible o en o ce. Ins ead o elying on hi d- pa y
en o cemen , hey a e sus ained by mo al mo i a ions, namely, in-
e nal mo al cons ain s (Jones e al., 2018).
TABLE 1 A classi ica ion o s akeholde ela ionships.
Risks o oppo unis ic
beha io
Feasibili y o con ac ual
sa egua ds Illus a i e examples om he li e a u e
Signi ican and no
well- de inable
S akeholde ela ionships equi e
genuine mo al mo i a ion,
which canno be secu ed by
o mal go e nance alone
Key idea o ins umen al s akeholde heo y: mo al ea men o s akeholde s
enables mo al s akeholde ela ionships ha gene a e a ange o posi i e
economic ou comes
The mo al na u e o hese s akeholde ela ionships may be cha ac e ized
in e ms o Jones e al.'s (2018) communal sha ing ela ional e hics and
B idoux and S oelho s 's (2016) model o communal sha ing.
Signi ican bu
well- de ined
S akeholde s need o de ise
endogenous sa egua ds because
exogenous sa egua ds a e no
su icien
Fi m and i s s akeholde s seek o minimize he isks o oppo unis ic
beha io by eso ing o hyb id and hie a chical go e nance s uc u es
(Williamson, 1991, 1996).
S oelho s and Vishwana han's (2022) model o he s akeholde co po a ion
en anchises all s akeholde s subjec o he isks o oppo unis ic beha io
by in oducing endogenous sa egua ds such as con ol igh s and esidual
claim igh s o ulne able s akeholde s
Insigni ican S akeholde ela ionships a e
su icien ly suppo ed by
exogenous s anda ds
Fi m and i s s akeholde s see no signi ican isks o oppo unis ic beha io
and ely on a ms- leng h ma ke con ac ing (Williamson, 1991, 1996).
S akeholde ela ionships a e amed by he ela ional model o ma ke p icing
(B idoux & S oelho s , 2016) and ely on a m's- leng h ela ional e hics
s a egies (Jones e al., 2018)
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VALENTINOV and ROTH
Based on Jones e al.'s (2018) explana ion o he communal
sha ing ela ional e hics s a egy, we see se e al ways in which
he ela ional na u e o mo al s akeholde ela ionships su passes
he ela ional na u e o o mal go e nance conside ed in ans-
ac ion cos economics. Fi s ly, he implici and open- ended na-
u e o ela ional con ac s men ioned by Jones e al. (2018, p.
375) aligns wi h B adbu y and Lich ens ein's (2000) cha ac e i-
za ion o ela ionali y, which emphasizes a ibu es such as he
lack o angibili y, isibili y, and measu abili y. Secondly, Jones
e al. (2018) highligh he en o cemen challenges associa ed wi h
such ela ional con ac s, e ealing he limi a ions o endogenous
sa egua ds wi hin o mal go e nance s uc u es as desc ibed by
ansac ion cos economics. The mo al s akeholde ela ionships,
as he hi d ype o s akeholde ela ionships we discuss he e, can
also be unde s ood h ough B idoux and S oelho s 's (2016) a gu-
men ega ding he communal sha ing model o s akeholde in e -
ac ion. This model in ol es a genuine sense o sel - iden i ica ion
wi h he communi y, os e ing a high willingness among s ake-
holde s o coope a e and align on sha ed goals. We con end ha
his genuine sense o sel - iden i ica ion elies on ac ing ou o au-
hen ic mo al mo i a ion, which canno be ully ensu ed by o mal
go e nance s uc u es alone. We add he e he quali ica ion ha
B idoux and S oelho s 's (2016) ou ypes o ela ional models
o s akeholde in e ac ion, d awing on he wo k o Fiske (e.g.,
Fiske, 1991), a e all mo ally mo i a ed in di e en ways. Howe e ,
ou o hese models, i is only he communal sha ing model ha
in ol es a genuine sense o sel - iden i ica ion wi h he commu-
ni y and co esponds o mo al s akeholde ela ionships in ou
unde s anding.
We wan o a gue ha hese mo al s akeholde ela ionships,
as he hi d ype o s akeholde ela ionships we p opose, ha e
dis inc economic e ec s ha would be una ainable wi hou he
equisi e le el o mo ali y wi hin s akeholde ela ionships. As de-
sc ibed by ins umen al s akeholde heo y, hese e ec s include
no only e iciency- enhancing educ ions in ansac ion cos s bu
also he le e aging o in o ma ion h oughou he p oduc ion sys-
em, inc eased s akeholde mo i a ion and loyal y, enhanced ecip-
ocal coo dina ion, knowledge sha ing, and a g ea e likelihood o
a ac ing high- quali y s akeholde s (B idoux & S oelho s , 2016;
Jones e al., 2018; Jones & Ha ison, 2019). Thus, we ake he
ins umen al s akeholde heo y li e a u e o sugges ha hese
economic e ec s, which would emain una ainable o he wise,
cons i u e a p ac ical economic ou come o high le els o mo ali y
wi hin s akeholde ela ionships. We see hese e ec s o be p ac-
ically enabled by genuine mo al mo i a ion, which goes beyond
he eliance on con ac ual sa egua ds and o mal go e nance
s uc u es ha ocus on supp essing oppo unism by inducing he
ea o sanc ions.
To ecap, we a gue ha supp essing oppo unism is an achie -
able goal o hose s akeholde ela ionships ha do no exhibi a
s ong lack o angibili y, isibili y, and measu abili y (B adbu y &
Lich ens ein, 2000). Fo hose s akeholde ela ionships ha do
exhibi hese a ibu es o ela ionali y, i makes mo e economic
sense o p e en oppo unism by p omo ing a genuine sense o
sel - iden i ica ion wi h he communi y, as sugges ed by B idoux and
S oelho s (2016). We con end ha his economic sense cap u es
he spi i o ins umen al s akeholde heo y, which highligh s how
he mo al na u e o s akeholde ela ionships enables economic ou -
comes ha would emain una ainable o he wise.
4 | CONTRIBUTIONS TO STAKEHOLDER
THEORY
The concep ual amewo k o ela ionali y, p oposed in he p esen
pape , in o ms s akeholde heo y wi h a e ined unde s anding o
he common g ound i sha es wi h, and i s di e ence om, he e -
ain o ansac ion cos economics. S akeholde schola s ha e d awn
much inspi a ion om ansac ion cos economics ideas abou how
con ac ual haza ds necessi a e con ac ual sa egua ds and how
hese sa egua ds can be p o ided, pa icula ly in he amewo k o
ela ional con ac ing. Ou concep ual amewo k o ela ionali y
shows, howe e ha he con e sa ion be ween s akeholde heo y
and ansac ion cos economics has dimensions ha ha e no been
su icien ly explo ed. Namely, ansac ion cos economics is no
only a sou ce o aluable insigh s o s akeholde heo y bu also i s
di ec compe i o . Williamson (1985) ega ded ansac ion cos eco-
nomics as a uniquely sys ema ic app oach o explaining he inde i-
ni ely b oad ange o he “economic ins i u ions o capi alism.” He
ecognized he applicabili y o his con ac ing schema o explaining
he i m's ela ionships wi h di e se s akeholde s, such as cus om-
e s, supplie s, wo ke s, and inancial in es o s (Williamson, 2002).
Mo eo e , in discussing he go e nance o hese ela ionships,
Williamson and Be co i z (1996) explici ly con as ed he “s ake-
holde logic” wi h he ansac ion cos - economizing “con ac ual
logic,” ad oca ing o he supe io accu acy o he la e . Ob iously,
hei a gumen poses a challenge o s akeholde heo y. To add ess
his challenge, s akeholde heo y needs an explici and sys ema ic
con as wi h ansac ion cos economics in such a way as o de elop
a clea unde s anding o he di e ence be ween ansac ional and
ela ional iews o business. Ou concep ual amewo k o ela ion-
ali y deli e s p ecisely his unde s anding.
One eason why we belie e ha s akeholde schola s will ind
ou concep ual amewo k s imula ing is ha F eeman e al. (2010,
pp. 18–19) cha ac e ized ansac ion cos economics as uphold-
ing he adi ional iew o economics, which is acknowledged o
ha e ensions wi h s akeholde heo y (F eeman e al., 2020; c .
B idoux & S oelho s , 2022a, p. 798). We con end ha ou concep-
ual amewo k o ela ionali y, including he s akeholde - heo e ic
ex ension o Williamson's con ac ing schema and a no el ypol-
ogy o s akeholde ela ionships, helps o map and na iga e hese
ensions. Ou amewo k ul ills his ask by acknowledging ha
s akeholde heo y's emb ace o ela ionali y su passes ha o
ansac ion cos economics. We a gue ha i is by ully acknowl-
edging he ela ional na u e o business ac i i ies ha s akeholde
heo y o e comes he limi ed iew o human na u e in ansac ion
26946424, 2024, 3, Downloaded om h ps://onlinelib a y.wiley.com/doi/10.1111/bee .12652, Wiley Online Lib a y on [12/06/2024]. See he Te ms and Condi ions (h ps://onlinelib a y.wiley.com/ e ms-and-condi ions) on Wiley Online Lib a y o ules o use; OA a icles a e go e ned by he applicable C ea i e Commons License
