Home  Journals  Economic Analysis: Theory and Practice  36(387) - 2014 September

Culture of management of transaction costs of business as an institutional research

Available online: 25 September 2014

Subject Heading: Management issues

JEL Classification: 

Pages: 48-55

The analysis of studies of foreign and domestic authors revealed a tendency to change the paradigm of business management with the flexibility and speed of adaptability to changes in the external environment of an institutional character. An important conceptual and practical element of this paradigm is the level of the management culture and use of the creative potential of managers. The availability of the management culture of business transaction costs is of particular relevance. This kind of culture serves an object of institutional research. The authors present an approach to classification of the management culture of business transaction costs on its degree of approximation to the level of institutional flexibility. There are challenges in management culture that get changed and modified. Under the growing international competition, the mechanisms for changes at the enterprise level (firms) got developed insufficiently. The practice of entrepreneurship requires attention to leadership and the processes of restructuring the power relations in implementing the institutional changes in the management culture of transaction costs. The authors applied the principle of interdisciplinarity as one of the main tools to address these challenges, since the development of the management culture of business transaction costs is to be considered from different sciences' viewpoints, specializations and interpretation.

Keywords: business activity, transactional expenses, culture, management, institutionalism, socio-economic system, organization theory

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