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Journal Article

The Effect of Cultural Differences in Perceptions of Transaction Costs on National Differences in the Preference for Licensing

Scott A. Shane
MIR: Management International Review
Vol. 32, No. 4 (4th Quarter, 1992), pp. 295-311
Published by: Springer
Stable URL: http://www.jstor.org/stable/40228115
Page Count: 17
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The Effect of Cultural Differences in Perceptions of Transaction Costs on National Differences in the Preference for Licensing
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Abstract

This study presents a theoretical explanation of why less trusting cultures have greater perceptions of transaction costs and lower perceptions of governance costs. It demonstrates how cultural differences in trust as represented by Hofstede's (1980) power distance index explain national differences in the preference for licensing over direct foreign investment. The study concludes that cultural differences in perceptions of transaction costs provide an important extenstion to the internalization theory of direct foreign investment.

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