Organizational Change within the Stockbroking Industry: A Contracting Perspective

Michael Aitken*, Robert Czernkowski

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


Teece (1982) extended Coase's (1937) theory of the firm to explain firm amalgamations. This explanation is centred around three fundamental constructs: excess capacity, market imperfections and the nature of assets, together with the frequency of their exchange. This paper provides an application of Teece's work to explain recent organizational change within the stockbroking industry in Australia and concludes by developing testable explanations of why, following deregulation, stockbroking firms countenanced moves by financial institutions, particularly banks, to acquire large equity positions.

Original languageEnglish
Pages (from-to)97-116
Number of pages20
Issue number2
Publication statusPublished - 1991
Externally publishedYes


  • Organization theory
  • Organizational change
  • Stock brokers
  • Takeover bids


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