TY - JOUR
T1 - Organizational Change within the Stockbroking Industry
T2 - A Contracting Perspective
AU - Aitken, Michael
AU - Czernkowski, Robert
PY - 1991
Y1 - 1991
N2 - 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.
AB - 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.
KW - Organization theory
KW - Organizational change
KW - Stock brokers
KW - Takeover bids
UR - http://www.scopus.com/inward/record.url?scp=84984128385&partnerID=8YFLogxK
U2 - 10.1111/j.1467-6281.1991.tb00261.x
DO - 10.1111/j.1467-6281.1991.tb00261.x
M3 - Article
AN - SCOPUS:84984128385
VL - 27
SP - 97
EP - 116
JO - Abacus: journal of accounting, finance and business studies
JF - Abacus: journal of accounting, finance and business studies
SN - 0001-3072
IS - 2
ER -