Abstract
In most market systems, institutions govern trade relationships, providing for performance stability and dispute resolution and reducing opportunism. These institutions can be legal and administrative, such as contract law and the court system or social, as for example, professional, ethnic, political, and interpersonal relationships. Governance is provided either through sanctions or interdependence, depending on the institution. In transition economies some of these institutions are often missing or underdeveloped and can result in either the unbridled commerce described in the popular press or the continuation of longstanding, but often unprofitable, interfirm relationships.
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Dahab, D.J., Gentry, J.W. (1999). Factors Relating to Supply Stability and the Reduction of Opportunism in Hungarian Marketing Channels. In: Batra, R. (eds) Marketing Issues in Transitional Economies. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5009-9_10
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DOI: https://doi.org/10.1007/978-1-4615-5009-9_10
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