The subsequent conclusion will provide a critical assessment of the theoretical framework and its empirical testing. As many of the achieved contributions are closely connected to limitations and offer suggestions for future research, I will not structure my conclusion into contributions vs. limitations. In fact, I believe that contributions and limitations are often two sides of the same coin and follow Popper in his statement that we only get in contact with the “truth” by falsifying our assumptions:

Niemand ist gegen Irrtümer gefeit; das Groβe ist, ihnen zu lernen. [...] Durch die Falsifikation unserer Annahmen bekommen wir tatsächlich Kontakt mit der „Wirklichkeit“.

Popper, 1998: 193, 374.


Asset Specificity Performance Implication Scope Economy Governance Mode Behavioral Assumption 
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  1. Williamson, O. E. (2003). Transaction Cost Economics and Economic Sociology, CSES Working Paper Series, Paper #13. 28Google Scholar

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