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Corporate Governance and Firm OrganizationMicrofoundations and Structural Forms$
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Anna Grandori

Print publication date: 2004

Print ISBN-13: 9780199269761

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269761.001.0001

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Myopic Opportunism and Joint Production: A Relational Approach to Corporate Governance

Myopic Opportunism and Joint Production: A Relational Approach to Corporate Governance

Chapter:
(p.212) 9 Myopic Opportunism and Joint Production: A Relational Approach to Corporate Governance
Source:
Corporate Governance and Firm Organization
Author(s):

Siegwart Lindenberg

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269761.003.0010

This chapter uses the cognitive psychology notion of ‘framing’ to highlight how profitable cooperation can benefit from a partial suspension of a gain frame. It argues that even when interests are broadly aligned, there is too much room for opportunism in the absence of an alignment of commitment to the relationship, and the suspension of the possibility of its instrumental use. The chapter then focuses on how a perception of transactions as ‘joint production’ can be built through a variety of ‘relational signals’ (credible commitments to the suspension of a calculative propensity to exploit any opportunity of gain even if it would damage the relationship).

Keywords:   framing, relational signalling, joint production, opportunism, credible commitments

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