THE MAKE‐BUY DECISION AND MANAGING MARKETS: THE CASE OF MANAGEMENT BUY‐OUTS
研究了交易内部化（自制或外购决策）问题，特别关注已内部化的交易何时会被外部化，通过分析母公司出售子公司给管理层的情况，界定了威廉姆森分部制组织的边界，并提供了管理层收购调查的实证证据。
This paper attempts to develop the issue of the internalization of transactions (the make‐buy decision). Butler and Carney (1983) have developed the concept of managing markets where under certain conditions transactions will not be internalized. This paper, as well as attempting to complete this picture, also draws attention to a largely ignored aspect of organization theory ‐ the issue of when a transaction which is already internalized will be externalized. In examining the sale of subsidiaries by parent companies an attempt is made to draw the boundaries of Williamson's divisionalized form of organization. The necessary and sufficient conditions for sale to the management are developed in the theoretical discussion, followed in the second section by empirical evidence from a survey of management buy‐outs.