In this article, we analyse the impact of some transaction-cost related factors on the governance of external research. We study how transaction costs vary according to specific attributes of the R&D project, such as the stage in the R&D process, the number of partners implied, the number of technological fields covered, the geographical scope and the duration of the project. According to transaction cost theory, we hypothesize that the higher the transaction costs relative to market governance, the more it is likely that the governance structure will move towards hierarchy.
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