Summary of Switching Results Sample Clauses

Summary of Switching Results. Controlling for the complexity of the relationship and the level of information about the existing supplier, we estimate that the threshold for switching costs is significantly lower for firms that can rely on courts. Firms that cannot rely on the courts to enforce contracts are willing to pay higher costs to maintain relationships with existing suppliers. The effect of courts is much larger and more significant when the supply relationship involves specialized inputs. As Xxxxxxxxx (1987, 1995) and others have shown, higher switching costs can lead to collusive price levels even in competitive markets. Switching costs may also result in barriers to entry, as new firms have a difficult time attracting customers, and more productive firms gain market share more slowly. The development of legal systems leads to efficiency gains in the economy beyond those represented by the effects courts have on sustaining cooperation in existing relationships. Relational contracting, then, has ambiguous effects. Ongoing relationships can improve efficiency by supporting deals that the legal system is unable to enforce. But exclusion is the 33 There are 375 firms with two domestic, private suppliers. But only 48 of these would reject the offer for one of their suppliers but not the other. As a result, the dependent variable in the fixed effect (difference) regression has little variation. We therefore interpret the fixed effect results with some caution. They show, however, significant positive coefficients for having no alternative suppliers and visits before the first transaction. The fixed effects regression also produces positive coefficients for each corollary of ongoing relationships. Continuing to deal with a particular supplier means being reluctant to deal with new suppliers. If firms routinely reject lower-priced deals, low-cost producers will find it difficult to get new customers and high-cost producers will not be driven out. Where networks govern interfirm relationships, the rewards to low cost suppliers will be smaller. In a primitive economy, customers are stuck with their suppliers because of quality uncertainty; in a sophisticated economy, trading partners might be locked in by specific assets.
Sample 1
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