20.500.12556/RUL-141895 An institutionalist approach to SMEs the role of power relations and transaction costs The article attempts to combine Alfred Eichner’s institutionalist theory of the megacorp and a corresponding definition of small and medium-sized enterprises (SMEs) with transaction cost theory (TCT) based on firms’ asset specificity. We have identified three types of SMEs: subcontracting SMEs as “spokes” within hub-megacorp network, independent SMEs as local competitors of megacorps, and SMEs as partners in cluster networks. The article outlines some distinctive features of the three types and then concentrates on subcontracting SMEs, presenting their submission to megacorp’s power through mark-down pricing and their consequent inability to grow. We mention some illustrative examples from Slovenia, a small transition economy, in which many SMEs have been part of international megacorps’ supply chains. We conclude that TCT, in spite of its neoclassical paradigmatic background, enriches the institutionalist approach to SMEs without changing its evolutionary character, inherited from old institutionalism. SMEs institutionalism post-keynesianism theory small and medium-sized enterprises Eichner’s megacorp institutionalist theory of the firm post-Keynesian economics transaction costs majhna in srednja podjetja institutionalizem postkeynesianizem teorija true false true Angleški jezik Slovenski jezik Članek v reviji 2022-10-11 09:01:59 2022-10-11 09:02:04 2022-11-08 03:56:52 0000-00-00 00:00:00 2022 0 0 Str. 721-740 no. 3 Vol. 56 2022 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 330.1 0021-3624 10.1080/00213624.2022.2079933 123865859 An_Institutionalist_Approach_to_SMEs_The_Role_of.pdf An_Institutionalist_Approach_to_SMEs_The_Role_of.pdf 1 18F7DCB0B9F417F6E593348734D328B5 f27d7d7b98e629de00e7ac7c04a5aa9a8b8df4b5c8ab27739bfb7405d843881d b35750fb-5ea9-11ed-9c94-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=163785 https://www.tandfonline.com/doi/full/10.1080/00213624.2022.2079933 0 a5febeeb-4932-11ed-9c94-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=163055 Fakulteta za družbene vede Ekonomska fakulteta 0 0 0