I n this paper, we propose an approach to show how the capability-based perspective of the resource-based view of the firm can be integrated with the comparative-governance approach of transaction cost economics to shed light on governance issues in interfirm relationships. We argue that transacting parties create value not only through the employment of partner-specific investment and coordination activities but also through the employment of heterogeneous, firm-specific resources that each firm brings to the relationship and that, in turn, governance structures reflect a discriminating alignment with these two distinct forms of value-creating activities and resources. Our thesis is empirically tested in the context of industrial original equipment manufacturers employing branded component contracts with independent component vendors. Specifically, we investigate the conditions under which the price terms for branded components are agreed upon (more fixed) ex ante versus negotiated (more flexible) ex post. Our results offer two insights. First, the chosen governance form reflects a trade-off between safeguarding and adaptation motives even among parties engaged in cooperative relationships. Second, valuable, firm-specific resources that preexist outside of the exchange relationship are at stake in these cooperative yet contractually incomplete relationships. They, together with relationship-specific investments and activities, have a significant impact on governance design.

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The authors describe the application of transdisciplinary theory and practice to Science, Technology, Engineering and Mathematics (STEM) education at the undergraduate level. The modular approach which makes use of student collaboration within and across disciplines and input from outside experts holds promise for preparing students to address society's “wicked” problems – those with interconnected causes and for which a solution often causes additional problems. Transdisciplinary theory and practice are described and their application to STEM education is proposed along with a model of measuring transdisciplinary skills. Recommendations are proposed for future research on cross-cultural/cross disciplinary models, pedagogy, measuring student collaboration, determining effective partnership models and institutional supports, and the potential role of the social sciences in contributing to research on transdisciplinary practice and education.

Business angels are vital sources of funding for new ventures. Yet, acquiring business angel support is difficult. Typically organized in professional networks, business angels collectively evaluate and deliberate about new ventures to determine their worthiness of support. One factor deemed to be critical during this evaluation is market risk. Yet, limited research in Macromarketing examines market risk. To our knowledge, no previous study examines market risk in capital markets, nor do they study angel financing. Neglecting to study angel financing is particularly problematic for macromarketing because this type of finance is much more prominent than venture capital in supporting new ventures. To fill this gap, we begin by exploring the literature by Lusch (and coauthors) linking marketing and capital markets as well as studies of market risk. We then craft fictitious angel investment proposals to measure market risk assessments by business angels and entrepreneurs. We ask which factors impact market risk during the early-phases of the investment screening process (when market risk is weighted more heavily) and identify whether these factors are evaluated differently by entrepreneurs versus business angels. Our findings reveal that commercialization capability, technological compatibility, and intellectual property rights enforceability influence perceived market risk and that entrepreneurs and business angels view these factors significantly differently. We then offer directions for further research related to this study and other work of Lusch. Finally, we suggest practical implications for use by business angels and entrepreneurs.

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