Governance Inseparability and the Evolution of the U.S. Biotechnology Industry

This paper explores mechanisms through which a party's choice of null mode for a focal transaction is constrained by the null choices it made for other, prior transactions. We argue that this condition of governance null plays an important role in determining the differential organizational costs incurred by various firms when undertaking the same new activity, and is therefore important for theories aimed at predicting what kinds of firms will...