Trustworthiness as an economic asset |
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| Institution: | 1. Research Institute of Biomedical Engineering and Department of cell Biology, Catholic University of Daegu School of Medicine, Deagu 42472, Republic of Korea;2. Magae Bioscience Institute, 49-4 Fujimidai, Tsukuba 300-1263, Japan;3. Department of Internal Medicine, Catholic University of Daegu School of Medicine, Deagu 42472, Republic of Korea;1. Cetacean Research Institute (CRI), National Institute of Fisheries Science (NIFS), Ulsan 44780, Republic of Korea;2. Infectious Disease Research Center, Korea Research Institute of Bioscience and Biotechnology, Daejeon 34141, Republic of Korea;1. San Diego Biomedical Research Institute, 10865 Road to the Cure, Suite 100, San Diego, CA 92121, USA;2. The Scripps Research Institute, 10550 North Torrey Pines Road, La Jolla, CA 92037, USA |
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| Abstract: | The evaluation of trust in economic decision making remains on the periphery of mainstream economic analysis and teaching. Yet business managers use trustworthiness in daily exchanges to create competitive advantages for their firms. An exploratory empirical test of Barney and Hansen’s three levels of trust (weak, semistrong, and strong) and Lewicki and Bunker’s portfolio of governance mechanisms revealed that strong-form trust exists in day-to-day business relationships along with other governance mechanisms. Identity-based transactions were more prevalent than were weak trust market exchanges in important economic transactions. |
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