The simple observation that a market exchange process frequently generates significant transactions costs for the participants is not of itself, however, decisive in determining the form of alternative arrangement that would provide the most effective substitute to the price mechanism. Historians are only too aware that, in practice, a wide variety of institutional arrangements have been adopted by different societies in order to organize their economic activities.
Academic quest to keep up with the rapid pace of globalization in business and industry. Clearly, the nature of doctoral research provides an indication of the quality and emerging direction of research in IB. It is not surprising that the Academy of International Business started a best dissertation award in 1986 that selects four finalists and a winner each year (renamed the Farmer Award in 1990). These Farmer Award finalist dissertations represent some of the best scholarly thinking in international business. Their selection as finalists reflects the judgments of the Farmer Award committees consisting of senior IB scholars and based on criteria established by the Academy of International
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