### Table 1 Tradeoffs Among Alternative Organizational Forms

1985

"... In PAGE 16: ... Comparisons. As shown in Table1 , it is now possible to compare the different organizational structures on the dimensions of production costs, coordination costs, and vulnerability costs. All the dimensions shown in the chart are represented as costs, so in every column low is quot;good quot; and high is quot;bad quot;.... In PAGE 16: ... Justification of comparisons. The comparisons summarized in Table1 have two different kinds of support. First, as we will see in the next section, many of the comparisons represent empirically based generalizations about organizational design.... In PAGE 16: ...e.g., Kochen amp; Deutsch, 1980), in which case the reader is often left with a feeling that the assumptions are overly ad hoc and that the results are therefore not widely valid. By focusing our analysis on the set of basic inequalities shown in Table1 , rather than on specific equations, we are able to see some of the essential unity in these models without the clutter of excessive detail. In the appendices, we consider a number of specific alternative assumptions.... In PAGE 17: ...epartmentalization leads to greater self-containment and lower coordination costs. . . quot; Table 1 reflects this tradeoff with the quot;economies of specialization quot; in functional hierarchies being represented as lower production costs, and the advantages of self-containment in product hierarchies being represented as lower coordination costs. Galbraith (1977), extends this view by pointing out that the advantages of coordination can be obtained by either investment in a vertical information system (as in a functional hierarchy in Table 1), or by the creation of lateral relations (as in a decentralized market in Table1 ). He also points out that coordination costs can be reduced by either creating self-contained tasks (as in a product hierarchy) or by having slack resources.... In PAGE 18: ... 415). As Table1 shows, however, the overall vulnerabilities of the product and functional hierarchies are not necessarily different. Examining the justifications in the appendices shows why.... In PAGE 18: ...illiamson, 1975, 1979, 1980, 1981a, 1981b). As Williamson (1981a, p. 558) summarizes, quot;... trade- offs between production cost economies (in which the market may be presumed to enjoy certain advantages) and governance cost economies (in which the advantages may shift to internal organization) need to be recognized. quot; At a general level, Table1 reflects this result: markets have lower production costs than hierarchies (with one exception to be discussed below) and markets have higher coordination costs. A more detailed comparison leads to several additional insights, however.... In PAGE 19: ... When assets are highly specific to a particular buyer, other factors, such as the possibilities of opportunistic behavior by the buyers and suppliers, increase the costs of market coordination and--in some cases--make hierarchies more desirable. Curiously, however, Williamson does not seem to recognize the simple coordination cost advantages shown in Table1 that hierarchies have all along. Since market coordination usually requires more connections between different actors and more communication to assign tasks appropriately (e.... In PAGE 19: ...onnections between different actors and more communication to assign tasks appropriately (e.g., to find the right supplier of a service), markets should involve somewhat higher coordination costs, even in the absence of opportunistic behavior by buyers and suppliers. Size of the organization The tradeoffs shown above in Table1 assume that the size of the organization being modeled is fixed, that is, that the number of processors, the number of products, and the total number of managers generating tasks are all constant. As the number of processors increases, the relative rankings of the alternative organizational forms do not change on any of the evaluation criteria.... In PAGE 27: ...Appendix 1 Informal Justifications for Organizational Form Comparisons This appendix gives intuitive justifications of the qualitative comparisons in Table1 . Formal proofs are included in Appendix 2.... In PAGE 33: ... In this case, the coordination costs shown for a decentralized market in Table 5 might be substantially reduced. To determine whether this would change the qualitative results in Table1 , we want to know the conditions under which CD,, gt; C . Substituting the values in Table 5 and... In PAGE 34: ... and C- can be anywhere with respect to each other and the other two costs. In summary, introducing fixed costs of coordinating processors into the model does not lead to results that directly contradict the main results in Table1 , but it does render some of the comparisons indeterminate. It seems plausible to assume that, in the long run, the number of messages to be processed will be the major determiner of the number of coordinating processors needed.... ..."

### Table 1.3: Characteristics of organizational options for toll roads A:

### Table 1. Number of participants that used a particular organizational strategy while storing web pages.

1999

"... In PAGE 5: ... Five users stored files alphabetically and one used no apparent organization. Table1 shows the number of subjects following each of the observed organizational strategies. For subjects who categorized using a strategy other than alphabetic, we asked them to circle and label their categories.... ..."

Cited by 20

### Table 1. Number of participants that used a particular organizational strategy while storing web pages.

1999

"... In PAGE 5: ... Five users stored files alphabetically and one used no apparent organization. Table1 shows the number of subjects following each of the observed organizational strategies. For subjects who categorized using a strategy other than alphabetic, we asked them to circle and label their categories.... ..."

Cited by 20

### Table2b The Effect of Monetary Policy on Investment: Robustness Investment normalized by fixed assets Investment normalized by sales Investment in

2002

"... In PAGE 16: ...investment to lagged fixed assets, It / Kt-1, where I denotes investment in fixed assets (the first and second columns of Table2 a) or in inventories (the third and fourth columns). We include several right-hand variables.... In PAGE 16: ...35 The right-hand variables are lagged because investment decisions typically take time to mature and are often implemented with delay. In the regressions displayed in Table2 a, we use the weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of monetary policy. We include the interest rate as a stand-alone regressor, and interacted with other variables.... In PAGE 17: ... The impact of the lagged interest rate on investment is substantial. Consider, for example, the regression displayed in the second column of Table2 a where Export share is not log-transformed. The coefficient on R(-1) indicates that for a firm that does not export ( Export share(-1) = 0), an increase of one percentage point in the interest rate on short-term credit (other things equal) reduces the ratio of investment to fixed assets by 1.... In PAGE 18: ...-1.4 plus 0.23*1.13), namely, the offsetting effect due to export intensity is about 20 percent. For investment in inventories (the fourth column of Table2 a), the order of magnitude of these coefficients is similar. A similar calculation can be performed for regressions where Export share is log-transformed yielding an offsetting effect which is on the same order of magnitude.... In PAGE 19: ...39 The magnitude of the coefficient on q is interpreted as follows. Consider the first column of Table2 a. If q increases by 1 (from the sample mean of 1.... In PAGE 19: ... As mentioned, these firms exhibit higher than average export intensity so this result is not surprising. Since dually listed firms are special in many respects, we removed them from the sample and repeated the regressions in Table2 a obtaining virtually identical results. We do not pursue this issue further.... In PAGE 20: ...Robustness Table2 b displays similar regressions with the dependent variable (investment) normalized by lagged sales income rather than by fixed assets. In columns numbered (1) we use a weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of the short-term interest rate.... In PAGE 20: ... We display specifications where the variables liquidity, leverage, and Govshare are included as stand-alone regressors and where they are interacted with R(-1). The results are similar to those in Table2 a. In particular, the coefficient on R(-1) is negative in all the columns, and significant in most, while the coefficient on R(-1) *Export share(-1) is positive and significant in all the columns.... In PAGE 20: ... It is evident from these additional regressions that the real investment of export-intensive firms is affected much less by domestic monetary policy, but pinning down the exact magnitude is difficult. In Table2 c we perform similar regressions using the nominal interest rate and inflation expectations as separate regressors. The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent.... In PAGE 20: ... The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent. In Table2 d we perform similar regressions using GLS where the data are weighted by log-assets. (We do not further correct the residuals for heteroskedasticity.... In PAGE 24: ...more strongly on the investment of firms that have less access to foreign currency denominated credit. As an additional check, we performed the regressions of Table2 a controlling for GDP growth (see Table 5b) obtaining virtually identical results and an insignificant coefficient on GDP growth. We also used aggregate consumption growth as an alternative control for demand obtaining the same results (not shown).... ..."

### Table2b The Effect of Monetary Policy on Investment: Robustness Investment normalized by fixed assets Investment normalized by sales Investment in

2002

"... In PAGE 16: ...investment to lagged fixed assets, It / Kt-1, where I denotes investment in fixed assets (the first and second columns of Table2 a) or in inventories (the third and fourth columns). We include several right-hand variables.... In PAGE 16: ...35 The right-hand variables are lagged because investment decisions typically take time to mature and are often implemented with delay. In the regressions displayed in Table2 a, we use the weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of monetary policy. We include the interest rate as a stand-alone regressor, and interacted with other variables.... In PAGE 17: ... The impact of the lagged interest rate on investment is substantial. Consider, for example, the regression displayed in the second column of Table2 a where Export share is not log-transformed. The coefficient on R(-1) indicates that for a firm that does not export ( Export share(-1) = 0), an increase of one percentage point in the interest rate on short-term credit (other things equal) reduces the ratio of investment to fixed assets by 1.... In PAGE 18: ...-1.4 plus 0.23*1.13), namely, the offsetting effect due to export intensity is about 20 percent. For investment in inventories (the fourth column of Table2 a), the order of magnitude of these coefficients is similar. A similar calculation can be performed for regressions where Export share is log-transformed yielding an offsetting effect which is on the same order of magnitude.... In PAGE 19: ...39 The magnitude of the coefficient on q is interpreted as follows. Consider the first column of Table2 a. If q increases by 1 (from the sample mean of 1.... In PAGE 19: ... As mentioned, these firms exhibit higher than average export intensity so this result is not surprising. Since dually listed firms are special in many respects, we removed them from the sample and repeated the regressions in Table2 a obtaining virtually identical results. We do not pursue this issue further.... In PAGE 20: ...Robustness Table2 b displays similar regressions with the dependent variable (investment) normalized by lagged sales income rather than by fixed assets. In columns numbered (1) we use a weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of the short-term interest rate.... In PAGE 20: ... We display specifications where the variables liquidity, leverage, and Govshare are included as stand-alone regressors and where they are interacted with R(-1). The results are similar to those in Table2 a. In particular, the coefficient on R(-1) is negative in all the columns, and significant in most, while the coefficient on R(-1) *Export share(-1) is positive and significant in all the columns.... In PAGE 20: ... It is evident from these additional regressions that the real investment of export-intensive firms is affected much less by domestic monetary policy, but pinning down the exact magnitude is difficult. In Table2 c we perform similar regressions using the nominal interest rate and inflation expectations as separate regressors. The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent.... In PAGE 20: ... The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent. In Table2 d we perform similar regressions using GLS where the data are weighted by log-assets. (We do not further correct the residuals for heteroskedasticity.... In PAGE 24: ...more strongly on the investment of firms that have less access to foreign currency denominated credit. As an additional check, we performed the regressions of Table2 a controlling for GDP growth (see Table 5b) obtaining virtually identical results and an insignificant coefficient on GDP growth. We also used aggregate consumption growth as an alternative control for demand obtaining the same results (not shown).... ..."

### Table 3 Investment and cash flow in particular episodes: 1989-1998 (changes in the variables with respect to the preceding period)

"... In PAGE 14: ... In the following two years, investment and cash flow fell as a percentage of total assets. The contraction in the investment/assets ratio was initially stronger for smaller firms ( Table3 and Figure 2). In particular, in 1989 the increase in interest rates hit firms characterised by a higher ratio of short-term debt to total assets (i.... In PAGE 15: ... The investment/asset ratio remained low in the subsequent 1994-95 expansion. In 1992-93, the cash flow/assets ratio of small firms in services and commerce (which had been characterized by higher operating profits and lower leverage) deteriorated much more than did that of large firms in the same sectors ( Table3 ). On the whole, the contraction in the investment/asset ratio was less pronounced for large manufacturing firms than for firms operating in services and commerce, probably owing to the asymmetric effects of the currency devaluation.... ..."

### Table 1: Project Investment Plan

2006

"... In PAGE 16: ...Table1... In PAGE 53: ... The consultant will be supported by about 72 person- months of national consulting services with expertise in similar areas. Table1 shows the indicative positions and their person-months. ... In PAGE 54: ... Table1 : Indicative Positions and Person-Months Particular International Consultants National Consultants Team Leader/Mechanical Engineer 14 PM 30 PM Electrical Engineer 12 PM 24 PM Instrument Engineer 3 PM 6 PM Civil Engineer 2 PM 8 PM Environmental Engineer 1 PM 2 PM Commissioning Engineer 2 PM 2 PM Total 34 PM 72 PM PM = person-months. 4.... ..."

### Table 2c The Effect of the Nominal Interest Rate on Investment Investment in fixed assets Investment in inventories

2002

"... In PAGE 16: ...investment to lagged fixed assets, It / Kt-1, where I denotes investment in fixed assets (the first and second columns of Table2 a) or in inventories (the third and fourth columns). We include several right-hand variables.... In PAGE 16: ...35 The right-hand variables are lagged because investment decisions typically take time to mature and are often implemented with delay. In the regressions displayed in Table2 a, we use the weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of monetary policy. We include the interest rate as a stand-alone regressor, and interacted with other variables.... In PAGE 17: ... The impact of the lagged interest rate on investment is substantial. Consider, for example, the regression displayed in the second column of Table2 a where Export share is not log-transformed. The coefficient on R(-1) indicates that for a firm that does not export ( Export share(-1) = 0), an increase of one percentage point in the interest rate on short-term credit (other things equal) reduces the ratio of investment to fixed assets by 1.... In PAGE 18: ...-1.4 plus 0.23*1.13), namely, the offsetting effect due to export intensity is about 20 percent. For investment in inventories (the fourth column of Table2 a), the order of magnitude of these coefficients is similar. A similar calculation can be performed for regressions where Export share is log-transformed yielding an offsetting effect which is on the same order of magnitude.... In PAGE 19: ...39 The magnitude of the coefficient on q is interpreted as follows. Consider the first column of Table2 a. If q increases by 1 (from the sample mean of 1.... In PAGE 19: ... As mentioned, these firms exhibit higher than average export intensity so this result is not surprising. Since dually listed firms are special in many respects, we removed them from the sample and repeated the regressions in Table2 a obtaining virtually identical results. We do not pursue this issue further.... In PAGE 20: ...Robustness Table2 b displays similar regressions with the dependent variable (investment) normalized by lagged sales income rather than by fixed assets. In columns numbered (1) we use a weighted average (across banks) of the interest rate on non-indexed overdraft credit to businesses as a measure of the short-term interest rate.... In PAGE 20: ... We display specifications where the variables liquidity, leverage, and Govshare are included as stand-alone regressors and where they are interacted with R(-1). The results are similar to those in Table2 a. In particular, the coefficient on R(-1) is negative in all the columns, and significant in most, while the coefficient on R(-1) *Export share(-1) is positive and significant in all the columns.... In PAGE 20: ... It is evident from these additional regressions that the real investment of export-intensive firms is affected much less by domestic monetary policy, but pinning down the exact magnitude is difficult. In Table2 c we perform similar regressions using the nominal interest rate and inflation expectations as separate regressors. The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent.... In PAGE 20: ... The results are overall similar and in columns headed by (1), the coefficients on the nominal interest rate and on inflation expectations are virtually equal, suggesting that merging these variables into a single variable (the real interest rate) is roughly equivalent. In Table2 d we perform similar regressions using GLS where the data are weighted by log-assets. (We do not further correct the residuals for heteroskedasticity.... In PAGE 24: ...more strongly on the investment of firms that have less access to foreign currency denominated credit. As an additional check, we performed the regressions of Table2 a controlling for GDP growth (see Table 5b) obtaining virtually identical results and an insignificant coefficient on GDP growth. We also used aggregate consumption growth as an alternative control for demand obtaining the same results (not shown).... ..."

### Table 2c The Effect of the Nominal Interest Rate on Investment Investment in fixed assets Investment in inventories

2002