Transaction governance structure, institutional voids and transaction efficiency: An analysis of small and medium‐sized enterprises in emerging markets

Abstract In an emerging market and developing economies, transaction governance structure (TGS) plays a crucial role in determining transaction costs (TC) and transaction efficiency (TE) for small and medium‐sized enterprises (SMEs). The presence of institutional voids (IVs) further complicates the situation by adding uncertainty and complexity to the transactions. Therefore, understanding the interplay between TGS, TC, TE, and IVs is essential for SMEs to thrive and contribute to the overall economic growth of the country. This study investigates the impact of transaction governance structure on transaction efficiency with the moderating effect of institutional voids on small and medium‐sized IT and software firms in Bangladesh. A sample of 131 SMEs was selected using nonprobability convenience and snowball sampling techniques. Data were…