Khanin, D.Turel, O.2015-11-042015-11-0420149786018046728http://nur.nu.edu.kz/handle/123456789/756Advancing transaction costs economics (TCE), we propose that hybrids (e.g., alliances) may be preferred to markets and hierarchies whenever the benefits of semi-externalization (partial adoption of the market mode of governance) combined with semi-internalization (partial adoption of the hierarchy mode of governance) less the misalignment costs that arise when these two conflicting modes of governance are combined exceed the benefits of full-blown externalization less the transaction costs and/or full-blown internalization less the administrative costs.ensemi-externalizationsemi-internalizationmisalignment costsventure capitalistsAbstract