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We augment transaction cost economics with a cognitive perspective to expand the conceptualization of uncertainty, an important but underexplored concept, to include interpretive uncertainty, which arises from conflicting cognitive frames. Interpretive uncertainty generates different views of the exchange and can lead to unexpected conflict, additional transaction costs, and potential early termination of the transaction. In contrast to traditional transaction cost economics hazards, which are derived from transaction characteristics, interpretive uncertainty is driven by relational characteristics (the attributes of the parties in relation to each other). Additionally, interpretive uncertainty is mitigated by aligning the frames of the exchange partners rather than by traditional safeguards, such as penalty clauses. As a result, effective governance must support the development of a common dominant frame that facilitates the completion of the transaction. In this article we develop propositions exploring relational characteristics that drive interpretive uncertainty, the moderating influence of asset specificity, and how attributes of traditional governance forms support distinct frame alignment processes to mitigate different levels of interpretive uncertainty.
