Information asymmetry: A configurational perspective in buyer-supplier relationships

Abstract

Information asymmetry in buyer-supplier relationships has been linked to several influencing factors. However, these factors are often examined in isolation, limiting understanding of their synergistic effects. Grounded in agency theory, signaling theory, and transaction cost economics, this study adopts a configurational perspective to examine which combinations of factors lead to high information asymmetry. Using a three-part study design, we first conduct a systematic literature review to identify relevant factors, which are then refined and prioritized through a Delphi study. Building on this foundation, fuzzy-set Qualitative Comparative Analysis (fsQCA) is applied to survey data from 385 buyer managers to uncover equifinal configurations leading to high information asymmetry in buyer-supplier relationships. The findings reveal several causal pathways involving trust, uncertainty, evaluation, information sharing, contractual governance, and dependency. To complement the configurational analysis, Random Forest is employed to assess the relative importance of these factors in predicting information asymmetry. By integrating fsQCA with Random Forest, the study combines configurational explanation with predictive analytics, demonstrating both how factor combinations produce information asymmetry and which factors matter most. The study advances the industrial marketing literature on information asymmetry and offers directions for future research and practical guidance for managers to recognize conditions that lead to it.