Transaction cost theory has been used significant role in many areas to explain governance mechanism. In these studies, transaction cost has been measured with transaction attributes, such as asset specificity, environmental uncertainty and transaction frequency. This research, contrast with other studies, reviews the relationship between transaction attributes and transaction cost. To analyse this issue, we break down transaction cost as information cost, measurement cost, negotiation cost, monitoring cost, enforcement cost. Also, we consider transaction attributes such as asset specificity, environmental uncertainty, legal & institutional aspects and so on. Using public information system outsourcing, this study finds that only some transaction attributes are significant to transaction costs.