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This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.
In this book, the authors argue that there are analytically distinct forms of entrepreneurship. They provide a contemporary overview of current research and summarize the policy conclusions that can be drawn.
Industrial transformation is a research and teaching field with a focus on the phenomenon and mechanisms of industrial development and renewal. It concerns changes in economic activities caused by innovation, competition and collaboration, and has a rich heritage of evolutionary economics, institutional economics, industrial dynamics, technology history and innovation studies. It borrows concepts and models from the social sciences (sociology, history, political sciences, business/management, economics, behavioural sciences) and also from technology and engineering studies. In this book, the authors present the key theories, frameworks and concepts of industrial transformation and use empiri...
A definitive reframing of the economic, institutional, and intellectual history of the managerial era The twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century? In The Corporation and the Twentieth Century, Richard Langlois offers an alternat...
Developed countries must be incredibly innovative to secure incomes and welfare so that they may successfully compete against international rivals. This book focuses on two specific but interrelated aspects of innovation by incumbent firms and entrepreneurs, the role of geography and of open innovation.
It has become clear that over the past few decades enterprises not only produce and sell abroad but increasingly also develop goods and services outside their home countries; a development now known as the internationalisation of business R and D. This book presents a comprehensive picture of the current state of internationalisation of R and D in the business sector. The contributors explore key patterns of the internationalisation of R and D across various countries and sectors using case studies to underpin empirical evidence. They examine the drivers of the process, revealing the impacts of R and D internationalisation on both home and host countries using both qualitative and quantitati...
The rise of globalization has triggered a fundamental rethinking about the role of regions in economic development policy. In this important new book, Karlsson, Johansson and Stough assemble a cast of leading international scholars to unravel the new role for regions and local economic development policy to harness the possibilities unleashed by the forces of globalization. This book contains important new insights and ideas that will be welcomed by both scholars and policymakers. David B. Audretsch, Indiana University, Bloomington, US and WHU, Germany This book provides a state-of-the-art overview of current research on regional competition and co-operation. Developing our current understan...
In this book David Emanuel Andersson undertakes the difficult task of reconciling institutional theories of property rights, transaction costs and norms, with Austrian economics, Lancaster s consumer theory, regional economics and evolutionary economics. The result is a success, the connections outlined make sense and convincing illustrative cases are offered. The book should be read by everyone interested in how the challenges to neoclassical equilibrium theory that have emerged since the 1960s are related. Per-Olof Bjuggren, Jönköping University, Sweden Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complemen...
This book brings together a collection of seven papers on Transaction Cost Economics by Nobel Laureate Professor Oliver E Williamson. The applications of Transaction Cost Economics are extensive, ranging from the field of industrial organization and applied fields of economics such as labor, public finance, comparative economic systems and economic development, to the business fields of strategy, organizational behavior, marketing, finance, operations management, and accounting. In short, as Williamson states, "any problem that originates as or can be reformulated as a contracting problem can be examined to advantage in transaction cost economizing terms." What is referred to as New Institut...
The shift from managerial capitalism to investor capitalism, dominated by the finance industry and finance capital accumulation, is jointly caused by a variety of institutional, legal, political, and ideological changes, beginning with the 1970s’ downturn of the global economy. This book traces how the incorporation of businesses within the realm of the state leads to both certain benefits, characteristic of competitive capitalism, and to the emergence of new corporate governance problems emerges. Contrasting economic, legal, and managerial views of corporate governance practices in contemporary capitalism, the author examines how corporate governance has been understood and advocated differently during the New Deal era, the post-World War II economic boom, and the after 1980 in the era of free market advocacy.