The Theory Of The Firm
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📒The Theory Of The Growth Of The Firm ✍ Edith Penrose
✏The Theory of the Growth of the Firm Book Summary : This 'goldmine of concepts for understanding business and industrial organization' was originally published in 1959 but has been an influence in business schools ever since. The author combines rigorous theory with close observation of the real business world, and writes simply but with anoriginal approach. Her focus on teams and organizational knowledge underlines contemporary discussion of 'organizational competences' and she has written a new introduction which assesses the book's impact and describes the subsequent development of her own ideas.
📒The Theory Of The Firm ✍ Nicolai J. Foss
✏The Theory of the Firm Book Summary :
📒A Theory Of The Firm ✍ Michael C. Jensen
✏A Theory of the Firm Book Summary : This collection examines the forces, both external and internal, that lead corporations to behave efficiently and to create wealth. Corporations vest control rights in shareholders, the author argues, because they are the constituency that bear business risk and therefore have the appropriate incentives to maximize corporate value. Assigning control to any other group would be tantamount to allowing that group to play poker with someone else's money, and would create inefficiencies. The implicit denial of this proposition is the fallacy of the so-called stakeholder theory of the corporation, which argues that corporations should be run in the interests of all stakeholders. This theory offers no account of how conflicts between different stakeholders are to be resolved, and gives managers no principle on which to base decisions, except to follow their own preferences. In practice, shareholders delegate their control rights to a board of directors, who hire, fire, and set the compensation of the chief officers of the firm. However, because agents have different incentives than the principals they represent, they can destroy corporate value unless closely monitored. This happened in the 1960s and led to hostile takeovers in the market for corporate control in the 1970s and 1980s. The author argues that the takeover movement generated increases in corporate efficiency that exceeded $1.5 trillion and helped to lay the foundation for the great economic boom of the 1990s.
📒The Theory Of The Growth Of The Firm ✍ Edith Penrose
✏The Theory of the Growth of the Firm Book Summary : There are not many books that are genuine classics, and only a handful in business and management whose insights and ideas last for 50 years and more. This book is one of the very few 'must reads' for anybody seriously interested in the role of management within the firm. Originally published in 1959, The Theory of the Growth of the Firm has illuminated and inspired thinking in strategy, entrepreneurship, knowledge creation, and innovation. Edith Penrose's tightly-argued classic laid the foundations for the resource based view of the firm, now the dominant framework in business strategy. She analyses managerial activities and decisions, organizational routines, and also the factors that inevitably limit a firm's growth prospects. For this new anniversary edition, Christos Pitelis has written a new introduction which both tells the story of Penrose's extraordinary life, and provides a balanced assessment of her key ideas and their continuing relevance and freshness.
📒The Evolution Of The Theory Of The Firm ✍ David J. Teece
✏The Evolution of the Theory of the Firm Book Summary : This innovative collection of readings analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. The first volume presents a variety of perspectives from leading scholars in the field before introducing the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The second volume looks at how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. Together with an introduction by the editors, this collection is an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.
📒Organising The Firm ✍ Petri Mäntysaari
✏Organising the Firm Book Summary : The theoretical basis of commercial law, corporate governance law, and corporate law is still unsatisfactory. There essentially is no theory of commercial law, and existing theories of corporate governance and corporate law cannot explain the behaviour of firms or the contents of existing regulation. This book proposes a coordinated solution for all three areas. The starting point is that all three areas deal with the organisation of firms. Commercial law, corporate governance, and corporate law are therefore studied from the perspective of the firm rather than that of the judge or the investor. Changing the perspective makes it easier to formulate an "umbrella" theory of commercial law, and theories of corporate governance and corporate law as applications of the main theory. The book provides examples of how the proposed theories work by studying legal corporate governance tools and practices that increase the sustainability of the firm. Sustainability can be bolstered by making the governance model more self-enforcing and ensuring that it fosters innovation.
📒The Theory Of The Growth Of The Firm ✍ Edith Tilton Penrose
✏The Theory of the Growth of the Firm Book Summary : Why do some firms perform better than others? What enables a firm to grow and take advantage of its opportunities? Currently much discussion of these questions pivots around the ideas of competencies and capabilities, and the concept of the learning organization or knowledge-creating company. The Theory of the Growth of the Firm is a rich and pioneering work that addresses these questions and laid thefoundation for this approach often referred to as the "resource based view of the firm." Edith Penrose analyzes managerial activities and decisions, organizational routines, and knowledge creation within the company and argues that they are critical to the ability of a firm to grow.
📒Towards A New Theory Of The Firm Humanizing The Firm And The Management Profession ✍ Josep Maria Rosanas Martí
✏Towards a New Theory of the Firm Humanizing the Firm and the Management Profession Book Summary :
📒The Nature Of The Firm ✍ Ronald Harry Coase
✏The Nature of the Firm Book Summary : In 1937, Ronald H. Coase published "The Nature of the Firm," a classic paper that raised fundamental questions about the concept of the firm in economic theory. Coase proposed that the comparative costs of organizing transactions through markets rather than within firms are the primary determinants of the size and scope of firms. Coase won the 1991 Nobel Prize in Economics for this work. This volume derives from a conference held in 1987 to commemorate the fiftieth anniversary of the publication of Coase's classic article. The first chapter affords an overview of the volume. It is followed by a republication of the 1937 article, and by the three lectures Coase presented at the conference. These lectures provide a lively and informative history of the origins and development of his thought. Subsequent chapters explore a wide-range of theoretical and empirical issues that have arisen in the transaction cost economic tradition. They illustrate the power of the transaction cost approach to enhance understanding not only of business firms, but of problems of economic organization generally. In addition to Coase's work, contributors include Sherwin Rosen, Paul Joskow, Oliver Hart, Harold Demsetz, Scott Masten, Benjamin Klein, as well as the volume's editors, Oliver E. Williamson, and Sidney G. Winter. The Nature of the Firm includes Coase's acceptance speech for his Nobel Prize in Economics.
📒Rethinking The Firm ✍ Eric W. Orts
✏Rethinking the Firm Book Summary : What is a business corporation and where do they come from? This book provides an account of the nature of the business enterprise (including the corporation) as a social institution that has become as important as political states and families in modern society.