The DOI matches its Crossref record; 13 of the 13 references it cites were found in a registry or an index.
The (new) nature and essence of the firm
Abstract
Abstract Extant explanations of the nature and scope of firms, such as transaction costs, property rights, metering and ‘resources' can be integrated into a more general (capability‐based) theory of the nature and essence of the firm that recognizes the importance to the firm of creating (and capturing) value from innovation. We note that the appropriability of returns from creative and innovative activity often requires the entrepreneurial creation and co‐creation of markets. Accordingly, market failure and transaction costs approaches need to be revamped to capture the essence of entrepreneurial and managerial activity that extends beyond the mere exercise of authority. We suggest that the nature and objective of the firm in an economy with innovation and incomplete markets is to capture value (profit) from its advantages and actions; and that the way in which the firm tries to achieve this (by establishing quasi‐sustainable competitive advantage) is its essence. This is non‐separable from its nature and objectives. It often involves market co‐creation.
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Citations
Cites
Firm Resources and Sustained Competitive Advantage
Barney, J. (1991) · Journal of Management · doi:10.1177/014920639101700108 · Cited by 48,334
Competitive Strategy: Techniques for Analyzing Industries and Competitors
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Teece, D. J. (1986) · Research Policy · doi:10.1016/0048-7333(86)90027-2 · Cited by 7,842
Self-citationUnderstanding dynamic capabilities
Winter, S. G. (2003) · Strategic Management Journal · doi:10.1002/smj.318 · Cited by 5,315
Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation
Kogut, B., & Zander, U. (1993) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8490248 · Cited by 3,967
What Firms Do? Coordination, Identity, and Learning
Kogut, B., & Zander, U. (1996) · Organization Science · doi:10.1287/orsc.7.5.502 · Cited by 3,078
Is the Resource-Based "View" a Useful Perspective for Strategic Management Research? Yes
Barney, J. B. (2001) · The Academy of Management Review · doi:10.2307/259393 · Cited by 2,734
Richardson, G. B. (1972) · The Economic Journal · doi:10.2307/2230256 · Cited by 2,200
A systematic assessment of the empirical support for transaction cost economics
David, R. J., & Han, S. (2004) · Strategic Management Journal · doi:10.1002/smj.359 · Cited by 1,127
The Irrelevance of Equilibrium Economics
Kaldor, N. (1972) · The Economic Journal · doi:10.2307/2231304 · Cited by 1,013
Cited by
Organizational Capabilities and the Economic History of the Industrial Enterprise
Chandler, A. D. (1992) · Journal of Economic Perspectives · doi:10.1257/jep.6.3.79 · Cited by 847
From rapid prototyping to home fabrication: How 3D printing is changing business model innovation
Rayna, T., & Striukova, L. (2016) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2015.07.023 · Cited by 816
New games, new rules: big data and the changing context of strategy
Constantiou, I. D., & Kallinikos, J. (2015) · Journal of Information Technology · doi:10.1057/jit.2014.17 · Cited by 526
Clusters, entrepreneurial ecosystem co-creation, and appropriability: a conceptual framework
Pitelis, C. (2012) · Industrial and Corporate Change · doi:10.1093/icc/dts008 · Cited by 253
Self-citationLee, J. M., Narula, R., & Hillemann, J. (2021) · Journal of World Business · doi:10.1016/j.jwb.2021.101193 · Cited by 71
Metadata
- Authors
- Pitelis, C. N., & Teece, D. J.
- Venue
- European Management Review
- Publisher
- Wiley
- Published
- 2009-03
- Volume
- 6
- Issue
- 1
- Pages
- 5-15
- ISSN
- 1740-4754 (ISSN-L)
- 1740-4762
- OpenAlex
- W2028056166
- Cited by
- 199
- References
- 13
- FWCI
- 45.28
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
