European University Institute Library

Economic microfoundations of strategic management, the property rights perspective, Kirsten Foss, Nicolai J. Foss

eng

Includes bibliographical references and index

illustrations

index present

non fiction

Economic microfoundations of strategic management

bibliography

1348486830

Kirsten Foss, Nicolai J. Foss

the property rights perspective

This book develops a property rights approach to firm strategy and demonstrates how it helps address key challenges in strategic management research. It shows that the property rights approach holds important implications both for entrepreneurship and organizational learning theory. Property rights have direct implications for strategic management, as control over assets has an immediate link to the creation and appropriation of economic value. For a firm to execute a competitive strategy, it must hold rights to appropriate resources. This book will appeal to scholars working in the fields of strategic management, organizational theory and resource allocation. It is an invaluable summary of two decades of groundbreaking research. Kirsten Foss is Professor of Strategy at the Norwegian School of Economics in Bergen, Norway. She is also associated with the Copenhagen Business Schools. Her research and teaching interests are institutional economics and international business. Nicolai J Foss is a Professor of Strategy at the Copenhagen Business School. He is a Fellow of the Strategic Management Society and the Author of many articles on strategic management. His interests are in entrepreneurship and organization design theory. --, Provided by publisher

Intro -- Preface and Acknowledgments -- Contents -- List of Figures -- List of Tables -- 1 Strategy and Property Rights -- Property Rights Economics in the Conversation of Strategy Researchers -- The Importance of Strategy Research -- Economics and Strategy -- The Distinctiveness of This Book -- Property Rights and Other Approaches in Strategy Research -- Property Rights Economics: New Old Insights -- Relevance to Strategy and Overview of the Book -- Value Creation -- Positioning Theory and Barriers to Strategizing -- The Theory of the Firm, Learning, and Entrepreneurship -- References2 Microfoundations for Strategy -- The Structure of Microfoundations -- Which Microfoundations for Strategy? -- Conclusions -- References -- 3 Property Rights Economics: An Overview -- The Evolution of Thinking on Property Rights in Economics -- Early Thinking -- The Emergence of Property Rights Economics -- The Current Status of Property Rights Economics -- Key Tenets of Property Rights Economics -- The Forms of Property -- An Extension of "Standard" Economics -- The "Coase Theorem" -- The Coase Theorem as an Evolving Benchmark -- Property Rights and Transaction Costs -- Conclusion -- References4 Ownership and Property Rights -- Ownership in Property Rights Economics (Mark I) -- The New Property Rights Economics -- Comparing Mark I and Mark II Property Rights Economics -- Cutting the Gordian Knot? -- How Well-Defined is Ownership? -- Do These Distinctions Matter? -- A New Lighthouse in Economics? -- Consequences and Anomalies -- Toward a Broader Understanding of Ownership Patterns -- An Example -- Implications -- Conclusion -- References -- 5 Resources and Value Creation -- Refining Resource Analysis: Property Rights and Resource Value -- Resources as Bundles of Property RightsResource Value and Transaction Costs -- Controlling Property Rights: The Capture and Protection of Property Rights -- Relating Transaction Costs to Value Creation and Appropriation -- The Coase Theorem -- Value Dissipation and Value Erosion: Bad News for Strategizers -- Sources of Value Creation: Good News for Strategizers -- Transaction Costs and Sustained Competitive Advantage -- Conclusions -- References -- 6 Strategizing and Positioning -- Theoretical Foundations -- Property Rights and Transaction Costs -- Implicit Property Rights and Transaction Costs in Competitive Strategy ResearchEnter Transaction Costs -- Property Rights and Transaction Cost Conditions of Successful Strategizing -- Extended Rivalry and Countervailing Power -- Building Market Power -- Protecting Market Power -- Exercising Market Power -- Summary -- Differentiating Transaction Costs: Implications for Strategic Positioning -- Transaction Costs of Delineating, Exchanging, and Protecting Property Rights -- The Transaction Cost Environment and Transaction Cost Arrangements -- Concluding Discussion -- Contribution to Theory -- Strategizing and Economizing -- Future Research -- References