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rethinking the firm
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Guardian - Atlantic 2013
what’s the problem ?
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stakeholder activism, Dodd-Frank, etc.
capital
social benefit
profit
labor
firm
management governance
mgt educ - Humanist Mgt, PRME, etc.
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Mayer, Colin. (2013). Firm Commitment: Why the Corporation is Failing Us and How to Restore Trust in It. Oxford: Oxford University Press. p.187
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Fischel, Daniel R. (1982). The Corporate Governance Movement. Vanderbilt Law Review, 35(6), 1259-1292.
1904
1923
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Keay, Andrew. (2011). The Corporate Objective. Cheltenham: Edward Elgar. p.38Bottomley, Stephen. (2007). The Constitutional Corporation: Rethinking Corporate Governance. Aldershot: Ashgate.
so what is ‘the firm’ ?
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some ToF variants
• bureaucratic, OT, systems theory
• sociological, political, stakeholder
• institutional, networked, legal
• behavioral, psychological
• evolutionary, org routines, organic
• self-organizing, emergent
• post Coasian - TCE, PAT, nexus, property rights, team production, ...
• RBV, KBV, DCs ... chaos or contingency ?what problem is being addressed ?
value creation, profit :
Knightian uncertainty
& bounded rationality ?
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new theory of the value-creating firm ?
NO engagement with uncertainty/profit - NONE of these !!
‘the firm’ is just an idea about a real problem
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opportunity
technological change expands
opportunity space
competitive activity decreasesopportunity space
new funding
ethi
cal c
onst
rain
ts
- meeting Knightian uncertainty with managerial judgment
- constructing entrepreneurial opportunity
- managerial rhetoric for harnessing others' judgment
- ‘theory of the managed firm’ (TMF) as unique language
governmentregulation
ecologicalissues
if Coase’s questions are the problem
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management research & education
• reading the political-economic situation• immersion, entrepreneurial judgment, coup d'oeil• knowledge creation - data, meaning, practice• language construction• rhetorical practices for harnessing others• TMF as indexical discourse of collaborative value-creation
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Botticelli Judgment of Paris (1485)