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A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach

机译:作为不完整合同的对象的企业战略理论:一种产权方法

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This article maintains that insights gained by joining property rights theory with Austrian economics can contribute to the dynamic capabilities literature by giving context to key constructs in the dynamic capabilities approach, particularly the nature of organizational processes and resource positions. By defining resources and capabilities as bundles of property rights, scholars can theoretically consider how firms develop, deploy, and renew those resources and capabilities by a process of bundling and rebundling resource combinations. Furthermore, central to bundling resource combinations is the contracting process, which generates information that leads to more efficient solutions that are achieved through intense bargaining and ingenuity, that in turn lead to discovery of new economic opportunities. However, in a world of positive transaction costs, the notion of the firm as a nexus of (complete) contracts is less useful for the authors 'purposes; rather, the firm is defined as a nexus of incomplete contracts, which enables the possibility of entrepreneurial alertness and ingenuity. Thus, the authors maintain that the contracting process is a form of the entrepreneurial discovery process enabling firms to sense and seize new economic opportunities. Furthermore, the authors suggest that property rights theory informs a contractual process-oriented approach for analyzing how dynamic capabilities are developed, sustained, and rejuvenated and in so doing intertwines firm boundary issues with the capabilities dimension of a strategic theory of the firm.
机译:本文认为,通过将产权理论与奥地利经济学相结合而获得的见解可以通过为动态能力方法中的关键构造提供背景信息,特别是组织过程和资源职位的性质,来为动态能力文献做出贡献。通过将资源和能力定义为捆绑的财产,学者们可以从理论上考虑企业如何通过捆绑和重新打包资源组合的过程来开发,部署和更新这些资源和能力。此外,捆绑资源组合的核心是合同流程,该流程生成的信息可以通过更严格的讨价还价和独创性来实现更有效的解决方案,进而发现新的经济机会。但是,在交易成本为正的世界中,公司作为(完整)合同关系的概念对于作者的目的没有多大用处。相反,公司被定义为不完整合同的联系,这使企业家的机敏性和独创性成为可能。因此,作者坚持认为,承包过程是企业家发现过程的一种形式,使企业能够感知并抓住新的经济机会。此外,作者认为,产权理论提供了一种以合同过程为导向的方法,用于分析动态能力如何得到发展,维持和恢复活力,从而将企业边界问题与企业战略理论的能力维度交织在一起。

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