We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the implications of different degrees of relationship-specificity when there are two parties, A and B, who can make investments in physical capital (instead of human capital). If...

The paper suggests one of the possible approaches to formulation of structure and content of corporate strategic management theory. The paper formulates requirements to the theory of enterprise, essential for using the theory as a basis of strategic management theory structure, including...

Looking through contributions about microeconomic theory, from classics to modern theory, it is possible to identify various attitudes on the role that firms play in the market. To simplify the existing multiplicity of opinion, two distinct positions can be recognized: 1) the first one considers...

This paper is the first part of a Marxian critique of the theory of the firm, focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter marginal analysis is introduced, culminating in the derivation of the Labour Value Function as the supply curve of the...

This paper is the first part of a Marxian critique of the theory of the firm focusing on the analysis of labour values. Starting from Adam Smith's example of the deer hunter, marginal analysis is introduced culminating in the derivation of the Labour Value Function as the supply curve of the...

Traditional economic studies of innovation, built on the contribution of Schumpeter, cannot explain why firms of the same size and market power can show largely different innovation performances. Contrastingly, the literature on corporate governance provides some useful insights for...

The main objective of this paper is to explore the possible common grounds, divergences and complementarities between the Veblenian’s approach on the Theory of Business Enterprise followed by Institutional economists, and the modern Post Keynesian Micro theory on Business enterprise. Due to...

This is an earlier draft for the introduction to the book "The theory of the growth of the firm" published by Oxford Press, 4th edition, 2009.

The genuine problem of governance is one that pays equal attention to both incentive and knowledge issues in private and public contexts. This work brings together Austrian, Public Choice and theory of the firm insights to address such problem. By taking into account incentives and knowledge, it...

This paper proposes an empirical method to estimate the model of sustainable profit and corporate social responsibility originated by Sudtasan and Suriya (2013). It suggests analysts to use data from official financial statements of companies which may be reported to the Stock Exchange in a...