This article reviews the main theories of the firm from the strategic management perspective. A theory of the firm intents to explain the nature and scope of a firm. We conclude that the different theories of the firm can be classified following the Coase guidelines, that explain the existence...

Business in modern world targets both profit and social responsibility. In the trading-off between making profits and spending for social responsibility, a firm needs to balance these two goals and maintain them in the long-run. Sustainable profit will prevent the firm to fall into the decaying...