Purpose – The purpose of this paper is to argue for the need to reconcile managerial and economic approaches of the firm. Strategic management seems to be the perfect playground for this. Design/methodology/approach – The paper shows many divergences between the economic and managerial...

Zusammenfassung Steigende Anforderungsprofile für Tourismusbetriebe im Kontext der Internationalisierung verlangen nach strategischen Ansätzen. Damit erhält die Strategiefähigkeit der Betriebe eine erhöhte Bedeutung bei Förderungen durch die Tourismuspolitik. Dieser Beitrag greift auf ein...

Purpose – The purpose of this paper is to focus on the “green communication” of Exxon, Chevron and BP with a view to studying how they assert environmental values. Design/methodology/approach – From a linguist's perspective, the paper examines how the climate change controversy has...

Purpose – There are different views on how to gain a sustainable competitive advantage (SCA) for firms. This topic has become an important research area in strategic management. The purpose of this paper is to provide an approach for Chinese firms to use as a springboard to identify sources of...

Abstract A principal needs a worker for the production of a good. The worker can be hired as an internal agent, or an external agent under a contract. These two organizational modes correspond to in-house production and outsourcing, respectively. In each case, the agent earns experience...

This paper applies Israel Kirzner’s theory of entrepreneurship and the Austrian theory of capital to the theory of the firm. In particular, it explores why some firms are better able to react to exogenous change than others, especially when that change is negative. The argument is that firms...

The paper argues that Israel Kirzner’s theory of entrepreneurship has been influential on a number of related “dynamic” theories of organization. Kirzner’s theory is animated by a dual concern – the process (rather than the result) of rentseeking behavior and the fundamental incompletness...

Purpose – The purpose of this paper is to attempt a justification as to why a profit-making firm may be viewed as a function of its nucleus expertise and a risky portfolio of deals. Design/methodology/approach – This is a theoretical paper relying on mathematics, graphs and verbal arguments...

Purpose – The purpose of this paper is to demonstrate the usefulness of referring to a theory of the firm as a way to strongly improve internal consistency in both research and practice. To this end, the paper explores how a theory-of-the-firm perspective can assist in a consistent analysis of...