Discusses and contrasts the governance and competence perspectives of the firm.The competence perspective is decidedly production oriented, while the governance perspective is exchange oriented.Further, the competence perspective relies on the routine as the unit of analysis, whereas the...

We argue that strategizing fundamentally concerns disequilibrium phenomena, such as discovery, innovation, resource-combination, imagination - in short, entrepreneurship. Therefore, the understanding of strategizing is likely to be led astray by drawing too heavily on equilibrium theories....