We address the question when are executives paid too much? We conclude that executives are overpaid when their rewards exceed their value contribution to the firm, the market value of their knowhow, and are higher than the level required to keep them in role. Due to causal ambiguity both the...

We assemble a model of the firm that brings together contributions from transactions costs economics, the resource based view of the firm with insights from socio-technical and structural theories of organisation, and theories of bargaining and power relationships between the firm and its...

We consider how profit has been explained and justified. We then build on property rights theory to develop an alternative explanation of profits and conclude that profits can be considered as an implicit payment for access to the assets required for an individual's labour to be market...

This paper offers a critique of the micro-foundations agenda by arguing that excessive attention to macro-level concepts and their origins threatens to derail the true potential of micro-foundations research – the resurgence of the interest in micro-level phenomena. The paper offers a critical...

Resource-based advantages are ‘built', not bought, and have typically emerged from complex development processes that are, to a significant degree, ‘unmanaged'. Set against this reality are strategy process prescriptions that encourage managers to adopt deliberate, formal, analytical...