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Theories Of The Firm: Implications For Strategy Research

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  • Anju Seth
  • Howard Thomas

Abstract

Theories of the firm provide a perspective for thinking about organizational objectives and a framework for analysing important research problems. Here, we demonstrate the usefulness of several economic theories of the firm for guiding strategy research. We evaluate the relevance of each theory with regard to how the underlying conceptualization of the firm permits us to investigate issues of substantive interest to strategy researchers, and how compatible the assumptions contained within the theory are with the traditional strategy framework. We also examine the relevance of the theories from the viewpoint of philosophical methodology. We argue that, because of the integrative nature of strategy research, it is imperative for researchers to adopt multiple frameworks represented by different theories for the advancement of the field.

Suggested Citation

  • Anju Seth & Howard Thomas, 1994. "Theories Of The Firm: Implications For Strategy Research," Journal of Management Studies, Wiley Blackwell, vol. 31(2), pages 165-192, March.
    • Handle: RePEc:bla:jomstd:v:31:y:1994:i:2:p:165-192
    DOI: 10.1111/j.1467-6486.1994.tb00770.x
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    Cited by:

    1. Kwangho Woo & Joonmo Cho, 2016. "Transferring the Cost of Wage Rigidity to Subcontracting Firms: The Case of Korea," Sustainability, MDPI, vol. 8(9), pages 1-15, August.
    2. Andrew L. Zacharakis, 1997. "Entrepreneurial Entry into Foreign Markets: A Transaction Cost Perspective," Entrepreneurship Theory and Practice, , vol. 21(3), pages 23-40, April.
    3. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers CREGO 0960501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    4. Silvia Sacchetti & Roger Sugden, 2003. "The Governance of Networks and Economic Power: The Nature and Impact of Subcontracting Relationships," Journal of Economic Surveys, Wiley Blackwell, vol. 17(5), pages 669-692, December.
    5. Michael Young & Terence Tsai & Xinran Wang & Shubo Liu & David Ahlstrom, 2014. "Strategy in emerging economies and the theory of the firm," Asia Pacific Journal of Management, Springer, vol. 31(2), pages 331-354, June.
    6. Ivan Montiel & Peter Jack Gallo & Raquel Antolin-Lopez, 2020. "What on Earth Should Managers Learn About Corporate Sustainability? A Threshold Concept Approach," Journal of Business Ethics, Springer, vol. 162(4), pages 857-880, April.
    7. Mehrnaz Ashrafi & Gregory M. Magnan & Michelle Adams & Tony R. Walker, 2020. "Understanding the Conceptual Evolutionary Path and Theoretical Underpinnings of Corporate Social Responsibility and Corporate Sustainability," Sustainability, MDPI, vol. 12(3), pages 1-17, January.
    8. Packard, Mark D., 2017. "Where did interpretivism go in the theory of entrepreneurship?," Journal of Business Venturing, Elsevier, vol. 32(5), pages 536-549.
    9. Adrian Bridge & Clem Tisdell, 2006. "The determinants of the vertical boundaries of the construction firm: response," Construction Management and Economics, Taylor & Francis Journals, vol. 24(3), pages 233-236.
    10. Saurav Pathak & Emanuel Xavier-Oliveira & André O. Laplume, 2016. "Technology use and availability in entrepreneurship: informal economy as moderator of institutions in emerging economies," The Journal of Technology Transfer, Springer, vol. 41(3), pages 506-529, June.
    11. Gobinda Roy & Rajarshi Debnath & Partha Sarathi Mitra & Avinash K. Shrivastava, 2021. "Analytical study of low-income consumers’ purchase behaviour for developing marketing strategy," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 12(5), pages 895-909, October.
    12. Frohwein, Torsten, 2014. "Grundlagen der Theorie der Firma: Methodologie wissenschaftlicher Theorien," Research Papers on Innovation, Services and Technology 1/2014, University of Stuttgart, Institute of Business Administration, Department I - Institute of Research & Development and Innovation Management.
    13. Frank Figge, 2004. "Stakeholder und Unternehmensrisiko," Risk and Insurance 0408001, University Library of Munich, Germany.
    14. Esthela Galván-Vela & Eduardo Arango Herrera & Deisy Milena Sorzano Rodríguez & Rafael Ravina-Ripoll, 2021. "State-of-the-Art Analysis of Intrapreneurship: A Review of the Theoretical Construct and Its Bibliometrics," JRFM, MDPI, vol. 14(4), pages 1-16, April.
    15. Baozhou Lu & Rudy Hirschheim & Andrew Schwarz, 2015. "Examining the antecedent factors of online microsourcing," Information Systems Frontiers, Springer, vol. 17(3), pages 601-617, June.
    16. Olivier Boiral & Iñaki Heras‐Saizarbitoria & Marie‐Christine Brotherton, 2023. "Sustainability management and social license to operate in the extractive industry: The cross‐cultural gap with Indigenous communities," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 125-137, February.
    17. Phillip H. Phan & John E. Butler, 2005. "Entrepreneurs' Attitudes, Strategy Choices, And Firm Performance," Industrial Organization 0506001, University Library of Munich, Germany.
    18. Malcolm Arnold & David Parker, 2009. "Stock market perceptions of the motives for mergers in cases reviewed by the UK competition authorities: an empirical analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 211-233.
    19. Huw Dixon, 2020. "Almost‐Maximization as a Behavioral Theory of the Firm: Static, Dynamic and Evolutionary Perspectives," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 56(2), pages 237-258, March.
    20. Obonyo Mark Ouche & David Odhiambo Oima & Moses Oginda, 2016. "Effect of Strategic Planning on Annual Income of National Sports Federations in Kenya," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(5), pages 41-64, May.

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