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Entrepreneurship and the theory of the firm

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  • Casson, Mark

Abstract

Entrepreneurship is a missing component of several leading theories of the firm. Entrepreneurship is key to the growth and survival of firms in a volatile environment, because ent repreneurial judgement is necessary to success in making complex decisions under uncertainty. The addition of entrepreneurship is not a minor refinement of the theory of the firm, but represents a radical change. The paper summarises the principle changes. It suggests that the introduction of entrepreneurship can facilitate the development of an integrated synthetic theory of the firm.
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Suggested Citation

  • Casson, Mark, 2005. "Entrepreneurship and the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 58(2), pages 327-348, October.
    • Handle: RePEc:eee:jeborg:v:58:y:2005:i:2:p:327-348
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    References listed on IDEAS

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