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The theory of the firm and the markets for strategic acquisitions

In: Entrepreneurships, the New Economy and Public Policy

Author

Listed:
  • Gunnar Eliasson

    (Royal Institute of Technology (KTH))

  • Åsa Eliasson

    (VitiGen AG)

Abstract

Five problems are addressed: (1) the role of competent actors in the venture capital and exit markets supporting the industrialization of winning technologies in small innovative firms, (2) the competence of the large firm to integrate large-scale operational efficiency with small-scale innovative capability through distributed development work and integrated production and (3) the importance of viable markets for strategic acquisitions, both in making this possible and in allowing a flexible choice for the small firm between growing aggressively on its own through own acquisitions, or being acquired strategically itself. We (4) find that the less developed markets in continental Europe may be a disadvantage compared to the US in ushering in a future New Economy. We finally (5) discuss what becomes of the Coasian theory of the firm when production is constantly outsourced in, or insourced from the market as the relative efficiency of coordination through management and over the market changes. One logical consequence is that the costs of business mistakes will have to be included in transaction costs.

Suggested Citation

  • Gunnar Eliasson & Åsa Eliasson, 2005. "The theory of the firm and the markets for strategic acquisitions," Springer Books, in: Uwe Cantner & Elias Dinopoulos & Robert F. Lanzillotti (ed.), Entrepreneurships, the New Economy and Public Policy, pages 91-115, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-26994-6_7
    DOI: 10.1007/3-540-26994-0_7
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    Citations

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    Cited by:

    1. Gunnar Eliasson, 2011. "Advanced purchasing, spillovers and innovative discovery," Journal of Evolutionary Economics, Springer, vol. 21(1), pages 121-139, February.
    2. Gunnar Eliasson, 2015. "The incomplete Schumpeter Stockholm School connection," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 45-56, January.
    3. Mohammad Keyhani & Yuval Deutsch & Anoop Madhok & Moren Lévesque, 2022. "Exploration-exploitation and acquisition likelihood in new ventures," Small Business Economics, Springer, vol. 58(3), pages 1475-1496, March.
    4. Gunnar Eliasson, 2018. "Why Complex, Data Demanding and Difficult to Estimate Agent Based Models? Lessons from a Decades Long Research Program," International Journal of Microsimulation, International Microsimulation Association, vol. 11(1), pages 4-60.
    5. Eliasson, Gunnar, 2023. "Bringing markets back into economics," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 686-710.

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