IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-00207817.html
   My bibliography  Save this paper

Firm

Author

Listed:
  • Jackie Krafft

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

Abstract

Seventy years ago, Ronald Coase, Nobel Prize in 1991, wrote a seminal paper "The nature of the firm". This paper is now traditionally considered as the origins of the development of an economic theory of the firm. Before this article, the firm was assimilated to a ‘black box', incorporating inputs and generating outputs. Coase (1937) argued that the firm was more than this purely technical vision: the firm has a concrete existence in the business world, and its internal modes of organisation (especially the coordination of individuals by hierarchies) are different from simple market transactions (coordinated by prices). With this statement, he encouraged economists to elaborate realistic hypotheses on what is a firm, and what a firm does. Today, the research agenda opened up by Coase is far from being completed. Recent works on the economics of the firm converge to show how difficult it is to fully grasp and qualify this subject. The outcome is that the economics of the firm is a combination of different subjects, and no single model or theory captures all elements of the puzzle. This chapter is intended to give an overview of some of the key analytical and empirical issues that are debated today, and especially how the distinction between managerial and entrepreneurial evolves but still firms structures the current research agenda on the economics of the firm.

Suggested Citation

  • Jackie Krafft, 2008. "Firm," Post-Print hal-00207817, HAL.
    • Handle: RePEc:hal:journl:hal-00207817
    Note: View the original document on HAL open archive server: https://hal.science/hal-00207817
    as

    Download full text from publisher

    File URL: https://hal.science/hal-00207817/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Audretsch, David B., 1995. "Innovation, growth and survival," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 441-457, December.
    2. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    3. Richard N. Langlois, 2003. "The vanishing hand: the changing dynamics of industrial capitalism," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 12(2), pages 351-385, April.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    7. J. Krafft & J. -L. Ravix, 2008. "Corporate Governance And The Governance Of Knowledge: Rethinking The Relationship In Terms Of Corporate Coherence," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(1-2), pages 79-95.
    8. Raghuram G. Rajan & Luigi Zingales, 1998. "Power in a Theory of the Firm," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(2), pages 387-432.
    9. Martin Fransman, 2004. "The telecoms boom and bust 1996-2003 and the role of financial markets," Journal of Evolutionary Economics, Springer, vol. 14(4), pages 369-406, October.
    10. Jackie Krafft & Jacques-Laurent Ravix, 2005. "The governance of innovative firms: An evolutionary perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(3), pages 125-147.
    11. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
    12. Marco Becht, 2005. "Corporate Governance: An Assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(2), pages 155-163, Summer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jackie Krafft & Yiping Qu & Jacques-Laurent Ravix, 2008. "Corporate governance, industry dynamics and firms performance on the stock market," Post-Print hal-00203544, HAL.
    2. Jackie Krafft & Jacques-Laurent Ravix, 2008. "Corporate Governance in Advanced Economies: Lessons in a Post Financial Crash Era.. Introduction to the Special Issue," Recherches économiques de Louvain, De Boeck Université, vol. 74(4), pages 419-424.
    3. Cézanne, Cécile & Rubinstein, Marianne, 2012. "La RSE comme instrument de gouvernance d’entreprise : une application à l’industrie française des télécommunications," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 12.
    4. Jacques-Laurent Ravix & Yiping Qu & Jackie Krafft, 2011. "Gouvernance d’entreprise et performances sectorielles : une réévaluation de la fiabilité des scores et des mesures de bonne gouvernance," Économie et Prévision, Programme National Persée, vol. 197(1), pages 145-158.
    5. Cecile Cezanne-Sintes, 2008. "Modern corporate changes: reinstating the link between the nature, boundaries and governance of the firm," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(4), pages 447-461.
    6. Jackie Krafft & Jacques-Laurent Ravix, 2009. "The Governance of the Knowledge-Intensive Firm in an Industry Life Cycle Approach," Chapters, in: Mario Morroni (ed.), Corporate Governance, Organization and the Firm, chapter 3, Edward Elgar Publishing.
    7. Michael Dietrich & Jackie Krafft & Jacques-Laurent Ravix, 2008. "Regulation and governance of the firm," Post-Print hal-00203479, HAL.
    8. Raghuram G. Rajan & Luigi Zingales, 1998. "The Governance of the New Enterprise," CRSP working papers 487, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    9. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
    10. Luigi Zingales, 2000. "In Search of New Foundations," Journal of Finance, American Finance Association, vol. 55(4), pages 1623-1653, August.
    11. J. (Hans) van Oosterhout, 2007. "Authority and Democracy in Corporate Governance?," Journal of Business Ethics, Springer, vol. 71(4), pages 359-370, April.
    12. Bhattacharyya, Asish K, 2005. "State, liberalization, and investment question: issues in corporate governance," MPRA Paper 47233, University Library of Munich, Germany, revised 2007.
    13. Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2014. "Corporate governance, value and performance of firms: new empirical results on convergence from a large international database," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(2), pages 361-397.
    14. Mahoney, Joseph T., 2012. "Towards a Stakeholder Theory of Strategic Management," Working Papers 12-0100, University of Illinois at Urbana-Champaign, College of Business.
    15. Adam Leaver & Keir Martin, 2021. "‘Dams and flows’: boundary formation and dislocation in the financialised firm," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 403-429, December.
    16. repec:hal:wpaper:hal-00786664 is not listed on IDEAS
    17. Committee, Nobel Prize, 2016. "Oliver Hart and Bengt Holmström: Contract Theory," Nobel Prize in Economics documents 2016-1, Nobel Prize Committee.
    18. Nicola Lacetera, 2000. "Corporate Governance and the Governance of Innovation: the Case of Pharmaceutical Industry," KITeS Working Papers 122, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Dec 2000.
    19. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc.
    20. Eduard Marinov, 2016. "The 2016 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 97-149.
    21. Claire A. Hill & Brett H. McDonnell, 2012. "Introduction: The Evolution of the Economic Analysis of Corporate Law," Chapters, in: Claire A. Hill & Brett H. McDonnell (ed.), Research Handbook on the Economics of Corporate Law, chapter 1, Edward Elgar Publishing.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00207817. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.