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The Entrepreneurial Theory of the Firm and the Theory of the Entrepreneurial Firm

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  • Richard N. Langlois

Abstract

The entrepreneurial theory of the firm argues that entrepreneurship, properly understood, is a crucial but neglected element in explaining the nature and boundaries of the firm. By contrast, the theory of the entrepreneurial firm presumably seeks not to understand the nature and boundaries of 'the firm' in general but rather to understand a particular type of firm: one that is entrepreneurial. This paper is an attempt to reconcile the two. After briefly delving for the concept of entrepreneurship in the work of Schumpeter, Kirzner, and (especially) Knight, the paper makes the case for the entrepreneurial theory of the firm. In such a theory, the firm exists as the solution to a coordination problem in a world of change and uncertainty, including Knightian or structural uncertainty. Copyright Blackwell Publishing Ltd 2007.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Management Studies.

Volume (Year): 44 (2007)
Issue (Month): 7 (November)
Pages: 1107-1124

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Handle: RePEc:bla:jomstd:v:44:y:2007:i:7:p:1107-1124

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Cited by:
  1. Ehret, Michael, 2014. "Financial socialism: The role of financial economics in economic disorganization," Journal of Business Research, Elsevier, vol. 67(1), pages 2686-2692.
  2. Kraaijenbrink, Jeroen & Spender, JC & Groen, Aard, 2009. "The resource-based view: A review and assessment of its critiques," MPRA Paper 21442, University Library of Munich, Germany.
  3. Klein, Peter G. & Mahoney, Joseph T. & McGahan, Anita M. & Pitelis, Christos N., 2009. "Toward a Theory of Public Entrepreneurship," Working Papers 09-0106, University of Illinois at Urbana-Champaign, College of Business.
  4. Jürgen Wandel, 2011. "Business groups and competition in post-Soviet transition economies: The case of Russian “agroholdings”," The Review of Austrian Economics, Springer, vol. 24(4), pages 403-450, December.
  5. Foss, Nicolai J. & Klein, Peter G. & Kor, Yasemin Y. & Mahoney, Joseph T., 2006. "Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis," Working Papers 06-0121, University of Illinois at Urbana-Champaign, College of Business.
  6. Richard Langlois, 2013. "The Institutional Revolution: A review essay," The Review of Austrian Economics, Springer, vol. 26(4), pages 383-395, December.
  7. Bettiol, M & Di Maria, E & Finotto, Vladi, 2012. "Marketing in smes: the role of entrepreneurial sensemaking," MPRA Paper 39405, University Library of Munich, Germany.
  8. Vladi Finotto & Anna Moretti, 2014. "Unveiling the founder effect: a conceptual framework of entrepreneurial imprinting," Working Papers 7, Department of Management, Università Ca' Foscari Venezia.

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