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Entrepreneurship, Subjectivism, and the Resource-Based View: Towards a New Synthesis

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Author Info
Foss, Nicolai J. (Center for Strategic Management and Globalization, Copenhagen Business School)
Klein, Peter G. (Contracting and Organizations Research Institute, U of Missouri)
Kor, Yasemin Y. (U of Delaware)
Mahoney, Joseph T. (U of Illinois at Urbana-Champaign)

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Abstract

This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource-based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose's (1959) resources approach, arguing that entrepreneurship is inherently subjective and firm specific. This new synthesis describes how entrepreneurship is manifested in teams, and is driven by both heterogeneity of managerial mental models and shared team experiences.

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File URL: http://www.business.uiuc.edu/Working_Papers/papers/06-0121.pdf
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Publisher Info
Paper provided by University of Illinois at Urbana-Champaign, College of Business in its series Working Papers with number 06-0121.

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Date of creation: 2006
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Handle: RePEc:ecl:illbus:06-0121

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Web page: http://www.business.uiuc.edu/Working_Papers/Main.asp
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  1. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April. [Downloadable!] (restricted)
  2. Charles W. L. Hill, 1996. "The Importance Of Industry Structure For The Determination Of Firm Profitability: A Neo-Austrian Perspective," Journal of Management Studies, Blackwell Publishing, vol. 33(4), pages 429-451, 07. [Downloadable!] (restricted)
  3. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-95, December. [Downloadable!] (restricted)
    Other versions:
  4. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March. [Downloadable!] (restricted)
  5. Nicolai J. Foss, 1996. "Austrian and Post-Marshallian EconomicsThe Bridging Work of George Richardson," DRUID Working Papers 96-4, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  6. Danchi Tan & Joseph T. Mahoney, 2005. "Examining the Penrose effect in an international business context: the dynamics of Japanese firm growth in US industries," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 113-127. [Downloadable!]
  7. Kim, Jongwook & Mahoney, Joseph T., 2006. "How Property Rights Economics Furthers the Resource-Based View: Resources, Transaction Costs and Entrepreneurial Discovery," Working Papers 06-0100, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  8. Foss, Nicolai J, 1999. "Edith Penrose, Economics and Strategic Management," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 87-104.
  9. Yasemin Y. Kor & Joseph T. Mahoney & Steven C. Michael, 2007. "Resources, Capabilities and Entrepreneurial Perceptions," Journal of Management Studies, Blackwell Publishing, vol. 44(7), pages 1187-1212, November. [Downloadable!] (restricted)
  10. Rubin, Paul H, 1973. "The Expansion of Firms," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 936-49, July-Aug.. [Downloadable!] (restricted)
  11. Nicolai J. Foss & Peter G. Klein, 2004. "Entrepreneurshoip and the Economic Theory of the Firm Any Gains from Trade?," DRUID Working Papers 04-12, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  12. Kirsten Foss & Nicolai J. Foss & Peter G. Klein & Sandra K. Klein, 2007. "The Entrepreneurial Organization of Heterogeneous Capital," Journal of Management Studies, Blackwell Publishing, vol. 44(7), pages 1165-1186, November. [Downloadable!] (restricted)
  13. Kirsten Foss, Nicolai Foss, 2001. "Assets, Attributes and Ownership," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 8(1), pages 19-37, February. [Downloadable!] (restricted)
    Other versions:
  14. Kirsten Foss & Nicolai J. Foss & Peter G. Klein, 2006. "Original and Derived Judgment An Entrepreneurial Theory of Economic Organization," DRUID Working Papers 06-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  15. Lachmann, Ludwig M, 1976. "From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society," Journal of Economic Literature, American Economic Association, vol. 14(1), pages 54-62, March. [Downloadable!] (restricted)
  16. Jerker Denrell & Christina Fang & Sidney Winter, 2003. "The Economics of Strategic Opportunity," LEM Papers Series 2003/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  17. Slater, Martin, 1980. "The Managerial Limitation to the Growth of Firms," Economic Journal, Royal Economic Society, vol. 90(3593), pages 520-28, September. [Downloadable!] (restricted)
  18. Mahoney, Joseph T., 1995. "The management of resources and the resource of management," Journal of Business Research, Elsevier, vol. 33(2), pages 91-101, June. [Downloadable!] (restricted)
  19. Shaker A. Zahra & Harry J. Sapienza & Per Davidsson, 2006. "Entrepreneurship and Dynamic Capabilities: A Review, Model and Research Agenda," Journal of Management Studies, Blackwell Publishing, vol. 43(4), pages 917-955, 06. [Downloadable!] (restricted)
  20. Richard N. Langlois, 2007. "The Entrepreneurial Theory of the Firm and the Theory of the Entrepreneurial Firm," Journal of Management Studies, Blackwell Publishing, vol. 44(7), pages 1107-1124, November. [Downloadable!] (restricted)
    Other versions:
  21. Alvarez, Sharon A. & Barney, Jay B., 2004. "Organizing rent generation and appropriation: toward a theory of the entrepreneurial firm," Journal of Business Venturing, Elsevier, vol. 19(5), pages 621-635, September. [Downloadable!] (restricted)
  22. Thornhill, Stewart & Amit, Raphael, 2001. "A dynamic perspective of internal fit in corporate venturing," Journal of Business Venturing, Elsevier, vol. 16(1), pages 25-50, January. [Downloadable!] (restricted)
  23. Elizabeth E. Bailey & Constance E. Helfat, 2003. "External management succession, human capital, and firm performance: an integrative analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 347-369. [Downloadable!]
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  1. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
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