IDEAS home Printed from
   My bibliography  Save this article

Owners, Managers, and Entrepreneurship in The Corporate Firm


  • Ioannides Stavros

    (Panteion University)


The atemporal character of Kirzners notion of alertness and discovery, and his insistence that entrepreneurship is independent of factor ownership have attracted many criticisms from within the Austrian camp. However, it is precisely these elements of his theory of entrepreneurship that offer important insights for the analysis of the relation between shareholders and management in the modern corporation. First of all, the Kirznerian perspective allows us to view both groups as entrepreneurial. Secondly, and contrary to modern agency theory and the Rothbardian strand of Austrian economics, it highlights the entrepreneurial role of management in introducing innovation. Finally, we argue that the Kirznerian perspective on the division of the entrepreneurial roles in the corporate firm shares some important ideas with the resource based view of the firm.Le caractère atemporel des notions kirzneriennes de vigilance et de découverte et linsistance que met Kirzner à séparer lactivité entrepreneuriale de la propriété des facteurs lui ont valu de nombreuses critiques de la part des économistes autrichiens. Cependant, ce sont précisément ces éléments de sa théorie de lentrepreneur qui éclairent de manière importante lanalyse de la relation entre actionnaires et gestionnaires dans lentreprise moderne. Premièrement, la perspective kirznerienne nous permet de considérer que les deux groupes participent de lactivité entrepreneuriale. Deuxièmement, et contrairement à la théorie moderne de lagence et la variante rothbardienne de léconomie autrichienne, elle met laccent sur le rôle entrepreneurial de la gestion dans lémergence dinnovations. Enfin, nous suggérons que la perspective kirznerienne à propos du partage des rôles entrepreneuriaux dans la firme présente des analogies importantes avec la théorie de la firme vue comme un vivier de ressources.

Suggested Citation

  • Ioannides Stavros, 2002. "Owners, Managers, and Entrepreneurship in The Corporate Firm," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-14, March.
  • Handle: RePEc:bpj:jeehcn:v:12:y:2002:i:1:n:9

    Download full text from publisher

    File URL:
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    2. Stavros Ioannides, 2002. "Entrepreneurship, Contracts and the Corporate Firm: Austrian Insights on the Contractual Nature of Business Organization," Chapters,in: Entrepreneurship and the Firm, chapter 7 Edward Elgar Publishing.
    3. 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.
    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.
    5. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    6. Witt, Ulrich, 2000. "Changing Cognitive Frames--Changing Organizational Forms: An Entrepreneurial Theory of Organizational Development," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 733-755, December.
    7. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213-213.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    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:bpj:jeehcn:v:12:y:2002:i:1:n:9. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.