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The Innovative Enterprise and Corporate Governance

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  • O'Sullivan, Mary

Abstract

The centrality of corporate enterprises for allocating resources in the economy has sparked the recent debate among economists about the manner in which corporations should be governed to enhance economic performance. The process through which resources are developed and utilised is central to the dynamic through which successful enterprises and economies improve their performance over time as well as relative to each other. The leading theories of corporate governance--the shareholder and stakeholder theories--do not, however, incorporate a systematic analysis of innovation in their analytical frameworks. Both of these theories, in fact, rely on concepts of resource allocation, borrowed from neoclassical economics, which contradict what we know about the innovation process. To deal with the economics of innovation, a theory of corporate governance must come to terms with the developmental, organisational and strategic dimensions of innovative resource allocation. This article describes an organisational control theory that demonstrates the implications of innovation for corporate governance. Copyright 2000 by Oxford University Press.

Suggested Citation

  • O'Sullivan, Mary, 2000. "The Innovative Enterprise and Corporate Governance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 24(4), pages 393-416, July.
    • Handle: RePEc:oup:cambje:v:24:y:2000:i:4:p:393-416
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    Citations

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    Cited by:

    1. Bakker, Gerben, 2013. "Money for nothing: How firms have financed R&D-projects since the Industrial Revolution," Research Policy, Elsevier, vol. 42(10), pages 1793-1814.
    2. Peter Wirtz, 2006. "Compétences, conflits et création de valeur:vers une approche intégrée de la gouvernance," Revue Finance Contrôle Stratégie, revues.org, vol. 9(2), pages 187-201, June.
    3. Cai, Jing & Tylecote, Andrew, 2008. "Corporate governance and technological dynamism of Chinese firms in mobile telecommunications: A quantitative study," Research Policy, Elsevier, vol. 37(10), pages 1790-1811, December.
    4. Simon Learmount, 2002. "Theorizing Corporate Governance: New Organizational Alternatives," Working Papers wp237, Centre for Business Research, University of Cambridge.
    5. Hã–Lzl, Werner, 2006. "Convergence of financial systems: towards an evolutionary perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(1), pages 67-90, April.
    6. William Lazonick & Andrea Prencipe, 2004. "Sustained Innovation: Career Engineers, Stock Markets, and the Theory of the Innovative Enterprise," SPRU Working Paper Series 121, SPRU - Science Policy Research Unit, University of Sussex Business School.
    7. Strömsten, Torkel & Waluszewski, Alexandra, 2012. "Governance and resource interaction in networks. The role of venture capital in a biotech start-up," Journal of Business Research, Elsevier, vol. 65(2), pages 232-244.
    8. Shaikh, Ibrahim & Randhawa, Krithika, 2022. "Managing the risks and motivations of technology managers in open innovation: Bringing stakeholder-centric corporate governance into focus," Technovation, Elsevier, vol. 114(C).
    9. Levillain, Kevin & Segrestin, Blanche, 2019. "From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues," European Management Journal, Elsevier, vol. 37(5), pages 637-647.
    10. Gérard Charreaux, 2002. "Au-delà de l'approche juridico-financière:le rôle cognitif des actionnaires et ses conséquences sur l'analyse de la structure de propriété et de la gouvernance," Working Papers CREGO 020701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2002.
    11. Munari, Federico & Oriani, Raffaele & Sobrero, Maurizio, 2010. "The effects of owner identity and external governance systems on R&D investments: A study of Western European firms," Research Policy, Elsevier, vol. 39(8), pages 1093-1104, October.

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