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Corporate strategies – the institutional approach

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  • Waśniewski, Krzysztof

Abstract

The present paper introduces a model of corporate strategies, based on institutional theories of the firm and formalized with the concepts of the theory of games. Corporate strategies are balanced outcomes of four social games: capital market, corporate governance, product market and social responsibility. Two empirical applications of the model are then introduced: a qualitative one, consisting in comparative study of strategies deployed by Royal Dutch Shell and Israel Corporation, then a quantitative one, presenting a study of capital accumulation and operational efficiency in 79 companies listed in the Warsaw Stock Exchange.

Suggested Citation

  • Waśniewski, Krzysztof, 2010. "Corporate strategies – the institutional approach," MPRA Paper 25190, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:25190
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    File URL: https://mpra.ub.uni-muenchen.de/25190/1/MPRA_paper_25190.pdf
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    References listed on IDEAS

    as
    1. Gordon, Lawrence A. & Miller, Danny, 1976. "A contingency framework for the design of accounting information systems," Accounting, Organizations and Society, Elsevier, vol. 1(1), pages 59-69, January.
    2. 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.
    3. Masters, Adrian M, 1998. "Efficiency of Investment in Human and Physical Capital in a Model of Bilateral Search and Bargaining," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 477-494, May.
    4. Jacob Gyntelberg & Søren Kyhl, 1999. "Ownership Structure as a Signal of Managerial Ability," Discussion Papers 99-17, University of Copenhagen. Department of Economics.
    5. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    6. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-1026, October.
    7. 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.
    8. Waśniewski, Krzysztof, 2010. "Patterns of technological progress and corporate innovation," MPRA Paper 25186, University Library of Munich, Germany.
    9. William C. Brainard & Matthew D. Shapiro & John B. Shoven, 1990. "Fundamental Value and Market Value," NBER Working Papers 3452, National Bureau of Economic Research, Inc.
    10. Daron Acemoglu, 1996. "A Microfoundation for Social Increasing Returns in Human Capital Accumulation," The Quarterly Journal of Economics, Oxford University Press, vol. 111(3), pages 779-804.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    institutional economics; strategy; corporation;

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D2 - Microeconomics - - Production and Organizations
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • G3 - Financial Economics - - Corporate Finance and Governance
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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