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"Firm theory"
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Opening the gates : the Lip affair, 1968-1981
\"How the occupation of a watch factory became one of the iconic labour struggles after May 1968 In the Summer of 1973, workers occupied the Lip watch and clock factory, sparking a national affair. The Lip occupation and self-management experience captured the imagination of the Left in France and internationally, as a living example of the spirit of May '68. In Opening the Gates, Donald Reid chronicles the history of this struggle. Beginning with the early stirrings of worker radicalism in 1968, Reid's meticulously researched narrative details the nationally publicised conflict of 1973, the second bankruptcy and occupation of 1976 and the conversion of Lip into a group of cooperatives operating into the 1980s. Reid explores the arguments that that animated Lip: between the labour bureaucracy and the rank-and-file; between the two main progressive trade unions, the CGT and the CFDT; between the established worker institions at Lip (CGT, CFDT, and the CE/works council) and the more militant, less structured organizations like the Action Committee; and lastly, between male workers and an increasingly-politicized female workforce at Lip, who gradually developed a parallel feminist struggle both inside and outside the factory\"-- Provided by publisher.
Book
Dynamic Olley-Pakes productivity decomposition with entry and exit
We propose an extension of the Olley and Pokes (1996) productivity decomposition that accounts for the contributions of surviving, entering, and exiting firms to aggregate productivity changes. We argue that the other decompositions that break down aggregate productivity changes into similar components introduce some biases in the measurement of the contributions of entry and exit. We apply our proposed decomposition to Slovenian manufacturing data and contrast our results with those of other decompositions. We find that, over a five-year period, the measurement bias associated with entry and exit is substantial, accounting for up to 10 percentage points of aggregate productivity growth.
Journal Article
CEO Ambivalence and Responses to Strategic Issues
We examine how executives' ambivalent evaluation of a strategic issue relates to organizational actions taken in response. Ambivalence occurs when a decision maker evaluates an issue as simultaneously positive and negative, a state that has received scant attention in organizational research. We integrate findings in social psychology with the behavioral theory of the firm to suggest how executives' ambivalence prompts wider and more vigorous search for action responses and enables broader participation. Data from a two-wave survey of 104 German CEOs who evaluated the enlargement of the European Union in 2004 and reported their organizations' responses show that organizations whose CEOs evaluated the event as both positive and negative were more likely to take action when both evaluations were also strongly held. The reported actions were also of greater scope, novelty, and riskiness. The study contributes to research on organizational decision making by theorizing the role of top executives' ambivalence and by providing a first systematic test of how ambivalence affects responses to strategic issues.
Journal Article
Innovation, Firm Dynamics, and International Trade
We present a general equilibrium model of the response of firms’ decisions to operate, innovate, and engage in international trade to a change in the marginal cost of international trade. We find that, although a change in trade costs can have a substantial impact on heterogeneous firms’ exit, export, and process innovation decisions, the impact of changes in these decisions on welfare is largely offset by the response of product innovation. Our results suggest that microeconomic evidence on firms’ responses to changes in international trade costs may not be informative about the implications of changes in these trade costs for aggregate welfare.
Journal Article
Incomplete Contracts and the Theory of the Firm: What Have We Learned over the Past 25 Years?
Sanford Grossman and Oliver Hart used the theory of incomplete contracts to develop answers to the question \"What is a firm, and what determines its boundaries?\" in their path-breaking paper on \"The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration\" (Journal of Political Economy, 1986, vol. 94, no. 4). The optimal allocation of property rights is one that minimizes efficiency losses. This produces a theory of ownership and vertical integration as well as a theory of the firm. First this paper spells out Grossman and Hart's argument using a simple numerical example. Then it shows how the incomplete contracts approach can be used to analyze the firms' internal organization; the firms' financial decisions; the costs and benefits from privatization; and the organization of international trade between inter- and intrafirm trade. It discusses several criticisms of the incomplete contracts/property rights methodology and review recent developments of the incomplete contracts approach.
Journal Article
A review of servitization theoretical foundations
Purpose: This study seeks to analyse how the servitization topic has been addressed through different theoretical approaches. More specifically, the aim is to answer two key questions: What theoretical approaches have been used to study the phenomenon of servitization? What specific aspects of the servitization process have been analysed through each theoretical approach? Design/methodology/approach: This paper adopts a systematic literature review. The first step involves a descriptive analysis, which is then followed by a thematic one. Findings: The results show that the topic of servitization has been analysed according to the main boundary of the firm theories (Resource-based view, Game theory, and Transaction cost economics) and to organizational boundaries (Contingency theory and Resource dependence theory), among others. From the perspective of these theoretical frameworks, the following topics have received the most scholarly attention: Performance, Capabilities, Supply Chain Management, Business Model, Strategy, and Sustainability. Originality/value: Observations are made on the relevance that diverse theories have on the development of research into servitization. The most suitable theoretical lenses are recommended for future research.
Journal Article
Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies
We study how firm characteristics evolve from early business plan to initial public offering (IPO) to public company for 50 venture capital (VC)-financed companies. Firm business lines remain remarkably stable while management turnover is substantial. Management turnover is positively related to alienable asset formation. We obtain similar results using all 2004 IPOs, suggesting that our main results are not specific to VC-backed firms or the time period. The results suggest that, at the margin, investors in start-ups should place more weight on the business (\"the horse\") than on the management team (\"the jockey\"). The results also inform theories of the firm.
Journal Article
Managing Disruption Risk: The Interplay Between Operations and Insurance
Disruptive events that halt production can have severe business consequences if not appropriately managed. Business interruption (BI) insurance offers firms a financial mechanism for managing their exposure to disruption risk. Firms can also avail of operational measures to manage the risk. In this paper, we explore the relationship between BI insurance and operational measures. We model a manufacturing firm that can purchase BI insurance, invest in inventory, and avail of emergency sourcing. Allowing the insurance premium to depend on the firm's insurance and operational decisions, we characterize the optimal insurance deductible and coverage limit as well as the optimal inventory level. We prove that insurance and operational measures are not always substitutes, and we establish conditions under which they can be complements; that is, insurance can increase the marginal value of inventory and can increase the overall value of emergency sourcing. We also find that the value of insurance is higher for those firms less able to absorb financially significant disruptions. As disruptions become longer but rarer, the value of emergency sourcing increases, and the value of inventory and the value of insurance increase before eventually decreasing.
This paper was accepted by Martin Lariviere, operations management.
Journal Article
Building micro-foundations for the routines, capabilities, and performance links
Micro-foundations have become an important emerging theme in strategic management. This paper addresses micro-foundations in two related ways. First, we argue that the kind of macro (or 'collectivist') explanation that is presently utilized in the capabilities view in strategic management-which implies a neglect of micro-foundations-is incomplete. There are no mechanisms that work solely on the macro-level, directly connecting routines and capabilities to firm-level outcomes. While routines and capabilities are useful shorthand for complicated patterns of individual action and interaction, ultimately they are best understood at the micro-level. Second, we provide a formal model that shows precisely why macro-explanation is incomplete and which exemplifies how explicit micro-foundations may be built for notions of routines and capabilities and how these impact firm performance.
Journal Article
Building Capabilities for International Operations through Networks: A Study of Indian Firms
In this study we seek to explain how firms from emerging markets build capabilities to operate in international markets through learning from parental networks. The building of these capabilities is of particular interest, as firms from emerging markets may not necessarily possess the monopolistic advantages commonly referred to in IB literature, which allow a firm to succeed in international markets. Using lagged cross-sectional regression models on a sample of 794 Indian firms, we found that firms draw on the international experience of their parental and foreign networks to build such capabilities. Findings also indicate that network scope is beneficial for increasing exposure to international markets only in the case of networks that are either small or medium sized. Additionally, we found that firms lacking market power in their home market benefit through foreign partnerships when internationalizing operations.
Journal Article