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The 20 years following the introduction of the seminal construct of absorptive capacity (AC) by Cohen and Levinthal (Cohen, W. M., D. A. Levinthal. 1989. Innovation and learning: The two faces of R&D. Econom. J. 99 (397) 569-596; Cohen, W. M., D. A. Levinthal. 1990. Absorptive capacity: A new perspective on learning and innovation. Admin. Sci. Quart. 35 (1) 128-152) have seen the proliferation of a vast literature citing the AC construct in over 10,000 published papers, chapters, and books, and interpreting it or applying it in many areas of organization science research, including organization theory, strategic management, and economics. However, with very few exceptions, the specific organizational routines and processes that constitute AC capabilities remain a black box. In this paper, we propose a routine-based model of AC as a first step toward the operationalization of the AC construct. Our intent is to direct attention to the importance of balancing internal knowledge creating processes with the identification, acquisition, and assimilation of new knowledge originating in the external environment. We decompose the construct of AC into two components, internal and external AC capabilities, and identify the configuration of metaroutines underlying these two components. These higher-level routines are expressed within organizations by configurations of empirically observable practiced routines that are idiosyncratic and firm specific. Therefore, we conceptualize metaroutines as the foundations of practiced routines. The ability of organizations to discover and implement complementarities between AC routines may explain why some firms are successful early adopters and most firms are imitators. Success as an early adopter of a new management practice or an innovation is expected to depend on the extent to which an organization evolves, adapts, and implements the configuration of its internal and external absorptive capacity routines.

Macroeconomic models are typically solved through the imposition of a top-down general equilibrium solution constraining agents’ rational behavior. This is customarily obtained by recurring, explicitly or not, to the Walrasian auctioneer artifice. In this paper we aim at contributing to the small but burgeoning literature that deals with the consequences of removing it from the start by means of agent-based techniques. We let the textbook full-employment neoclassical macroeconomic model be populated by a large number of bounded-rational, autonomous agents, who are repeatedly engaged in decentralized transactions in interrelated markets. We set up a computational laboratory to perform several experiments, whose designs differ as regards the way we treat learning on the one side, and the institutional arrangement determining who—between firms and workers—is bound to bear the risk associated to incomplete markets on the other one. We show that our fully decentralized multi-market system admits the possibility to attain the Walrasian full-employment solution, but also that serious coordination failures emerge endogenously as learning mechanisms and institutional settings are varied.

What is the value of having microfoundations for monetary exchange in a macro model? In this article, the author attempts to answer this question by listing what he considers the major accomplishments of the field. He argues that the evidence overwhelmingly shows that microfoundations matter for many questions of first-order importance in macroeconomics.

This article aims to consolidate the psychological microfoundations of corporate social responsibility (CSR) by taking stock and evaluating the recent surge of person-focused CSR research. With a systematic review, the authors identify, synthesize, and organize three streams of micro-CSR studies—focused on (i) individual drivers of CSR engagement, (ii) individual processes of CSR evaluations, and (iii) individual reactions to CSR initiatives—into a coherent behavioral framework. This review highlights significant gaps, methodological issues, and imbalances in the treatment of the three components in prior micro-CSR research. It uncovers the need to conceptualize how multiple drivers of CSR interact and how the plurality of mechanisms and boundary conditions that can explain individual reactions to CSR might be integrated theoretically. By organizing micro-CSR studies into a coherent framework, this review also reveals the lack of connections within and between substreams of micro-CSR research; to tackle them, this article proposes an agenda for further research, focused on six key challenges.

Vahlne and Johanson (2017) present the multinational business enterprise (MBE) as a new form of cross-border organization that supersedes the multinational enterprise (MNE). They offer a 'general model of the evolution of the MBE,' arguing that the MBE evolves through ongoing internationalization processes by proactively and entrepreneurially engaging in business exchange rather than production. In this counterpoint, we focus on two critical dimensions absent from Vahlne and Johanson's (2017) arguments: the impact of the digital context as a defining macro-level feature of our modern world, and the role of the individual as a core microfoundation of the internationalization process. We argue that a robust theory of the evolution of the modern firm must necessarily account for these dimensions. To explicate these impacts, we draw from a range of complementary research streams across international business, entrepreneurship, and international entrepreneurship. We identify research implications for scholars seeking to further advance the Uppsala model of internationalization and those who will use the revised model to study the modern multinational.

This work nests the Agent-Based macroeconomic perspective into the earlier history of macroeconomics. We discuss how the discipline in the 70’s took a perverse path relying on models grounded on fictitious rational representative agent in order to try to pathetically circumvent aggregation and coordination problems. The Great Recession was a natural experiment for macroeconomics, showing the inadequacy of the predominant theoretical framework grounded on DSGE models. After discussing the pathological fallacies of the DSGE-based approach, we claim that macroeconomics should consider the economy as a complex evolving system, i.e. as an ecology populated by heterogenous agents, whose far-from-equilibrium interactions continuously change the structure of the system. This in turn implies that more is different: macroeconomics cannot be shrink to representative-agent micro, but agents’ complex interactions lead to emergence of new phenomena and hierarchical structure at the macro level. This is what is taken into account by agent-based models, which provide a novel way to model complex economies from the bottom-up, with sound empirically-based microfoundations. We present the foundations of Agent-Based macroeconomics and we discuss how the contributions of this special issue push its frontier forward. Finally, we conclude by discussing the ways ahead for the fully acknowledgement of agent-based models as the standard way of theorizing in macroeconomics.

Microfoundations have become an important theme in recent macromanagement research. However, the international management (IM) field is an exception to this. We document the lack of attention on microfoundations in IM research by focusing on knowledge sharing – a key IM research field – which we investigate by means of a keyword-based literature study of the leading IM and general management journals. We discuss possible reasons why microfoundations have so far met with less resonance in IM research. We point to the training and background of IM scholars as possible reasons. We also highlight the significance that IM scholars place on context and structure in explanation. These may be seen as contrary to a microfoundations perspective, a view that we show is incorrect. We end by identifying several microfoundational issues in IM research, calling for a sustained effort with respect to theory, heuristics, and empirics.