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Business Strategy is becoming increasingly 'pluralist', drawing on the insights of different disciplines, and business practice in different parts of the world. This book brings together the work and ideas of leading international scholars working in the field under three main headings Technology, Strategy and Organization, and Regions. The purpose of the book is to explore from different perspectives the dynamic interplay between the technology of a firm; its strategies; organizational choices; and issues of place, region, and location. The contributors are Peter Hagström, Alfred Chandler, Takahiro Fujimoto, Richard Nelson, Nathan Rosenberg, Erik von Hippel, Cristiano Antonelli, Giovanni Dosi, Benjamin Coriat, David Teece, Gunnar Hedlund, Pari Patel, Keith Pavitt, Ikujiro Nonaka, Hirotaka Takeuchi, Lars-Gunnar Mattsson, John Cantwell, John Dunning, Michael Enright, Masahisa Fujita, Ryoichi Ishii, Allen Scott, Orjan Solvell, Ivo Zander, J-C Spender, and Michael Porter. Together they address the challenge of explaining the long-run competitiveness of firms in an ever more global world. This book will be a benchmark for anybody wanting to keep abreast of leading edge strategic thinking.
This volume is the final result of the research project ''Micro growth model", that was sponsored by the Central Research Pool of Tilburg University, the Netherlands. Apart from the University Council for this important financial support, I owe Prof. Dr. Fiet Verheyen very much for the way in which he introduced me into scientific circles and for the way in which he supervised and stimulated my work. Dr. Jan de Jong and Peter Janssen C. E. , Technical University of Eindhoven, piloted me safely through the mathe matics of optimal control theory and removed some technical barriers. Their help was indispensable for the success of this project. I would also like to mention the kind support of Prof. Dr. Jack Kleijnen, who gave me many valuable hints on how to present the results of this project. In this way I was able to contact with several resear chers inside and outside the Netherlands. Most grateful I am to Prof. Dr. Charles Tapiero, Jerusalem University, who commented on important parts of this book in a constructive way and who suggested many subjects for further research. Also Mr. Geert Jan vsn Schijndel, Tilburg University, should be mentioned here, because he closely read the work and I appreciated his remarks and corrections very much. Many collea gues have contributed to the results of this research project in a direct or indirect way. Especially I should like to mention my contacts with Prof. Dr.
Today’s leading authority on the subject of this text is the author, MIT Standish Professor of Management and Director of the System Dynamics Group, John D. Sterman. Sterman’s objective is to explain, in a true textbook format, what system dynamics is, and how it can be successfully applied to solve business and organizational problems. System dynamics is both a currently utilized approach to organizational problem solving at the professional level, and a field of study in business, engineering, and social and physical sciences.
Traditonal western forms of corporate organization have been called into question by the success of Japanese keiretsu. Firms, Markets and Economic Change draws on industrial economics, business strategy, and economic history to develop an evolutionary model to show when innovation is best undertaken. The authors argue that innovation is a complex p
This book aims to include the effects of a progressive personal tax into the deterministic dynamic theory of the firm. To this end the author investigates the impact of a progressive personal tax on the optimal dividend, financing and investment policy of a shareholder-controlled, value-maximising firm. More specifically, the principal aim is the justification of the thesis that during each stage of their evolution, firms will be controlled by investors in different tax brackets. With this aim in mind, the author develops a dynamic equilibrium and portfolio theory under certainty, which considers: - the market value of an arbitrary firm such that no excess demand for or supply of shares exists, - the portfolio selection of differently taxed investors, - the succession of differently taxed investors, who possess the shares of any value-maximizing firm, in the course of time, - the optimal resulting policy string and corresponding evolution of a firm in the course of time.
In the increasingly turbulent political climate, there has been growing interest in economic and international relations with Asia. Understanding the business practices in countries of this region, particularly uncertainties, risks, and opportunities associated with doing business in Asia, will be key for competing in a global economy. Dynamic Perspectives on Globalization and Sustainable Business in Asia provides perspectives on the challenges and opportunities of business growth in Asia with strategic insights on knowledge production, innovation, and disruptive technologies. Featuring coverage on a broad range of topics such as consumer behavior, financial literacy, and value perception, this book is ideally designed for academicians, researchers, government officials, policymakers, and practitioners seeking current research on the development of networks to support competitive advantage in the global economy and viable enterprises.
. . . some excellent applications of contemporary scholarship to the major public sector innovation issues of the day. And, if you are more interested in cognitive psychology or evolutionary theory than public sector innovation, this book stands out as an excellent application of constructivist, cognitive evolutionary theory to a field in which you may previously have had little interest. Either way, the journey will have been worthwhile for anyone wishing to take it. Howard A. Doughty, The Innovation Journal: The Public Sector Innovation Journal A thought provoking, original and personal contribution to the emerging field of cognitive economics, integrating insights from a variety of innovative research streams in neighboring social sciences including neural science, social cognition, strategy and organization, and social network analysis. Anna Grandori, Bocconi University, Italy Among scholars writing about business firms, Bart Nooteboom stands out both in his ability to bring relevant perspectives from diverse disciplines together to illuminate phenomena, and in his solid understanding of how firms actually work. For many years he has had a central interest in how firms cope with challenges, problem solving mechanisms in firms, and innovation. These qualities make this an important book. Nooteboom also writes very well, and the book is a pleasure to read. Richard R. Nelson, Columbia University, US In this important and timely book, Bart Nooteboom develops and applies a social cognitive theory of firms and organizations with a focus on learning and innovation. Why explore a cognitive theory of the firm? This enlightening study explains that a cognitive theory of the firm is required in order to lend more substance and analysis to current vague and unconnected ad hoc notions in the literature, such as entrepreneurial vision, absorptive capacity, and variety and dispersion of knowledge. The author explores the notion of differential cognition, drawing together the work of Hayek, Schumpeter and Penrose to shed light on the sources of innovation. This interdisciplinary book connects ideas from specific branches of economics, management and organization, cognitive science, social psychology and sociology and will be invaluable to students and scholars interested in a new perspective on the firm.
How do firms grow? How do firms compete? An influential answer to these fundamental questions of business strategy lies in the concept of dynamic capabilities. David Teece provides a clear statement of his ideas, and a framework for managers wishing to assess their organization's strategy.
1.1. Scope of the Book This book is a contribution to the area of "dynamic models of the firm". The motivation for this kind of research is the following: Empirical studies (e.g. Albach (1976)) have shown that the development of the firm over time can be divided into different stages. such as growth. stationarity and contraction. In order to understand and evaluate these stages in a proper way. it is important to develop a suitable theoretical framework. To that end. economists have applied dynamic mathematical techniques. such as optimal control theory. calculus of variations and dynamic programming to design and analyse dynamic models of the firm. In this way. the economic theory of the firm is extended to a dynamic context. Within the field of the dynamics of the firm this book - develops a general investment decision rule. based on the concept "net present value of marginal investment". which is applicable in deterministic dynamic models of the firm; - studies the influence of adjustment costs of investment on optimal dynamic firm behavior; - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model. Before elaborating on "the dynamics of the firm". we first review the subject of net present value in the classical analysis.