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Creating and Capturing Value in Public-Private Ties: A Private Actor's Perspective
TL;DR: The authors identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes.
Abstract: Intersecting the boundaries of public and private economic activity, public-private ties carry important organizational strategy, management, and policy implications. We identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes. Two important restraints on private value capture--public partner opportunism and external stakeholder activism--arise asymmetrically under each form, carrying a critical effect on partnership outcomes.
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TL;DR: In this article, the authors employed a systematic procedure to review the literature on universities-industry collaboration (UIC) and identified five key aspects, which underpinned the theory of UIC.
Abstract: The collaboration between universities and the industry is increasingly perceived as a vehicle to enhance innovation through knowledge exchange. This is evident by a significant increase in studies that investigate the topic from different perspectives. However, this body of knowledge is still described as fragmented and lacks efficient comprehensive view. To address this gap, we employed a systematic procedure to review the literature on universities-industry collaboration (UIC). The review resulted in identifying five key aspects, which underpinned the theory of UIC. We integrate these key aspects into an overarching process framework, which together with the review, provide a substantial contribution by creating an integrated analysis of the state of literature concerning this phenomenon. Several research avenues are reported as distilled from the analysis.
495 citations
TL;DR: In this article, the authors argue that the time is ripe to rethink academic entrepreneurship and that more stakeholders have become involved in academic entrepreneurship, and that universities have become more strategic in their approach to this activity.
Abstract: Academic entrepreneurship, which refers to efforts undertaken by universities to promote commercialization on campus and in surrounding regions of the university, has changed dramatically in recent years. Two key consequences of this change are that more stakeholders have become involved in academic entrepreneurship and that universities have become more ‘strategic’ in their approach to this activity. The authors assert that the time is ripe to rethink academic entrepreneurship. Specifically, theoretical and empirical research on academic entrepreneurship needs to take account of these changes, so as to improve the rigour and relevance of future studies on this topic. We outline such a framework and provide examples of key research questions that need to be addressed to broaden understanding of academic entrepreneurship.
408 citations
TL;DR: This study analyzes over 1400 publications from a wide range of disciplines over a 20-year time period and synthesizes formerly dispersed research perspectives into a comprehensive multi-dimensional framework of public-private partnerships.
348 citations
01 Jun 1996
TL;DR: A review of the literature on Pareto-optimal allocation of public goods can be found in this paper, where the authors focus on the problem of finding the optimal level of provision of a public good without any explicit assumption concerning the distribution of private goods and hence of utility.
Abstract: The systematic tendency toward underprovision of a public good that seems to be implied by the model of Nash-Cournot equilibrium has encouraged extensive analysis of alternative allocative mechanisms and their evaluation against the yardstick provided by the set of Pareto-efficient allocations. The aim of this chapter, which is necessarily highly selective, is to review some of this large and varied literature. We begin with a closer look at the set of Pareto-efficient, or Paretooptimal, allocations. Pareto-optimal provision of public goods In the public goods economy, just as in its private goods counterpart, the optimality criterion typically identifies not one, but an infinite number of allocations – all the points on the utility possibilities frontier between R and S in Figure 7.1. Any discussion of “the optimum” must presuppose either a very special structure, so that there is, indeed, a single optimal level of Q associated with every allocation along the frontier RS , or else the introduction of some kind of social welfare function that enables us to rank optima and pick out the optimum optimorum. Economists have, however, often expressed and relied upon the hope that certain allocation decisions can be made without reference to distributional considerations. In the present context, this is reflected in many treatments that refer to the optimal level of provision of a public good without any explicit assumption concerning the distribution of private goods and hence of utility.
282 citations
TL;DR: In this paper, a holistic business model framework is developed, which is then used to analyse the empirical evidence from the creative industries, and three new themes for future research are highlighted.
262 citations
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TL;DR: In this paper, the authors developed a model in which the provider can invest in improving the quality of service or reducing the cost of providing a service in order to improve the quality or reduce the cost.
Abstract: When should a government provide a service inhouse and when should it contract out provision? We develop a model in which the provider can invest in improving the quality of service or reducing cost. If contracts are incomplete, the private provider has a stronger incentive to engage in both quality improvement and cost reduction than a government employee. However, the private contractor's incentive to engage in cost reduction is typically too strong because he ignores the adverse effect on non-contractible quality. The model is applied to understanding the costs and benefits of prison privatization.
1,382 citations
TL;DR: In this paper, the authors present a taxonomy of political strategies and identify firm and institutional variables that affect the likelihood of making specific decisions within a decision-tree model of political strategy formulation that integrates and extends prior diffused work.
Abstract: In this article we examine two general approaches to political action (transactional and relational), two levels of participation (individual and collective), and three types of generic political strategies (information, financial incentive, and constituency building), thus presenting a comprehensive taxonomy of political strategies. In addition, we identify firm and institutional variables that affect the likelihood of making specific decisions within the formulation model. The result is a decision-tree model of political strategy formulation that integrates and extends prior diffused work.
1,372 citations
TL;DR: The authors argue that the source of new use values is the labour performed by organizational members, and that firm profits can be attributed to this labour, and profit differences between competing firms derive from labour performing heterogeneously across firms.
Abstract: Resource-based theory has tended to focus on the development and protection of valuable resources. What determines a valuable resource has received less attention. This paper addresses three related issues concerning value and valuable resources: what is value? how is it created? and who captures it? We have tried here to integrate different strands of the literature to address these questions. First, we argue that a distinction needs to be made between use value, which is subjectively assessed by customers, and exchange value, which is only realized at the point of sale. Second, we argue that the source of new use values is the labour performed by organizational members, and that firm profits can be attributed to this labour. Profit differences between competing firms derive from labour performing heterogeneously across firms. Finally, we argue that value capture is determined by the perceived power relationships between buyers and sellers.
1,272 citations
TL;DR: In this paper, the authors define value creation in terms of use value and exchange value and discuss some of the key issues related to its study, including the topic of value capture, and use the concepts of competition and isolating mechanisms to explain how value can be captured at different levels of analysis.
Abstract: As an introduction to the special issue topic of value creation, we define value creation in terms of use value and exchange value and discuss some of the key issues related to its study, including the topic of value capture. Although the definition of value creation is common across levels of analysis, the process of value creation will differ based on whether value is created by an individual, an organization, or society. We use the concepts of competition and isolating mechanisms to explain how value can be captured at different levels of analysis.
1,250 citations
TL;DR: A review of previous research yields four key issues that form the core of a theory of hybrid arrangements as mentioned in this paper, which is then used to generate researchable propositions that explore differences among types of hybrids and to offer insights for managers of hybrid organizations.
Abstract: Hybrid organizational arrangements, in which two or more sovereign organizations combine to pursue common interests, raise significant questions for both scholars and managers. A review of previous research yields four key issues—breadth of purpose, boundary determination, value creation, and stability mechanisms—that form the core of a theory of hybrid arrangements. This theory is then used to generate researchable propositions that explore differences among types of hybrids and to offer insights for managers of hybrid organizations.
1,135 citations