Journal ArticleDOI
The Entrepreneurial Organization of Heterogeneous Capital
TLDR
In this article, the authors define capital heterogeneity in terms of subjectively perceived attributes, the functions, characteristics, and uses of capital assets, which are not given, but have to be created or discovered by means of entrepreneurial action.Abstract:
Transaction cost, property rights, and resource-based approaches to the firm assume that assets, both tangible and intangible, are heterogeneous. Arranging these assets to minimize contractual hazards, to provide efficient investment incentives, or to exploit competitive advantage is conceived as the prime task of economic organization. None of these approaches, however, is based on a systematic theory of capital heterogeneity. In this paper we outline the approach to capital developed by the Austrian school of economics and show how Austrian capital theory provides a natural bridge between theory of entrepreneurship and the theory of the firm. We refine Austrian capital theory by defining capital heterogeneity in terms of subjectively perceived attributes, the functions, characteristics, and uses of capital assets. Such attributes are not given, but have to be created or discovered by means of entrepreneurial action. Conceiving entrepreneurship as the organization of heterogeneous capital provides new insights into the emergence, boundaries, and internal organization of the firm, and suggests testable implications about how entrepreneurship is manifested.read more
Citations
More filters
Journal ArticleDOI
The resource-based view: A review and assessment of its critiques
TL;DR: The resource-based view (RBV) of the firm has been around for over 20 years as mentioned in this paper, during which time it has been both widely taken up and subjected to considerable criticism.
Journal ArticleDOI
Innovation for Inclusive Growth: Towards a Theoretical Framework and a Research Agenda
TL;DR: In this paper, the authors define the concept of "inclusive innovation" as "innovation that benefits the disenfranchised" and outline opportunities for the development of theory and empirical research around this construct in the fields of entrepreneurship, strategy and marketing.
Journal ArticleDOI
Party On! A call for entrepreneurship research that is more interactive, activity based, cognitively hot, compassionate, and prosocial
TL;DR: The Journal of Business Venturing (JBV) celebrated its 30th birthday in 2013 as mentioned in this paper, which is a milestone in the history of the journal and the field of entrepreneurship.
Posted Content
Opportunity Discovery, Entrepreneurial Action, and Economic Organization
TL;DR: This article argued that entrepreneurship can be more thoroughly grounded, and more closely linked to more general problems of economic organization, by adopting the Cantillon-Knight-Mises understanding of entrepreneurship as judgment.
Journal ArticleDOI
Resources, Capabilities and Entrepreneurial Perceptions*
TL;DR: In this paper, a subjectivist theory of entrepreneurship is developed that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship.
References
More filters
Book ChapterDOI
Firm Resources and Sustained Competitive Advantage
TL;DR: In this article, the authors examined the link between firm resources and sustained competitive advantage and analyzed the potential of several firm resources for generating sustained competitive advantages, including value, rareness, imitability, and substitutability.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Journal ArticleDOI
A Resource-Based View of the Firm
TL;DR: In this paper, the authors explore the usefulness of analyzing firms from the resource side rather than from the product side, in analogy to entry barriers and growth-share matrices, the concepts of resource position barrier and resource-product matrices are suggested.
Book
The theory of the growth of the firm
TL;DR: In this article, the authors studied the role of large and small firms in a growing economy and found that large firms are more likely to acquire and merge smaller firms in order to increase their size.