Why Theories of Firm Boundaries Need an Evolutionary Process Dimension?

Topics:
Evaluation
Tags:
Copenhagen Business School,
Theory
Source:
Copenhagen Business School

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Overview: This paper addresses a process gap in economic theories of firm-boundaries by explaining switching costs during governance change in the case of outsourcing. Three perspectives on firm boundaries are considered: modern property right theory, modern transaction cost theory, and evolutionary theory. The first explains firm boundaries by the optimal allocation of residual decision rights to physical assets, while the second is premised on the idea that transaction attributes determine comparative advantages of intra-firm vs. inter-firm resource allocation. Neither of these theories suits the needs of one of the most recent and increasingly important users of economic theories of the firm, namely, those in charge of making decisions whether to outsource and how to manage the process of governance change.

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Format: PDF | Size: 111KB | Date: May 2001 | Pages: 15

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