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Poppo, L, Zenger, T. 1998. Strategic Management Journal. Testing Altermative Theories of the Firm: Transaction Cost, Knowledge-Based, and Measurement Explanations for Make-or-Buy Decisions in Information Services

Addresses competing theories of firm boundary decisions by empirically testing transaction cost economics, knowledge-based, and measurement cost explanations of vertical integration decisions. These theories generally agree, but offer competing explanations for how similar attributes influence make or buy choices. Finds that a theory of boundary choice is complex, requiring integration of these competing theories. Provides strong support for TCE in determining boundary choice, in comparison to knowledge-based explanations that suggest internalization provides a way for firms to communicate more effectively internally. Measurement cost explanations are also supported, finding that difficulty in measuring internal performance leads to assessments of lower internal performance along all measured dimensions (cost, quality, and responsiveness), but finds less evidence relative to market performance.

Grant, Robert M. 2003. Strategic Management Journal. Strategic Planning in a Turbulent Environment: Evidene from the Oil Majors

Addresses growing concerns that strategic planning is ineffective in turbulent environments by suggesting that strategic planning has simply taken a new form. Instead of focusing on long-range planning by trying to forecast future conditions, strategic planning has begun taking the form of shorter term performance requirements that align the objectives of line managers with corporate direction. Strategic planning is found to be a context for strategic decision making, a mechanism for coordination, and a mechanism for control. Strategic planning systems are mechanisms for improving the quality of strategic decision making and improving performance. Concludes that the debate between strategy as rational design and strategy as an emergent process is based on a misconception of how strategic planning actually works.

Weber, L., Bauman, C.W. 2019. Academy of Management Journal. The Cognitive and Behavioral Impact of Promotion and Prevention Contracts on Trust in Repeated Exchanges

Addresses the debate on whether contracts and trust are complements or substitutes using an experimental approach. Uses contract frames, differences in contract language, to show how prevention contracts that focus on penalties act as substitutes for trust, whereas promotion contracts which focus on incentives act as complements. Even with an economically equivalent contract, cognitive framing plays an important role in promoting trust. Authors do not find evidence that cognitive framing affects emotional reactions, but does find that promotion contracts lead people to attribute more beneevolence to exchange partners. Promotion contracts are more susceptible to loss of trust in the case of unexpected negative exchange events.

Hogarth, R.M., Karelaia, N. 2012. Entrepreneurial success and failure: Confidence and fallible judgment. ORG SCI

Addresses the overconfidence problem by making a statistical argument that we only measure overestimation/overconfidence as excess entry, and we miss the missed opportunities from underconfidence. Concludes that overconfidence decreases the number of missed opportunities, but at the cost of more failures.

Smith, W.K., Thusman, M.L. 2005. Managing strategic contradictions: A top management model for managing innovation streams. ORG SCI

Addresses the paradox of pursuing both exploration and exploitation by suggesting individuals have cognitive limitations, but organizations can be designed to clearly identify differences between products to clearly identify ways to develop synergies. Suggestes there are both team-centric and leader-centric approaches to promoting differentiation and integration.

Alvarez, S.A., Barney, J. 2005. How do Entrepreneurs Organize Firms Under Conditions of Uncertainty?. Journal of Management

Addresses the problem of organizing a firm under conditions of uncertainty -- how do entrepreneurs negotiate payments to all their resource providers and laborers without knowing supply or demand? Given the uncertainty of starting a new enterprise, the two perspectives of the firm as arising because of transaction costs, or incomplete contracting, are unable to explain how to appropriate control and income rights. Neither of these perspectives account for knowing what the value created is, and who will appropriate what. Authors develop a typology of three potential ways of organizing under uncertainty: clan-based, expert-based, or charisma-based.

Bingham, C.B., Eisenhardt, K.M. 2011. Rational Heuristics: The 'Simple Rules' That Strategists Learn From Process Experience. Strategic Management Journal

Although most research indicates that organizational processes are learned from experience, no literature addressed what specific things organizations learned. This paper shows that firms learn portfolios of heuristics by combining the organizational knowledge, organizational routines, and heuristics literature. Although what is learned is idiosyncratic, the framework posited here suggests there is a common structure across firms that each heuristic type centers on as a particular aspect of opportunity capture. Firms (1) begin by learning selection and procedural heuristics, (2) add temporal and priority heuristics, and (3) engage in simplification cycling to hone increasingly strategic but small heuristic portfolios.

Bingham, C.B., Eisenhardt, K.M. 2011. Strategic Management Journal. Rational Heuristics: The 'Simple Rules' That Strategists Learn From Process Experience

Guler, I. 2007. ASQ. Throwing Good Money after Bad? Political and Institutional Influences on Sequential Decision Making in the Venture Capital Industry.

Analyzes sequential investments decisions in the VC industry as a safeguard to low-performing new ventures that requires certain levels of performance for future funding. Finds empirical evidence that although the probability of startup success drops with sequential investments, VCs continue to invest for political and institutional reasons, as well as coercive and normative pressures within the investment network.

Cool, K., Dierickx, I. 1993. Strategic Management Journal. Rivalry, Strategic Groups, and Firm Profitability

Analyzes the U.S. pharmaceutical industry to show that declines in industry profitability are most strongly associated with increasing rivalry. THis suggests changes in strategic group structure shifts the nature of competition from within group rivalry to across group rivalry within an industry.

Bastiat, Frederic. 1845. A Petition.

Argues against protectionist policies through a petition to the candlemaker.

Acemoglu, D. Robinson, J. 2013. Economics versus Politics: Pitfall of Policy Advice. Journal of Economic Perspectives

Argues economic analysis needs to identify conditions under which politics and economics come into conflict, and evaluate policy proposals taking this into account as well as the potential backlashes. Argues that political equilibrium is not independent of market failure, and instead rests upon it. Removing market failures may not improve allocation of resources because it may affect future political equilibria. It is therefore not enough to look at economic costs and benefits of a policy, but also the political consequences.

Etzioni, A. 2009. The Capture Theory of Regulations - Revisited. Society

Argues regulations need to be made more capture proof. One way to do so is to limit the reliance of government officials on outside sources of funding, so they are less likely to be captured. Primary argument is we should change how elections are financed.

Eisenhardt, K.M., Martin, J.A. 2000. Strategic Management Journal. Dynamic Capabilities: What Are They?

Argues that dynamic capabilities look different depending on market context, but that they are more homogenous, fingible, equifinal, and substitutible than was previously assumed. As such, dynamic capabilities can be measured. Suggests dynamic capabilities cannot be a source of sustained competitive advantage in high-velocity markets. Learning mechanisms guide the evolution of dynamic capabilities and underlie path dependence. Since dynamic capabilities can be duplicated across firms, DC are not source of competitive advantage, rather the resource configurations that result are. Best practices for dynamic capabilities exist across firms.

Dean, T., McMullen, J. 2007. JBV. Toward a theory of sustainable entrepreneurship: Reducing environmental degradation through entrepreneurial action

Argues that environmental problems represent entrepreneurial opportunities that can lead to the enhancement of ecological sustainability. Specifically points to five categories of market failures (public goods, externalities, monopoly power, inappropriate government intervention, and imperfect information) and suggests entrepreneurs can create and improve markets by developing property rights and economic institutions, reducing transaction costs, disseminating information, and motivating government action. Authors suggest the magnitude of potential opportunities corresponds to levels of degradation. Suggests there are Coasian, institutional, market appropriating, political, and informational entrepreneurs addressing environmental problems.

Pouder, R., St. John, C. 1996. Hot spots and blind spots: geographic clusters of firms and innovation. AMR

Argues that geographic clusters of innovation follow life cycle dynamics. Eventually, the benefits of local agglomeration can be removed if a geographic cluster does not look at the market outside of that particular hot spot.

Sawant, R.J. 2012. Asset Specificity and Corporate Political Activity in Regulated Industries. Academy of Management Review

Asset specificity and political activity as substitutes. Firms choose corporate political activity (CPA) when transaction costs are lower than internalization costs. Firms engage in CPA when governments are main customers, they operate in highly concentrated industries, and when they seek policies to mitigate hazards arising from factor specificity. Following North (1990), suggests transaction cost politics (TCP) costs are affected by inst. environment, competition in political marketplace, uncertainty, and firm and policy level factors.

Dimov, D. 2011. ETP. Grappling with the unbearable elusiveness of entrepreneurial opportunities

Attempts to build a framework of understanding entrepreneurial opportunities that addresses two large inconsistencies. Suggests opportunities need to be studied ex ante, as many new ventures pursue opportunities that evolve rapidly and are not known ex ante. The framework deconstructs opportunities as capable of being studied in three different ways. Opportunities can happen, opportunities can be expressed by actions, and opportunities can be created by market strucures.

Mayer, K.J., Argyres, N.S. 2004. Organization Science. Learning to Contract: Evidence from the Personal Computer Industry

Attempts to incorporate learning into a transaction cost theory framework by performing a detailed case study of two partners in the computer industry to analyze learning and contracting processes. Suggests there has been little analysis of how firms use contracting to manage interfirm relationships, and that these contracting process allow a firm to create a repository for learning. Found that learning through contracts was incremental and not speculative, where firms incorporated knowledge learned from problems that arose in earlier contracts rather than speculating potential contingencies that could arise ex ante. Findings suggest that behavioral and evolutionary theories of organizational learning may apply moreso than transaction cost theory, although they are not incompatible with transaction cost theory. The key difference is that managers did not attempt to reduce transaction costs by creating more secure contracts that account for contingencies, instead they are boundedly rational and learn from experience.

Schumpeter, J.A. 1942. The Process of Creative Destruction. Capitalism, Socialism, and Democracy

Capitalism is an evolutionary process of creative destruction, which is an industrial mutation. Suggests the threat of future competition conditions market actors in ways similar to price competition, although creative destruction is very different from price competitoin. Emphasizes the need to judge performance over time.

Winter, S.G., Szulanski, G. 2001. Organization Science. Replication as Strategy

Challenges the conceptualization of replication as exploitation of a simple business formula by instead suggesting replication strategy is a process that involves regimes of exploration, followed by phases of exploitation. Suggests replicators create value by discovering and refining business models by choosing necessary components to replicate suitable to geographical locations, by developing capabilities to routinize knowledge transfer, and by maintaining the model once it has been replicated. Develops the concept of an "Arrow core" to refer to knowledge attributes that are replicable and worth replicating, combined with knowledge of how these attributes are created. Relatively successful replication strategies often lead to the guiding example, or "template" that managers can use in future replication.

Bator, Francis. 1958. The Anatomy of Market Failure. Quarterly Journal of Economics

Characterizes market failures as occuring when we do not reach pareto optimality, one of two of the welfare theorems do not hold, or when the value of a social product is not equal to the value of a private product (externalities).

Covin, J. G., & Wales, W. J. 2018. ETP. Crafting High-Impact Entrepreneurial Orientation Research: Some Suggested Guidelines.

Clarifies that EO may be a part of corporate entrepreneurship, EO is strictly an attribute of organizations as a whole, whereas corporate entrepreneurship describes what happens within organizations.

Amit, R., Schoemaker, P.J.H. 1993. Strategic Management Journal. Strategic Assets and Organizational Rent

Combines industry analysis (IO), resource-based view (RBV), and behavioral decision theory (BDT) to show how human and organizational dimensions affect managers' ability to create performance improving strategies. Suggests industry determines Strategic Industry Factors (SIF), the resources and capabilities valuable for a competitive advantage within an industry. These change with time, and the manager must make sense of which factors are most relevant. The manager must couple these with internal Strategic Assets (SA) which are resources that cannot easily be traded, and that other firms cannot easily replicate. These often take time to develop. Combining SIF and SA creates organizational rents, but high uncertainty, complexity, and intraorganizational conflicts lead different firms to pursue different strategies, with different implications for performance. Cognitive biases are important considerations in determining how firms create or fail to create organizational rents.

Fiet, J. O., Patel, P. C. 2008. SBE. Entrepreneurial discovery as constrained, systematic search

Compares Austrian alertness with informational economics by testing whether there are ways to engage in systematic search. Finds (some) evidence that systematic search can lead to more profitable opportunities.

Williamson, Oliver E. 1999. Strategic Management Journal. Strategy Research: Governance and Competence Perspectives

Compares the governance (transaction costs) and competence perspectives of strategic management by comparing each through six key moves: human actors, unit of analysis, describing the firm, purposes served, empirical, and efficiency. Suggests these perspectives are both rivalrous and complementary, although mostly complementary since scholars often claim there are bigger differences than there are. Both exchange hazards and potential for value creation are important considerations in integration decisions.

Porter, Michael E. 1985. Ch. 1 of Competitive Advantage. Competitive Strategy: The Core Concepts

Competitive strategy consists of not only responding to a firm's market environment, but also proactively trying to shape it. Two central questions are which industry to enter, and what determines relative competitive position within that industry. Emphasizes two strategies, cost leadership or differentiation, and the five forces of industry competition.

Lee, J., Venkataraman, S. 2006. Aspriations, Market Offerings, and the Pursuit of Entrepreneurial Opportunities. Journal of Business Venturing

Conceptualizes the decision to pursue entrepreneurship as dependent on discontinuities between an aspiration vector and a perceived value of market offerings vector. Information asymmetries, aspirations, and reference points all drive entrepreneurial motivation.

Vanneste, Bart S. 2017. Strategy Science. How Much Do Industry, Corporation, and Business Matter, Really? A Meta-Analysis

Conducts a meta-analysis and shows that business unit effects matter almost twice as much as corporate effects, and corporate effects matter more than industry effects at predicting firm performance.

Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M 2009. ETP. Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future.

Conducts a meta-analysis of the effect of EO on business performance. Results suggest it may have been too early to analyze EO as a multidimensional concept by each of the individual dimensions, and instead relies on aggregating EO dimensions into a unidimensional concept. Finds evidence of roughly equal relationships between proactiveness, innovativeness, and risk taking on firm performance.

Palich, L.E., Cardinal, L.B., Miller, C.C. 2000. Strategic Management Journal. Curvilinearity in the Diversification-Performance Linkage: AN Examination of Over Three Decades of Research

Conducts a meta-analysis to test three perspectives of the role of diversification on firm performance. Linear perspectives suggest performance increases as firms move from a single line of business to related diversification, and on to unrelated diversification. The inverted-U shaped model suggests firm performance increases as a single business moves to related diversification, but loses performance as it continues to unrelated diversification. The intermediate model suggests performance increases as a firm moves to related diversification, and this performance remains relatively constant as it moves to unrelated diversification. Finds evidence to support the inverse-U hypothesis, whereby firms benefit from related diversification, but performance decreases as the firm pursues unrelated diversification.

Crook, T. R., Combs, J.G., Ketchen, D.J., Aguinis, H. 2013. Academy of Management Perspectives. Organizing Around Transaction Costs: What Have We Learned and Where Do We Go From Here?

Conducts a meta-analysis to test transaction cost economics' assertion that transaction costs affect managers' decisions about whether to organize activities via market, hybrid, or hierarchy, and whether this governance decision affects performance. Combines TCE hypotheses with moderators developed from resource based and real options theories, and finds that although most relationships are significant, the effect sizes are small suggesting there are many other predictors of managers' decision and firm performance. Finds that behavioral uncertainty (difficulty monitoring exchange partners) has the largest relationship with degree of integration, although Williamson originally predicted that asset specificity would be more important. Concludes that managers should focus on value maximization before considering how to minimize transaction costs to protect them.

Meyer-Doyle, P., Lee, S., Helfat, C.E. 2019. Strategic Management Journal. Disentangling the Microfoundations of Acquisition Behavior and Performance

Conducts a variance decomposition analysis to investigate the CEO versus firm-level factors that affect acquisition behavior and post-acquisition performance. Finds evidence that both levels affect acquisition behavior and performance, but the CEO effects are considerably larger. Introduces a Poisson nonlinear hierarchical model to the literature, and shows that heterogeneity in sourcing and realizing acquisition opportunities derives more from CEO level factors than firm-level factors. Concludes that the CEO's human capital or psychological attributes play an important role in determining strategic acquisition behavior of firms.

Furr, N., Kapoor, R. 2017. Strategic Management Journal. Capabilities, technologies, and firm exit during industry shakeout: Evidence from the global solar photovoltaic industry

Coniders how whether a firm survives industry shakeout or not is shaped by both pre-entry capabilities and techology choice at entry, but also by the extent to which it can strengthen its competitive advantage or adapt when a dominant design emerges. Finds that pre-entry capablities and technology choices act in a complementary manner for some firms, enhancing survival and buffering against exit in other firms. Diversifying firms are generally more likely to survive than de novo firms, except when the de novo firm enters with the technology that will become the dominant design but the diversifying firm is using a nondominant design. In this case, survival is expected and found to be roughly the same. Also suggests that if firms exit, but have the dominant design, diversifying entrants are more likely to exit via acquisition than dissolution compared to start-ups. If the firms enter with non-dominant design technologies, there is no significant difference in exit via acquisition over dissolution for diversifying firms versus new start-ups.

Souitaris, V., Zerbinati, S., & Liu, G. 2012. AMJ. Which Iron Cage? Endo- and exoisomorphism in Corporate Venture Capital Programs.

Considers how CVC firms are modeled considering they are founded under two institutional environments: that of their parent company and that of the VC industry. Finds that CVCs choose to focus on isomorphism with the environment that is more important for gains in legitimacy, as well as the professional background of their TMT. Shows that endoisomorphism ( aligning with the parent company ) is associated with more mechanistic control structures, whereas exoisomorphism (aligning with the external environment) is associated with more organic systems.

Dierickx, I., Cool, K. 1989. Management Science. Asset Stock Accumulation and Sustainability of Competitive Advantage

Critical resources cannot be acquired in strategic factor markets, but rather must be accumulated. Not all resources can be bought or sold, and some of the most critical ones for creating a sustained competitive advantage must be accumulated as a firm adheres to a set of consistent policies over a period of time. Strategic asset stocks are thus accumulated by choosing appropriate time paths of flows over a period of time. Critical/strategic asset stocks are nontradeable, nonimitable, and nonsubstitutible, and require firms to invest in developing these stocks for a considerable period of time. Characterizes the asset stock accumulation process by emphasizing characteristics like compression diseconomies, causal ambiguity, asset interconnectedness, and asset mass efficiencies.

Knight, Frank. 1921. Risk, Uncertainty, and Profit. Ch. 9 - 10

Critical task of entrepreneurship is exercising judgment under uncertainty. Uncertainty requires individuals to improve the forecast of the future and control the course of daily surprises (i.e. deciding what to do, and when to do it). Importance of judging someone else's capacity for judgment in building a firm. An entrepreneur takes on two essential roles: organizing under uncertainty, and taking ownership/responsibility for outcome. As a result, the entrepreneur does not earn wages, rather profits as the margin of error from negotiating payments to suppliers.

McMullen, J., Shepherd, D. 2006. Entrepreneurial Action and the Role of Uncertainty in the Theory of the Entrepreneur. Academy of Management Review

Develops a conceptual framework for entrepreneurial action under uncertainty. Individuals have knowledge and motivations that shape the likelihood of them discovering a third person opportunity. They can then evaluate this opportunity using their knowledge and motivations to determine whether or not this is a first person opportunity that they can pursue. Emphasizes the importance of prior knowledge, perceived uncertainty, and willingness to bear uncertainty.

Mintzberg, H., Waters, J.A. 1985. Strategic Management Journal. Of Strategies, Deliberate and Emergent

Develops a continuum along which strategies lie between deliberate at one end, and emergent at the other. Intended strategies become realized through deliberate strategies, but many of these intended strategies are unrealized, and emergent strategies often affect what is realized. Moving across the continuum from the most deliberate to the most emergent, authors suggest strategies can be: planned, entrepreneurial, ideological, umbrella, process, unconnected, consensus, and imposed.

Peteraf, M.A. 1993. Strategic Management Journal. The Cornerstones of Competitive Advantage: A Resource-Based View

Develops a general model of resources and firm performance to integrate research across disciplines. Suggests firms can earn rents through a variety of ways, especially by focusing on how rents are jointly produced by both the firm and the specific factor. Profits come from ex ante uncertainty where some firms find superior locations by investing in different resources and capabilities. Identifies four conditions that underlie sustained competitive advantage, all of which must be met: (1) heterogeneity (monopoly or Ricardian rents), (2) ex post limits to competition (sustaining rents), (3) imperfect mobility (rents sustained within the firm), and (4) ex ante limits to competition (rents not offset by costs).

Kaplan, Sarah. 2008. Organization Science. Framing Contests: Strategy Making Uner Uncertainty

Develops a model of "framing contests" that suggests individual cognitive frames (ways in which individuals make sense of ambiguous information from their environment) are translated into organizational strategy through political processes. Under the framing contests model, actors attempt to transform their own cognitive frames into the organization's predominant collective frames through daily interactions. This suggests cognition is dynamic, purposive, and politically charged way of determining strategy. If one frame is unaccepted, actors try to adjust the frame to gain political support. If no collective frame is acepted, decisions are often deferred. Evidence that individuals are more likely to see their own perspectives as objective, and others as being biased by their frames. Frames therefore create contexts for action, which can shape the interests that participants have.

Jacobides, M.G., Winter, S.G. 2007. Entrepreneurship and firm boundaries: The Theory of a firm. JMS

Develops a theory of "a" firm that suggests growth is constrained by resources. Vertical integration decisions are dependent on how cash strapped the entrepreneur is.

Smith, A. C., Wagner, R. E., Yandle, B. 2011. A Theory of Entangled Political Economy with Application to TARP and NRA. Public Choice

Develops a theory of entangled political economy where market and political failures are not separate entities. Market and political actions are often taken simultaneously, and within an institutional framework open to actors in both arenas. Applies theory to TARP and NRA.

Helfat, C.E., Finkelstein, S., Mitchell, W., Peteraf, M.A., Singh, H., Teece, D.J., Winter, S.G. 2007. Dynamic Capabilities: Understanding Change in Organizations. Dynamic Capabilities: Foundations

Develops a way to measure the performance of dynamic capabilities. Dynamic capability is "the capacity of an organization to purposefully create, extend, or modify its resource base" as opposed to operational capabilities are performing a specific task or activity. Dynamic capabilities consist of patterned organizational behavior, especially with two functions: (1) search and selection, and (2) resource deployment. Capacity refers to the ability to perform a task in a minimally acceptable manner. Evolutionary fitness refers to how well a dynamic capability enables an organization to make a living by creating, extending, or modifying its resource base. Four important influences on evolutionary fitness of a dynamic capability: quality, cost, market demand, and competition. Technical fitness is the quality per unit of cost (similar to Porter's value creation framework)--when combined with market demand and competition determines evolutionary fitness.

Stigler, G. J. 1971. The Theory of Economic Regulation. The Bell Journal of Economics

Develops an economic theory where because the government has the power to coerce, it is charged with managing the supply and demand of regulations. Defines a market for regulation.

Greve, Heinrich R. 2003. Academy of Management Journal. A Behavioral Theory of R&D Expenditures and Innovations: Evidence from Shipbuilding

Develops an integrated model of innovation development and launch based on the behavioral theory of the firm. Suggests R&D expenses increase when low performance causes "problemistic search" and when excess resources cause "slack search." Empirically shows that R&D intensity and innovation launches are reduced when firms have higher performance, but high absorbed slack (administrative slack) increases R&D intensity. Emphasizes distncition between innovation and decision making processes, where buffers of innovations can be made before managers make the decision to market these potentially risky innovations. Buffers help firms to respond quickly.

Moeen, Mahka. 2017. Strategic Management Journal. Entry into Nascent Industries: Disentangling a Firm's Capability Portfolio at the Time of Investment Versus Market Entry

Distinguishes between a firm's capability portfolios at the time of initial investment and at the time of entry into a new industry. Suggests that existing literature looks at firm characteristics at the time of entry into an industry, but the time period from initial investment to entry requires firms to acquire technical capabilities and complementary assets through its integrative capabilities. A different set of capabilities thus play a role at the time of investment than do at the time of entry. Related technical capabilities, integrative capabilities, and complementary assets at the time of investment mediate the effects of a firm's technical capabilities and complementary assets on likelihood of entry at the time of entry.

Smith, A. 1776. Book 1, Ch 1 & 2. An Inquiry into the Nature and Causes of the Wealth of Nations

Division of labor leads to specialization. Propensity to truck barter and trade. Considers Ricardo's comparative advantage principle.

Coase, Ronald. 1960. The Problem of Social Cost. Journal of Law and Economics

Emphasizes asymmetry of externalities. If transaction costs are reasonable we can negotiate to more clearly define property rights. Suggests an important role for the judicial system when rights are unclear, and this author suggests when a decision cannot be made, the highest valued use of a resource is expected to pay.

Burgers, J.H., Covin, J.G. 2016. The contingent effects of differentiation and integration on corporate entrepreneurship. SMJ

Emphasizes contingent effects of structural differentiation and integration on corporate entrepreneursihp. Integration is a more effective moderator of the structural differentiation - corporate entrepreneurship relationship in larger organizations, and in less dynamic environments.

Hayek, Frederic. 1967. The Results of Human Action but Not of Human Design. Studies in Philosophy, Politics, and Economics

Emphasizes the importance of recognizing that there are phenomenon that humans contribute to without conscious intent. These spontaneous orders emerge from the results of human action, but not of human design.

Mahoney, J.T., Pandian, J.R. 1992. Strategic Management Journal. The Resource-Based View Within the Conversation of Strategic Management

Emphasizes the importance of the Resource-Based View for corporate strategy, especially diversification strategies. Suggests RBV is important because it stimulates debate within the strategic management field. It incorporates (1) mainstream strategy, (2) organizational economics, and (3) industrial organization analysis. The RBV provides a framework for increased discussion between these research perspectives.

Kirzner, I.M. 1997. Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach. Journal of Economic Literature

Emphasizes the market as an entrepreneurship driven process, combining Mises (human action in the face of uncertainty) and Hayek (use of knowledge to build mutual awareness). Suggests equilibrium is a process of learning information (discovery), but we never reach full knowledge (the equilibrium).

Rumelt, Richard P. 1991. Strategic Management Journal. How Much Does Industry Matter?

Empirically shows that industry and firm level effects are very small on a firm's performance compared to business-unit effects, emphasizing the importance of business strategy to firm performance.

Wiklund, J., Davidsson, P., Audretsch, D. B., Karlsson, C. 2011. ETP. The future of entrepreneurship research

Encourages a more phenomenon-based view of entrepreneurship, rather than relying on small business contexts alone. Authors suggest a phenomenon-based view would be "narrower in scope but wider in context."

Barney, J. 1991. Journal of Management. Firm Resources and Sustained Competitive Advantage

Establishes the resource-based view (RBV), which shows that as long as firms are heterogeneous, and some resources are not perfectly mobile, firms can obtain a sustained competitive advantage by acquiring resources that are valuable, rare, inimitable, and nonsubstitutible. Industry structure and "Schumpeterian Shocks" define which attributes of a firm are important resources for a sustained competitive advantage. Emphasizes the importance of path dependence and resource endowments for a firm.

King, A.W., Zeithaml, C.P. 2001. Strategic Management Journal. Competencies and Firm Performance: Examining the Causal Ambiguity Paradox

Examines the "causal ambiguity paradox" where causal ambiguity is both expected to be a source of competitive advantage because competitors can't imitate, and not a source of competitive advantage because managers can't leverage their resources because they don't know how they lead to competitive advantage. With respect to competencies, authors suggest there is an important distinction between linkage ambiguity and characteristic ambiguity. Managers need low linkage ambiguity so they know how competencies affect competitive advantage. But high characteristic ambiguity is better for competitive advantage because competitors can't identify or create similar competencies that lead to competitive advantage. Finds evidence of a moderating effect of competitive advantage, where high-performing firms need low linkage ambiguity to improve factor mobility.

March, James G. 1991. Exploration and Exploitation in Organizational Learning. ORG SCI

Examines the relationship between exploration of new opportunities and exploitation of existing processes in organizational learning. Adaptive processes by which knowledge is shared and embedded within an organization are found to be effective in the short-run, but possibly destructive in the long-run. Emphasizes the need for turnover, and different learning speeds within an organization to incorporate new knowledge, especially in turbulent environments. Increased competition requires increases in average performance or variance. Increasing variance in performance is important in some industries where short-term performance gains are more productive than increasing average performance. Exploration is particularly important for long-term gains, but biases often force managers to focus on short-term performance.

March, James G. 1991. Organization Science. Exploration and Exploitation in Organizational Learning

Lumpkin, G. T., & Dess, G. G 1996. AMR. Clarifying the entrepreneurial orientation construct and linking it to performance.

Expands on Millers (1983) notion of entrepreneurial orientation, suggesting it is a five-dimensional concept consisting of proactiveness, innovativeness, risk taking, autonomy, and competitive aggressiveness. Suggests the effectiveness of EO on performance is driven by context, and the dimensions vary independently of each other in any given context. Environmental factors like resource munificience and industry characteristics, and organizational factors like size and culture, moderate the influence of EO on performance. Different measures of firm performance may also depend on different measures of EO. Highlights the difficulty of concretely analyzing EO given its multidimensional nature.

Campbell, B.A., Coff, R., Kryscynski, D. 2012. Academy of Management Review. Rethinking Sustained Competitive Advantage from Human Capital

Expands on extant theories that human capital can only be a source of sustained competitive advantage when isolating mechanisms are present. Suggests three boundary conditions must hold for this traditional logic to hold: (1) exchange value cannot be greater than use value of worker in a firm, (2) exchange value of workers' skills and firm specificity must be tightly coupled, and (3) supply-side mobility constraints cannot be low enough that workers are willing to incur substantial financial costs to move. Develops a 2x2x2 framework of demand side mobility constraints, supply side mobility constraints, and firm specificity to identify when human capital is likely to lead to a competitive advantage, when workers are likely to leave, and when this relationship could go either way.

Klein, P.G., Mahoney, J.T., McGahan, A.M. Pitelis, C.N. 2010. Toward a theory of public entrepreneurship. European Management Review

Explores the idea of entrepreneurship within the public sector, and suggests that both public and private entrepreneurship share essential features but differ critically regarding the definition and measurement of objectives, overcoming collective action problems, budget constraints, and the legal monopoly of coercion. Public entrepreneurs pursue a variety of objectives just like private entrepreneurs, and both are mutually dependent and co-evolve with each other. Highlights that the unit of analysis for publicness is complex, and changes over time as the public changes. Authors show four levels of analysis for public entrepreneurship: changing institutional environments, establishing new public organizations, creating and managing new public resources, and taking advantage of spillovers by private action for a wider good. Public entrepreneurs cannot use privately appropriated benefits as a criterion for success, and selection mechanisms for allocating resources to more successful public entrepreneurs is complex and poorly understood. Authors suggest private and public define ends, not means.

Leiblein, M.J., Miller, D.J. 2003. Strategic Management Journal. An Empirical Examination of Transaction and Firm-Level Influences on the Vertical Boundaries of the Firm

Extends the literature on vertical integration by analyzing how transaction-level characteristics (TCE), firm-specific capabilities (RBV), and real options theory contribute to the decision to integrate or use markets. Because firms are different, there are more reasons to pursue integration than just to avoid opportunism and maladaptation under the frequently-supported TCE view. Finds evidence that the combination of asset specificity and uncertainty contributes to an integration decision, as well as greater experience using the relevant technology, fewer numbers of prior outsourcing relationships with suppliers, and the greater the number of product markets into which the firm is diversified. Suggests the decision to integrate is more nuanced, where a firm's resources and capabilities also play a role in vertical integration. Real options theory suggests that there are benefits of relying on markets, even in the risk of hazards of exchange, because of the flexibility markets provide.

Dyer, J.H., Singh, H., Hesterly, W.S. 2018. Strategic Management Journal. The relational view revisited: A dynamic perspective on value creation and value capture

Extends the relational view of Dyer and Singh (1998) by adding a dynamic component of value creation and capture in alliances. Whereas the static relational view propposed four determinants of relational rents (complementary resources and capabilities, relation-specific assets, knowledgesharing routines, and effective governance), the dynamic relational view suggests managers search for partners with complementary resources, and build RSAs, KSRs, and governance around those relationships to build relational rents. RSAs and KSRs tend to coevolve in an alliance, but the effectiveness of these determinants on rents depends on the degree of interdependence and internal and external factors. Less interdependence tends to lead to more formal governance mechanisms and shorter alliances where relational rents exhibit an inverse U-shape relationship where they increase as the firms develop complementary resources, but decline once too many investments are made for more weakly complementary assets. Higher interdependence is is associated with an S-shaped curve, where relational rents are slow to develop, increase with more specific investments in RSAs and KSRs, and eventually decline when mutual complementarity increases. Emphasizes the threat of an alliance partner with higher absorbative capacity reducing its need for the focal firm. Both internal and external threats to an alliance as partners try to capture increased value or relational inertia prohibits alliance partners from responding to external threats.

Wu, Brian. 2013. Strategic Management Journal. Opportunity Costs, Industry Dynamics, and Corporate Diversification: Evidence from the Cardiovascular Medical Device Industry, 1976-2004

Extends the resource-based view of firm diversification by emphasizing the role of opportunity costs of deploying non-scale free capabilities. Suggests that scale-free capabilities like knowledge and brand name resemble public goods, and thus do not limit diversification. Instead, non-scale free capabilities, like product development teams and managerial attention, have opportunity costs that influence the ability of a firm to successfully diversify. Finds that pre-entry capabilities and more related markets increase the likelihood of diversification, and the likelihood of diversification also increases with a relative demand maturity of a current market compared to a potential new market. Also finds that diversification is associated with a decrease in performance in the current market, but with a performance increase at the corporate level. Suggests the existence of non-scale free capabilities implies diversificaiton decisions are based on opportunity cost, and apparent performance declines in one market do not necessarily mean the firm is destroying value. Scale-free capabilities can enlarge a firm's opportunity set, whereas non-scale free capabilities control the tempo of these efforts. Firms can thus relax their capacity constraints by making their capabilities more scale-free rather than developing new capabilities. Portfolio decisions should be based on relative market conditions in alternative product markets, although opportunity costs may still prevent a firm from diversifying.

Lavie, Dovev. 2007. Strategic Management Journal. Alliance Portfolios and Firm Performance: A Study of Value Creation and Appropriation in the U.S. Software Industry

Extends theories of alliance portfolio effects on firm performance by considering appropriation hazards that partners impose. Suggests that although alliance portfolios are typically viewed as a way to leverage resources outside of a firm's boundaries, there are appropriation hazards that may limit the effectiveness of these alliances on improving market performance. Specifically, more resources in the network are beneficial, but more profitable partners, availability of alternative alliances to these partners, and bilateral competition between partners can reduce the amount of value a firm can appropriate for itself. Multilateral competition among a firm's partners can attenuate these effects, however, as this gives more allocative power to the focal firm. Concludes that a firm's appropriation capacity is contingent on levels of bilateral and multilateral competition in its alliance portfolio.

Ethiraj, S., Zhou, Y.M. 2019. Strategic Management Journal. Fight of flight? Market positions, submarket interdependencies, and strategic responses to entry threats

Extends theory of market positioning to highlight the role of interdependencies in determining whether a firm should invest in isolating mechanisms. Examines how dynamics of competitive interaction vary within and across market positions. Uses the airline industry to develop empirical evidence showing that the degree of substitutability in a premium incumbent's threatened submarket amplifies its incentive to deter entrance, whereas complementarity dulls this incentive. Shows that premium incumbents are more likely to invest in deterrence capacity compared to low-cost incumbents when threatened with entry by a low-cost entrant because it will lose a greater market share. Concludes that competitive responses vary by market position, and there is significant variation in these types of responses.

Gregoire, D. A., Barr, P. S., Shepherd, D. A. 2010. ORG SCI. Cognitive processes of opportunity recognition: The role of structural alignment

Finds that recognizing opportunities requires congitive processes of structural alignment, drawing on prior knowledge that is well-organized and usable.

Ozgen, E., Baron, R. A. 2007. JBV. Social sources of information in opportunity recognition: Effects of mentors, industry networks, and professional forums

Focuses on where knowledge about potential opportunities comes from by looking at social sources of opportunity-relevant information. These social sources include mentors, informal industry networks, and participation in professional forms. The authors find positive and statistically significant relationships between opportunity recognition and each of these three sources of social information. Finds evidence that mentors and professional forums are mediated by schema strength, suggesting clear mental frameworks are developed by socializing with other professionals.

Buchanan, J., Tullock, G. 1962. Ch. 1-3 and Ch. 10. Calculus of Consent

Foundational work on the theory of public choice. Suggests people are in both public and private spheres, and the intensity of people's preferences matter. People pool resources together to achieve what they cannot achieve individually. Self-interest can lead to cooperation, but how the process is implemented and predictability of results matters otherwise people will not cooperate. Suggests logrolling may be useful/desirable when used as a tool to create consensus.

Shane, S. 2000. ORG SCI. Prior knowledge and the discovery of entrepreneurial opportunities

Highlights a fundamental problem of looking at entrepreneurship after opportunities have been discovered, without paying enough attention to how these opportunities are discovered. Suggests the division of knowledge and information asymmetries predispose some actors to be in a better position to recognize and pursue entrepreneurial opportunities.

Shane, S. 2000. Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science

Hayek, Frederic. 1967. The Results of Human Action but Not of Human Design. Studies in Philosophy, Politics, and Economics

Highlights the importance of spontaneous orders, which are the results of human action but not of human design.

Battilana, J., Leca, B., Boxenbaum, E. 2009. How actors change institutions: Towards a theory of institutional entrepreneurship. Annals

Highlights the paradox of embedded agency, and looks at enabling conditions for institutional entrepreneurship. Suggests field level conditions and social position enable entrepreneurs to combat institutional pressures for stasis. Highlights the importance of creating a shared vision to mobilize change through diagnostic, prognostic, and motivational framing.

Kingsley, A. F., Vanden Bergh, R. G., Bonardi, J.-P. 2012. Political Markets and Regulatory Uncertainty: Insights and Implications for Integrated Strategy.. Academy of Management Perspectives

Highlights two primary drivers of regulatory uncertainty: ideology-motivated interests opposed to the firm, and lack of competition for power among political actors supplying public policy.

von Ludvig, Mises. 1949[1998]. Chapter 8, Section 3 & 4. Human Action (Scholar's Edition)

Humans are naturally driven to act. Human action.

Gruber, M., MacMillan, I.C., Thompson, J.D. 2012. From minds to markets. Journal of Management

Identifies configuraitons of founding team's experience endownments that contribute to the number of opportunities identified. Finds that entrepreneurial and managerial endowments (experience) contribute to broader searchers that are less confined to current knowledge of technology and markets. Emphasizes synergistic effects and the need for diversity. Suggests how resources can be creatively used is a part of a firm's subjective opportunity set. Finds that entrepreneurs and specialists discover more opportunities than managers and specialists.

Certo, S. T., Holcomb, T. R., & Holmes, R. M. 2009. JOM. IPO research in management in entrepreneurship: Moving the agenda forward

Identifies four common themes within IPO research: corporate governance, upper echelons, social influence, and innovation.

Peteraf, M., Di Stefano, G., Verona, G. 2013. Strategic Management Journal. The Elephant in the Room of Dynamic Capabilities: Bringing Two Diverging Conversations Together

Identifies how the two seminal papers on dynamic capabilities (Eisenhardt and Martin, 2000 and Teece, Pisano, and Shuen, 1997) represent different and contradictory understandings of the core construct. Investigates why these two perspectives have remained separate, with little to no discussion between the two. Reconciles these approaches by identifying the three central issues on which they differ, and how they can be compatible under certain conditions. First, TPS sets high-velocity markets as the boundary condition, whereas EM suggests dynamic capabilities are unlikely to lead to competitive advantage in these markets. Second, TPS says dynamic capabilities can be a source of SCA, whereas EM says they cannot--only the resources that result from dynamic capabilities. Third, TPS says DC can be a source of competitive advantage, whereas EM says this advantage is limited.

Malerba, F., Orsenigo, L. 1996. Schumpeterian patterns of innovation are technology specific. RES POL

Innovation within an industry is dependent on the specific technologies. Schumpeter Mark I technologies have wide innovative applicability across firms in an industry. Schumpeter Mark II is concetrated innovation within firms in an industry. The distribution of innovation within an industry is conditioned by opportunity, appropriability, cumulativeness, and knowledge base.

McGee, J., Thomas, H. 1986. Strategic Management Journal. Strategic Groups: Theory, Research and Taxonomy

Inquires about how to measure and research strategic groups within an industry. Although much existing work uses vertical integration, product range, or R&D expenditures as proxies for strategic groups, the authors suggest theoretical concepts including mobility barriers, isolating mechanisms, and controllable variables provide much firmer bases for identifying strategic groups within industries.

Hoetker, G., Mellewigt, T. 2009. Strategic Management Journal. Choice and Performance of Governance Mechanisms: Matching Alliance Governance to Asset Type

Inquires about when formal governance forms are used in strategic alliances versus relational governance mechanisms. Shows that the optimal configuration depends on the type of assets involved, with formal mechanisms best suited to property-based assets and relational governance best suited to knowledge-based assets. When knowledge-based assets are involved, relational governane is needed to monitor the transfer of resources and adapt. When property-based assets are involved, formal mechanisms like contracts are sufficient because of the ability to adjudicate or withdraw resources. The cost of investing in relational governance is high, so performance may actually decrease if using relational governance for property-based assets where formal governance mechanisms would suffice.

Webb, J., Tihanyi, L., Ireland, D., Sirmon, D.G. 2009. You Say Illegal, I Say Legitimate: Entrepreneurship in the Informal Economy. The Academy of Management Review

Institutions can be formal (legal) or informal, legitimate or illegitimate. The greater the incongruence between what is legal and what is legitimate, the greater the degree of informal entrepreneurship. Legitimate is not the same as legal, and legitimacy can be established by a sufficiently large group of people.

Baumol 1990. Entrepreneurship: Productive, Unproductive, and Destructive. Journal of Political Economy

Institutions shape whether human action is directed towards productive, unproductive, or destructive activities. Suggests we shouldn't try to change people, rather we should change the rules of the game.

Burgelman, Robert A. 1991. Organization Science. Intraorganizational Ecology of Strategy Making and Organizational Adaptation: Theory and Field Research

Integrates ecological and strategic perspectives to show how internal selection is combined with external selection in explaining organizational change and survival. Successful organizations are found to have top management that spends efforts on building induced and autonomous strategic processes. Managers need to create an atmosphere for strategic ideas to be championed and contested to develop internal selection processes that increase probability of generating viable organizational strategies. Proposes that successful firms have top managers who are concerned with building the quality of the organization's induced and autonomous strategic processes, as well as the content of the strategy itself. Additionally, these firms maintain top driven strategic intent while maintaining bottoms-up driven internal experimentaiton and selection. Successful strategic reorientations are often characterized by internal experimentation and selection processes.

Agarwal, R., Sarkar, MB, Echambadi, R. 2002. Academy of Management Journal. The Conditioning Effect of Time on Firm Survival: An Industry Life Cycle Approach

Integrates researh in technology management, organizational ecology, and evolutionary economics to show that time conditions the effects of age, size, order of entry, and density on mortality rates. Uses an industry life cycle approach to show that entry barriers change with phase of the industry life cycle. Finds that firms have lower mortality rates during growth phases, lower liabilities of newness during the growth phase, smallness is a larger liability during the growth phase, failure rate increases with time of entry in the growth phase but decreases in the mature phase, and finds that density has a u-shaped relationship with failure in both growth and mature phases. Concludes that time is important because it changes the rules of the game in a given industry.

Argyres, N.S., Zenger, T.R. 2012. Organization Science. Capabilities, Transaction Costs, and Firm Boundaries

Integrates transaction cost and capabilities approaches to develop a model of firm boundary decisions. Capabilities shape transaction costs, and transaction costs shape the way a firm chooses to develop its capabilities. Suggests the boundaries of the firm are determined as managers create and discoer efficient asset matches. Assets and capabilities cannot be measured in isolation because it's value is determined by its complementarity with other firm assets.

Ahuja, G. Yayavaram, S. 2011. Explaining Influence Rents: The Case for an Institutions-Based View of Strategy. Organization Science

Introduces the Institutions-Based View (IBV) of firms, and adds influence rents as a new form of rent in addition to four existing forms (Monopolistic, Efficiency, Quasi, and Schumpeterian). Influence rents are extra profits earned because institutions are designed or changed to suit economic actors. Suggests five fundamental market problems (information asymmetry, power asymmetry, agreement consummation, individual incentives, and collective action) are solved through different institutions and market ordering mechanisms (private, social/collective, or state), which can fail and create influence rents. Failure of these institutions creates opportunities for non-market strategy.

Barney, J.B. 1986. Management Science. Strategic Factor Markets: Expectations, Luck, and Business Strategy

Introduces the concept of strategic factor markets--markets where resources necessary to implement a strategy are acquired. Suggests strategic factor markets are imperfectly competitive when different firms have different expectations about the future value of a strategic resource. Firms can either have better expectations about the potential uses of a factor, or can get lucky for superior performance. To develop better expectations, firms should focus on analyzing skills and capabilities they already control because looking at the competitive environment is unlikely to provide unique insights not developed by other firms. Emphasizes importance of information assymetries.

Teece, D.J., Pisano, G., Shuen, A. 1997. Strategic Management Journal. Dynamic Capabilities and Strategic Management

Introduces the dynamic capabilities framework as an extension of RBV to show how combinations of comptences and resources can be developed, deployed, and protected to maintain a sustained competitive advantage. Defines dynamic capabilities as a firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments. Focuses on processes, positions, and paths. Concludes that organizational processes, shaped by the firm's asset positions and molded by evolutionary and co-evolutionary paths, explain the essence of the firm's dynamic capabilities and its competitive advantage.

Covin, J. G., & Lumpkin, G. T. 2011. ETP. Entrepreneurial orientation theory and research: Reflections on a needed construct

Introduction to a special issue on EO. Suggests that although dispositions can be associated with EO, behaviors ultimately define the entrepreneurial process and consistent behavior is a defining characteristic of EO firms. Although EO is generally treated as a formative construct comprised of multiple dimensions, it can also be assessed using a reflective measurement model comprised of each individual measure.

Powell, T.C., Lovallo, D., Fox, C.R. 2011. Strategic Management Journal. Behavioral Strategy

Introduction to a special issue on behavioral strategy. Behavioral strategy applies cognitive and social psychology to strategic management theory and practice. Authors suggest there is lots of work in behavioral strategy, but not lots of cross-talk or integration. Behavioral strategy is informed by three broad schools, the reductionist, pluralist, and contextualist. Reductionist focuses on individual and intragroup decision making and builds on bounded rationality and heuristics and biases. Pluralist focuses on intergroup bargaining, problem solving, politics and conflict by using reference groups, social cognition, and social identity theory. Contextualist focuses on sensemaking, perception, and enactment by focusing on cognitive schema, language, ideology, and culture. Proposes four core problems in behavioral strategy to set the boundaries of the field: (1) how does individual cognititon scale to collective behavior, (2) what are the psychological underpinnings of strategic management theory, (3) can behavioral strategy explain complex executive judgments, and (4) can we improve the psychological architecture of the firm.

Feldman, E.R., Gilson, S.C., Villalonga, B. 2014. Strategic Management Journal. Do Analysts Add Value When They Can? Evidence from Corporate Spin-Offs

Investigated whether securities analysts help investors to understand the value of diversification by looking at how accurate they are able to predict earnings forecasts for parent companies and corporate spin-offs. Finds evidence that analysts help overcome informational asymmetries for the parent companies, but their ability to predict earnings for the spin-offs is more limited. Suggests analysts that investigate a companies business units are more accurately able to predict earnings forecasts for spin-offs, but otherwise must be induced to do more research because of barriers to information. When induced to learn more about the subsidiary and its role in the parent company, analysts are more effective at forecasting earnings.

Villalonga, B., McGahan, A.M. 2005. Strategic Management Journal. The Choice Among Acquisitiosn, Alliances, and Divestitures

Investigates how firms choose among acquisitions, alliances, and divestitures when they decide to expand or contract boundaries. Develops a ton of hypotheses based on complemenetary theoretical perspectives, and finds support for explanations based on resources, transaction costs, internalization, organizational learning, social embeddedness, asymmetric information, and real options. Finds less consistent support for theories based on agency costs and asset indivisibilities. Emphasizes the strong role of firm attributes in explaining why firms tend to pre-specify their pursuit of acquisitions, alliances, or divestitures as part of corporate strategies.

Holburn, G.L.F., & Vanden Bergh, R.G. 2008. Making Friends in Hostile Environments: Political Strategy in Regulated Industries. AMR

Investigates how firms target their political strategies at multiple government institutions by expending relatively more resources on gaining its support for a regulatory policy than on other institutions. Focuses on direct and indirect strategies depending on whether the regulator has the latitude to shift policy, or if legislatures and courts can easily overturn agency decisions. 2x2 matrix depending on regulator's policy position compared to firm and legislature determining whether political strategies less valuable (friendly-moderate), regulatory agency approach (hostile-moderate), change hostile political institution (hostile-extreme), or shape political institution most friendly to firm (friendly-extreme).

Wiklund, J., & Shepherd, D. 2003. SMJ. Knowledge‐based resources, entrepreneurial orientation, and the performance of small and medium‐sized businesses.

Investigates the effect of internal firm characteristics on EO's relationship with firm performance. Suggests EO is the link between a firm's organizational characteristics and its resources within the RBV. EO could be a tool used to measure the way a firm is organized, bridging the gap between EO and RBV theories.

Feldman, E.R. 2014. Strategic Management Journal. Legacy Divestitures: Motives and Implications

Investigates the motives and implications of legacy divestitures: corporate units divesting their original line of business. Finds empirical evidence that legacy divestitures boost performance immediately at announcement because of information signals to investors, but reduce performance relative to firms that keep their legacies over a five year period because of operational costs associated with losing organizational routines embedded and taken for granted. After five years, the returns of both these types of corporations converge. Finds evidence that less tenured CEOs are more likely to undertake legacy divestitures, suggesting they do not understand the legacy business's role as a repository of key organizational routines. Instead, new CEOs likely respond to investor pressure to divest legacies, despite the fact they know the least about how important these firms are.

Park, U. D., Borah, A., Kotha, S., & Pahnke, E. C. 2018. WP. When Silence is Golden: Information Shared in Social Media on Resource Acquisition in the IPO Market

Investigates the use of social media during an IPO and finds that communicated uncertainty actually reduces total investments. Finds evidnece that firms' use of social media during an IPO can hurt their prospects if surrounded by uncertainty. Although social media helps investors to overcome uncertainty, it can hurt the firm that's going public. Does not find evidence that firm's use of social media decreases underpricing, as hypothesized, possibly because investors do not get the type of information necessary to make investments from social media, rather from official documents.

Zahra, S. 2007. JBV. Contextualizing theory building in entreprneeurship research

Investigates why existing entrepreneurship theories are so disjointed. Suggests many theories were taken from other fields, so their underlying assumptions and nature of problems they seek to understand may not fit. Argues we need to contextualize theory building, paying close attention to context.

Busenitz, L., Barney, J. 1997. Differences between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making. JBV

Looks at differences in biases and heuristics used by entrepreneurs and managers, focusing on overconfidence and representativeness. Finds entrepreneurs are more likely to engage in both (be overconfident and overrepresentative), which could be a reason they pursue entrepreneurship and not managers.

Baron 1995. The nonmarket strategy system. Sloan Management Review

Looks at the nonmarket environment that consists of social, political, and legal arrangements that structure interactions among companies and their public. Suggests firms must navigate both market and nonmarket environments using market and nonmarket strategies. Develops a framework for a rent chain using distributive politics as the underlying theoretical construct. Rent chain logic suggests companies can increase political action by enlisting the participation of those earning rents along the entire length of a rent chain, which is larger than a company's value chain. Suggests nonmarket environment is endogenous to market forces and nonmarket activities of other interests. Rules are endogenous, and thus the focus of strategy.

Sutter, C., Bruton, G., Chen, J. 2018. JBV. Entrepreneurship as a solution to extreme poverty: A review and future research directions

Looks at the role of entrepreneurship as a solution to extreme poverty by reviewing existing literature. Suggests three different underlying perspectives within existing literature: poverty alleviation through entrepreneurship as remediation (addressing immediate conerns), reform (driving institutional change), and revolution (changing the underlying assumptions of business).

Autio, E., Rannikko, H. 2016. RES POL. Retaining winners: Can policy boost high-growth entrepreneurship

Looks at the role of public policy in sponsoring new organizations, and builds off Amezcua et al (2013) to emphasize the importance of capacity boosting. Effective organizational sponsoring needs to incorporate capacity boosting to encourage new firm growth by setting milestones for new startups.

York, J., Venkataraman, S. 2010. The entrepreneur-environment nexus: Uncertainty, innovation, and allocation. JBV

Makes a theoretical argument that entrepreneurs must be the ones to address environmental problems because environmental problems are characterized by uncertainty, a need for innovation, and improvements in the allocation of resources. Concludes that there is no tradeoff between profits and environmental goals.

Ostrom, E. 2000. Collective action and the evolution of social norms. JEP

Makes an evolutionary argument that social norms have evolved over repeated interactions between people. People cannot all be rational egoists like economic models suggest. Instead, many people are conditional cooperators, and some are even willing punishers. Empirical evidence disproves the zero contribution thesis.

Levinthal, D.A., March, J.G. 1993. Strategic Management Journal. The Myopia of Learning

Observes that although organizational learning has many virtues, learning processes are also subject to important limitations. Organizations address these problems through simplification and specialization, which contribute to three forms of learning myopia: temporal, spatial, and failure. Two mechanisms of learnning are presented: specialization and simplification. Emphasizes tradeoffs in any approach, and subsequent problems. Organizational processes lead to (1) temporal myopia--overlooking distant times, (2) spatial myopia--focusing on benefits derived from one part of the system at the expense of others, and (3) overlooking failures--selection effects lead to more managers with positive experiences and luck which encourages risker behavior. Points to the balance between exploitation and exploration for promoting firm survival. Emphasizes the importance of maintaining conservatism in expectations.

Wiklund, J., Davidsson, P., Delmar, F. 2003. ETP. What do they think and feel about growth? An expectancy-value approach to small business managers' attitudes toward growth

Observes that existing research does not adequately consider whether managers actually want their firms to grow, and if they do, why? Use expectancy-value theory of attitutdes to suggest managers' overall attitudes are shaped by their cognitive beliefs regarding the consequences of growth. Despite a body of literature looking at personality traits, this paper focuses on attitudes, which are valuations of whether something is good or bad. Suggests this is important because traits are relatively static, but attitudes are both more likely to drive entrepreneurial behavior and decision making and can more easily be changed. Finds evidence that noneconomic concerns may be more important in determining overall attitude toward growth of small businesses.

Mayer, K.J. 2009. Research Methodology in Strategy and Management. Construct Validity and Other Empirical Issues in Transaction Cost Economics Research

Observes that extensive empirical work in transaction cost economics sometimes fails to find support for the theory, but this is often a result of construct validity and other empirical issues. First, many researchers do not understand that TCE focuses on sources of hazards to exchange, and Williamson emphasized asset specificity as the key hazard of exchange. Uncertainty and frequency are more moderator variables than direct relationships, and are only sources of hazard in the presence of asset specificity or other hazards of exchange. Encourages researchers to consider that asset specificity requires that a firm would lose substantial value if they had to redeploy the resource, i.e. asset specificity focuses on opportunity costs which requires them to consider the second-best use. Frequency indicates whether a transaction is a rare event, not necessariily how often the firm procures a good or service. Uncertainty is a broad concept, which includes environmental and behavioral uncertainty, among others. Encourages researchers to focus on accurately measuring how hazards of exchange affect the degree of internalization, and how governance choice affects performance outcomes over time.

Foss, N.J., Lyngsie, J., Zahra, S.A. 2013. The role of external knowledge sources and organizational design in the process of opportunity exploitation. SMJ

Offers a Kirznerian perspective of the knowledge based view, where external knowledge is not only important for opportunity discovery, but also for exploitation. Suggests organizational design is important for facilitating the transmission of knowledge.

Eshima, Y., Anderson, B.S. 2017. Firm growth, adaptive capability, and entrepreneurial orientation. SMJ

Offers a Knightian perspective where adaptive capacity is a mediator between firm growth and EO. Because Penrosean growth leads to changing resource configurations, learning to adapt influences EO and managerial risk perception. EO is an outcome of growth (through adaptive capacity), and not an antecedent of it.

Zott, C., Amit, R. 2007. Business model design and the performance of entrepreneurial firms. ORG SCI

Offers a Schumpeterian perspective of business models as boundary spanning activities. Emphasizes novelty versus efficiency centered business models, where novelty produces innovation, and efficiency produces imitations. More resource munificence should lead to more novel designs, whereas less resource munificence should be associated with more efficiency-centered designs.

Spigel, B., Harrison, R. 2017. SEJ. Toward a process theory of entrepreneurial ecosystems

Offers a process theory of entrepreneurial ecossytems where EEs are not static, but rather a series of ongoing processes connecting entrepreneurs to resources they need to survive. EEs need to retain their self-perpetuating components by building, strengthening, and maintaining strong social networks between various entrepreneurial actors, including high-growth firms, anchor organizations, and other ecosystem actors. EEs are threatened when they do not recycle resources, which end up flowing out of the ecosystem.

Alvarez, S., Barney, J. 2004. Organizing rent generation and appropriation: toward a theory of the entrepreneurial firm. JBV

Offers a theory of an entrepreneurial firm as one that overcomes the problem of contracting to create and appropriate value depending on knowledge needed. If entrepreneur has resources, they arbitrage. If they need to contract and have tacit knowledge, they use hierarchy. If they have explicit knowledge and no isolating mechanisms, they use hierarchy. But if they have explicit knowledge and isolating mechanisms, they can use a non-hierarchy (market). Suggests the entrepreneur has a knowledge advantage.

Argyres, N., Bigelow, L., Nickerson, J.A. 2015. Strategic Management Journal. Dominant Designs, Innovation Shocks, and the Follower's Dilemma

Offers an alternative narrative to dominant designs in the industry lifecycle literature by arguing that strategic repositioning and elevated exit rates are often observed long before the emergence of a dominant design. Instead, suggests that innovation shocks created by one firm often lead to unexpectedly high demand, which creates a dilemma for followers. Followers can imitate, reposition, or exit the market, and this decision is largely a function of their comparative adjustment costs. Refers to this response to innovation shocks as the "follower's dilemma," which precedes a dominant design. Dominant designs are more architectural than product specific, and often follow an innovation shock.

Ostrom, E. 2000. Collective Action and the Evolution of Social Norms. Journal of Economic Perspectives

Offers an evolutionary perspective on how "rational egoists" aren't the only type of people. There are also conditional cooperators and willing punishers.

McMullen, J. 2011. Delineating the domain of development entrepreneurship: A market-based approach to facilitating inclusive economic growth. ETP

Offers development entrepreneurship as the process of changing formal institutions, which is not likely to be done by business entrepreneurs. Emphasizes institutional entrepreneurship as the solution to changing economic institutions, especially for poverty alleviation.

Alvarez, S.A., Barney, J., Anderson, P. 2013. Forming and Exploiting Opportunities: The Implications of Discovery and Creation Processes for Entrepreneurial and Organizational Reearch. Organization Science

Outlines a history of the discovery versus creation perspectives of opportunity identification, and suggests that each have benefits. Claims that discovery processes require ex ante differences in individuals, whereas creation processes may create ex post differences through the opportunity formation and exploitation processes themselves. Whereas discovery may have some aspects of calculated risk, creation involves uncertainty because the opportunity is not recognized until after it is being enacted through several iterations of pursuit. One potential implication is that discovery and creation processes may not be as separate as they are treated in the literature, with some entrepreneurs using some aspects of discovery and creation simultaneously.

Ostrom, E. 2010. Beyond Markets and states: Polycentric governance of complex economic systems. AER

Overview of the history of polycentrism research and collective action throughout Ostrom's career.

Tullock, G. 1967. The Welfare Costs of Tariffs, Monopolies, and Theft. Western Economic Journal

Points out that regulation has significant opportunity costs. There is deadweight loss to society when firms rent seek and use their resources to gain political rents.

Yandle, Bruce. 1983. Bootleggers and Baptists: The Education of a Regulatory Economist. Regulation

Points to "interesting alliances" between bootleggers and baptists in the pursuit of regulation. Suggests the problem of government failure does not emerge from implementation of regulation, but in how the regulations emerge.

Carlsson, B., Acs, Z., Audretsch, D., Braunerhjelm, P. 2009. Knowledge creation, entrepreneurship, and economic growth: A historical review. ICC

Provides a historical review of where economic and scientific knowledge come from based on universities and corporate research and development centers. Suggests benefits to reducing the knowledge filter.

Audretsch, D. B., Belitski, M. 2017. Journal of Technology Transfer. Entrepreneurial Ecosystems in cities: establishing the framework conditions

Provides an overview of six drivers of entrepreneurial success at a city level to contribute to perspectives on entrepreneurial ecosystems.

Clayton, P., Feldman, M., Lowe, N. 2018. AMP. Behind the Scenes: Intermediary Organizations that Facilitate Science Commercialization through Entrepreneurship

Provies an overview of four types of intermediaries that influence the ability of firms to commercialize science: university, physical space, service, and financial. These intermediaries reduce the barriers to commercializing knowledge. It is important to consider potential reverse-causality of intermediaries, however, where they may emerge to support firms, rather than firms emerging because of their support.

McKelvie, A., Wiklund, J. 2010. ETP. Advancing firm growth research: A focus on growth mode instead of growth rate

Questions how much firms want to grow, rather than just whether they do or not. Identifies three categories of growth research: growth as outcome, outcome of growth, and growth processes. The growth processes literature is the smallest literature stream, which is still highly centered on Penrose. Suggests that since the intentions and goals of a firm change over time, the growth process changes, which has important considerations for research. The appropriate measure of growth is not interchangeable, and each has benefits and drawbacks. Suggests there is little literature on hybrid forms of growth (franchising, licensing, joint ventures/alliances), with most literature focusing on Penrose's distinction between organic and acquisiton growth.

Posner, Richard A. 1974. Theories of Economic Regulation. The Bell Journal of Economics

Raises the possibility of government failure via government capture. Shows there is no evidence for Marxism, no theory for political scientists, and no systematic evidence for the traditional economic view of government regulation.

Davidsson, Perr. 2015. Entrepreneurial Opportunities and the Entrepreneurship Nexus: A Re-Conceptualization. Journal of Business Venturing

Re-conceptualizes the opportunity construct as consisting of (1) external enablers, (2) new venture ideas, and (3) opportunity confidence.

Davidsson, Perr. 2015. JBV. Entrepreneurial Opportunities and the Entrepreneurship Nexus: A Re-Conceptualization

Re-conceptualizes the opportunity construct as consisting of (1) external enablers, (2) new venture ideas, and (3) opportunity confidence.

Miller, D.J., Yang, H.S. 2016. Strategic Management Journal. The Dynamics of Diversification: Market Entry and Exit by Public and Private Firms

Replicates Chang's (1996) early study on diversification using a new dataset with more privately held firms, and adding additional variables. Uses an evolutionary economics approach to show how sequential entry and exit from markets allow firms to experiment and learn. Finds that in general, firms tend to enter new markets with similar human resource profiles, and exit markets with dissimilar human resource profiles. Also finds that entry and exit is much more common in private firms. Private manufacturing firms' diversification decisions are found to be largely because of marketing and scientific human resources, whereas managerial and marketing human resources matter more for private nonmanufacturing firms.

Park, U. D., Borah, A., & Kotha, S. 2016. SMJ. Signaling revisted: The use of singals in the market for IPOs

Replicates three studies on IPO underpricing using signaling theory and do not find evidence of any signaling effects. Authors suggest there has been a change in context with new technologies that make it easier for potential investors to obtain information, which may reduce the need for underpricing. Concludes that information asymmetry-based explanations for IPO underpricing may be less useful going forward given the change in context.

Bodner, J., Capron, L. 2018. Journal of Organization Design. Post-merger Integration

Research primer on PMI that emphasizes the importance of PMI for reconfiguring a firm's resources.

Feldman, E.R., McGrath, P.J. 2016. Journal of Organization Design. Divestitures

Research primer on divestitures, suggests literature is broadly grouped into finance and strategic management literatures.

Saebi, T., Foss, N., Linder, S. 2018. JOM. Social entrepreneurship research: Past achievements and future directions

Reviews social entrepreneurship literature and suggests SE is a multilevel, multistage phenomenon. Focuses on reviewing the literature as it exists at three levels, the individual, organizational, and institutional levels.

Drover, W. et al 2017. JOM. A Review and Road Map of Entrepreneurial Equity Financing Research: Venture Capital, Corporate Venture Capital, Angel Investment, Crowdfunding, and Accelerators.

Reviews the entrepreneurial equity financing literature. Suggests VC research may be too large relative to alternatives (CVCs, angel investors, crowdfunding, and accelerators). Also, the interconnectedness among funding sources is relatively unexplored.

Ritter, J. R., & Welch, I. 2002. Journal of Finance. A review of IPO activity, pricing, and allocations

Reviews the literature on IPO activity, prcing, and allocations. Suggests entrepreneurs give up control over their companies to raise equity and generate important signals about the value of their company. Suggests there is no dominant theoretical case for underpricing.

Demir, R., Wennberg, K., McKelvie, A. 2017. LRP. The strategic management of high-growth firms: a review and theoretical conceptualization

Reviews the literature on firm growth and finds five key strategic drivers: human capital, HRM, strategy, innovation, and capabilities.

Ucbasaran, D., Shepherd, D. A., Lockett, A., & Lyon, S. J. 2013. JOM. Life after business failure: The process and consequences of business failure for entrepreneurs

Reviews the literature on life after business failure for entrepreneurs. Authors suggest researchers need to clearly define business failure, consider the financial, social, and psychological consequences of this failure. The interactions between these three categories of individual-level outcomes from business failure affect the capaity for entrepreneurs to make sense of the situation and learn from it, which will drive future outcomes.

Agarwal, R., Echambadi, R., Franco, A., Sarkar, M. 2004. Knowledge transfer through inheritance: spin-out generation, development and survival. AMJ

Shows empirical evidence that an incumbents choice to use knowledge determines the likelihood of a spinoff moreso than a potential spinoffs recognition of this knowledge. Suggests there is a knowledge mismatch, where firms with more technical or market knowledge are more likely to spinoff, but not if they have both simultaneously. Spin-outs acquire superior marketing and technical knowledge from their parents.

Zahra, S.A. 1996. Governance, ownership, and corporate entrepreneusrhip: The moderating impact of industry technological opportunities. AMJ

Shows empirical evidence that corporate governance impacts the level of corporate entrepreneurship, measured as propensity to take risks.

Dahl, M.S., Sorenson, O. 2012. Home sweet home: Entrepreneur's location choices and the performance of their ventures. MAN SCI

Shows empirical evidence that entrepreneur's location choices matter. Longer tenure in a region improves firm performance, even when controlling for industry differences. Emphasizes regional embeddedness, especially for raising capital and recruiting employees.

Hamilton, Barton H. 2000. Does entrepreneurship pay? An empirical analysis of the returns to self-employment. JPE

Shows empirical evidence that most entrepreneurs take a pay cut when they enter self-employment. Suggests entrepreneurs pursue self-employment for non-pecuniary reasons.

Kaul, Aseem. 2012. Strategic Management Journal. Technology and Corporate Scope: Firm and Rival Innovation as Antecedents of Corporate Transactions

Shows empirical evidence that technological innovations prompt a firm to reconfigure its corporate portfolio by redeploying resources to areas of new opportunity while divesting resources out of mariginal businesses. Resources both enable future opportunities, and constrain the ability of a firm to pursue these opportunities, as scarce resources constrain the firm's scope. Additionally, firms are found to change corporate scope in response to rival innovation.

Huy, Q., Zott, C. 2019. Strategic Management Journal. Exploring the affective underpinnings of dynamic managerial capabilities: How managers' emotion regulation behaviors mobilize resources for their firms

Shows how differences in managers' attention to emotion regulation (ER) influences the extent to which they can mobilize resources to pursue market opportunities. ER of the self (ERS) helps them create psychic benefits, whereas ER of others (ERO) helps facilitate legitimacy judgments. Further, there are interaction effects, where ERS creates pyschic benefits and subsequently mobilizes managerial human capital, which influences the ability of managers to elicit stakeholder legitimacy judgment. Concludes that this could be an underpinning of managerial dynamic capabilities, where stronger ERS and ERO allows managers to effectively mobilize resources.

Folta, T., B., Delmar, F., Wennberg, K. 2010. Hybrid entrepreneurship. MAN SCI

Shows that although most existing research looks at the decision to enter self-employment as entrepreneurship, many entrepreneurs begin new ventures as side hustles. This hybrid entrepreneurship, where at least one person in a household maintains an income in the labor market, is very prevalent, which means studies that don't consider this hybrid entrepreneurship may be making biased estimates based on bad specification.

Mulligan, C.B., Gil, R., Sala-i-Martin, X. 2004. Do democracies have different public policies than non-democracies?. Journal of Economic Perspectives

Shows that democracies and nondemocracies have similar economic and social policies, but important differences relating to winning and maintaining public office including torture, execution, censorship, military spending, and regulating religion. Suggests democratic institutions affect the degree of competition for public office, but negligible effects on public policies that are insignificant, or incidental to the struggle for political leadership.

Ostrom, E. 2010. Beyond Markets and States: Polycentric Governance of Complex Economic Systems. American Economic Review

Shows that humans are willing to self organize and take collective action. There are a series of design principles that characterize long lasting regimes for sustainably managing common pool resource dilemmas.

Pe'er, Vertinsky, Thomas 2016. Growth and survival: the moderating effects of local agglomeration and local market structure. SMJ

Shows that local agglomeration and market structure moderate the growth-survival relationship. Local agglomeration and market concentration substitute for the benefits of growth, and attenuates the risks of excess growth.

Huang, L., & Pearce, J. L. 2015. ASQ. Managing the Unknowable The Effectiveness of Early-stage Investor Gut Feel in Entrepreneurial Investment Decisions.

Shows that, within the angel investment context, individual investors rely on schemas and perceptions of the entrepreneur's ability to execute a plan to find home-run investments. Finds that investors tend to focus on creating "home-runs" rather than improving their "batting average" because of the high uncertainty--if investors tried to maximize returns on each individual decision they would face paralysis. Instead of maximizing return sin aggregate, investors thus use their past experiences, intuitions, and perception of the entrepreneur to look for big winners.

Levinthal, D.A., March, J.G. 1993. The Myopia of Learning. Strategic Management Journal

Simplification and specialization learning processes contribute to three forms of learning myopia: temporal, spatial, and failure. Two mechanisms of learnning are presented: specialization and simplification. Emphasizes tradeoffs in any approach, and subsequent problems. Organizational processes lead to (1) temporal myopia--overlooking distant times, (2) spatial myopia--focusing on benefits derived from one part of the system at the expense of others, and (3) overlooking failures--selection effects lead to more managers with positive experiences and luck which encourages risker behavior. Points to the balance between exploitation and exploration for promoting firm survival. Emphasizes the importance of maintaining conservatism in expectations.

Chatterji, A.K., Cunningham, C.M., Joseph, J.E. 2019. Strategic Management Journal. The limits of relational governance: Sales force strategies in the U.S. medical device industry

Starts with the observation that firms tend to choose the same external partners instead of identifying new ones, and often pay a premium to maintain these relationships. Asks how these preexisting relationships between firms affect choices to integrate activities when product portfolios change. Uses the medical device industry to test whether more relational capital, measured as time relying on an external sales force, decreases the likelihood of integration. Finds evidence that this relationship holds, although if the firm changes to a different downstream market the relationship does not hold. Additionally finds that firms that have little relational capital (using external sales force for shorter time periods), are more likely to integrate when they launch an innovation. Finds contrary evidence to their hypothesis that innovative products outside of the firm's focal market increase the likelihood of integration, instead finding that firms that innovate with lots of relational capital are less likely to integrate overall. Suggests that the explanatory power of relational governance is context dependent, but an alternative explanation to TCE.

Arrow, K. J. 1963. Uncertainty and the Welfare Economics of Healthcare. The American Economic Review

Stresses the importance of overcoming information asymmetries that contribute to market failures, especially adverse selection and opportunism/hazards of exchange (once in a contract). One way to combat these is through reductions in information asymmetries, e.g. licensing or certifications.

Wiklund, J., & Shepherd, D. A. 2011. ETP. Where to From Here? EO‐as‐Experimentation, Failure, and Distribution of Outcomes.

Suggests EO may be a performance-variance-enhancing strategic orientation rather than a performance-mean-enhancing orientation. Finds empirical evidence that EO affects variance in performance.

Bonardi, J.-P., Hillman, A.J., Keim, G.D. 2005. The attractiveness of political markets: Implications for firm strategy. Academy of Management Review

Suggests a firm's decision to become politically active is influenced by the attractiveness of the political market, which is largely shaped by the level of demand within a political market for regulation. Argues nonelection issues are more attractive, markets with more concetrated benefits and diffused costs, when maintaining existing regulations rather than creating new ones, when issues have a narrower policy domain, and when there is no unique partisan identification. Argues firms are more likely to be leaders when supply side is attractive, but when only demand side is attractive they will tend to be followers.

Katila, R., Ahuja, G. 2002. Academy of Management Journal. Something Old, Something New: A Longitudinal Study of Search Behavior and New Product Introduction

Suggests an alternative to past organizational learning research which suggested that firms search for solutions along a spectrum from exploitation to exploration. Authors suggest there are two dimensions these efforts vary on: search depth, reusing existing knowledge, and search scope, exploring new knowledge more widely. Argues that a firm's ability to create new products is determined by both independent and interactive effects between these two dimensions.

Mises, L. 1935. Economic calculation in the socialist commonwealth. Collectivist Economic Planning

Suggests economic calculation is too distributed to ever be able to be centralized.

Acemoglu, D. 2010. Theory, General Equilibrium, and Political Economy in Development Economies. Journal of Economic Perspectives

Suggests economic theory becomes more important in the presence of general equilibrium and political economy considerations. General equilibrium effects highlight the importance of policy interventions' potential for imperfect substitutions and diminishing returns, endogenous technology responses, and composition effects (substitution of some factors or products for others).

Wennberg, K., Wiklund, J., DeTienne, D. & Cardon, M. 2010. JBV. Reconceptualizing entrepreneurial exit: Divergent exit routes and their drivers

Suggests entrepreneurial exit can be very different from failure. It is important to identify specific exit routes because some exits are actually successes, not failures. Empirically shows that the factors that affect the exit strategy include experience, age, education, outside jobs, and additional investments.

Shepherd, D. A. 2015. JBV. Party On! A call for entrepreneurship research that is more interactive, activity based, cognitively hot, compassionate, and prosocial

Suggests entrepreneurship research would benefit from making larger contributions, rather than conservatively making incremental theoretical contributions. Given the risk of publishing in high-quality journals, however, both researchers and reviewers are tending to become more conservative because they are more concerned about accepting low quality papers than with missing potentially meaningful papers.

Shane, S., Venkataraman, S. 2000. AMR. The promise of entrepreneurship as a field of research

Suggests entrepreneurship should be a conceptual domain, not a business setting. Describes the entrepreneurial opportunity-entrepreneurship nexus, which is largely Kirznerian.

Shane, S., Venkataraman, S. 2000. The promise of entrepreneurship as a field of research. Academy of Management Review

Suggests entrepreneurship should be a conceptual domain, not a business setting. Still goes on to define entrepreneurship as for-profit. Describes the entrepreneurial opportunity-entrepreneurship nexus, which is largely Kirznerian. Emphasizes the role of individual and opportunity, as both knowledge and individual characteristics. Emphasizes division of knowledge.

Di Stefano, G., Gutierrez, C. 2019. Strategic Organization. Under a magnifying glass: On the use of experiments in strategy research

Suggests experiments are a useful tool in strategy research because they avoid problems of construct validity, causality, and are useful for a growing interest in more micro-level phenomena. The use of experiments in strategy is slowly increasing, but still comprises just a small portion of the field.

Barney, J. 2005. Should strategic management resesarch engage public policy debates?. The Academy of Management Journal

Suggests management research both has important contributions to make to policy debates, and that engaging with public policy can improve management research through new learning opportunities.

Isenberg 2010. How to start an entrepreneurial revolution. HBR

Suggests many government policies are targeted towards creating the next Silicon Valley, but most of what we have learned is that these conditions cannot be easily replicated. Instead, entrepreneurship policies must be locally tailored to an area's needs, and politicians need to make visible the contributions of entrepreneurs within their system. One size fits all does not work.

Hayek, F.A. 1968. Competition as a Discovery Procedure. Quarterly Journal of Austrian Economics

Suggests neoclassical perspectives on competition focus only on prices, when in reality competition reflects a discovery procedure for entrepreneurs. New opportunities are discovered when individuals try to find innovative new ways to compete with incumbents. The neoclassical state of perfect competition involves no competitive action. Competition is a result of not knowing your competitor's actions.

Schumpeter, J.A. 1934. The Theory of Economic Development.

Suggests recombinations of existing resources disrupt the circular flow of an economy. The entrepreneur leads producers in these new combinations, and captures profit as a reward for successful recombinations. Although the economy has many profit opportunities, it also removes all profits in the long-term through competition. Suggests entrepreneurs do not take risks because they are not responsible for the factors of production. Instead, capitalists and resource owners bear the risk of innovation.

Kaplan, S., Vakili, K. 2015. The Double-Edged Sword of Recombination in Breakthrough Innovation. Strategic Management Journal

Suggests resource recombination can benefit from both local and distant search. Whereas local search generates more novel breakthroughs, more diverse and highly distant search leads to more valuable breakthroughs. Evolutionary explanation, where local search enables someone to come up with very creative uses of resources they understand well, creating variation, but selection processes are important at determining where these novel breakthroughs will be most useful.

Dacin, P.A., Dacin, M.T., Maetear, M. 2009. AMP. Social entrepreneurship: Why we don't need a new theory and how we move forward from here

Suggests social entrepreneurship is not a distinct type of entrepreneurship, and thus does not need new theories. Although there is a lot of research on the definition of social entrepreneurship, authors suggest it would be better to study social entrepreneurship as a context in which established types of entrepreneurs operate.

Short, J.C., Moss, T.W., Lumpkin, G.T. 2009. SEJ. Research in social entrepreneurship: Past contributions and future opportunities

Suggests social entrepreneurship is still in an embryonic state, as a literature reveals that conceptual articles vastly outnumber empirical studies. Highlights that it is difficult to consistently measure social ventures performance, which makes it difficult to compare elements that may reliably foster social entrepreneurship. Proposes a model that delineates conceptual boundaries of social entrepreneurship as within the intersection between public/nonprofit management, social issues in management, and entrepreneurship.

Wilson, D.S., Ostrom, E., Cox, M.E. 2013. Generalizing the core design principles for the efficacy of groups. Journal of Economic Behavior and Organization

Suggests that Ostrom's design principles of institutional arrangements that succeeded in managing CPRs are generalizable enough to be used to improve the efficacy of many kinds of groups. Argues they can be generalized because (1) they follow from foundational evolutionary principles, and (2) they apply to a wide range of groups.

Reuer, J.J., Ariño, A. 2007. Strategic Management Journal. Strategic Alliance Contracts: Dimensions and Determinants of Contractual Complexity

Suggests that contractual complexity is a multidimensional construct, although it is commonly viewed as unidimensional. There are two underlying dimensions of contractual complexity based on enforcement and coordination functions. Contractual provisions are a function of asset specificity and whether the alliance's duration is pre-specified or open ended. Finds that equity versus non-equity alliances are not strong predictors of most forms of contractual complexity, contrary to prior research. Evidence that asset-specificity is associated with greater numbers and stringency of contractual provisions. Some evidence that prior ties can substitute for formal safeguards in alliance contracts. Time-bound alliances tend to rely more heavily on stringent enforcement provisions.

Lazear, Edward P. 2004. Balanced skills and entrepreneurship. AER

Suggests that entrepreneurs must be jack of all trades to start new ventures where they cannot access good labor pools.

Porter, Michael E. 1981. Academy of Management Review. The Contributions of Industrial Organization to Strategic Management

Suggests that industrial organization (IO) did not shape business policy (BP) for a long period of time because of differences in unit of analysis. IO focused on the broader economic environment, whereas BP focuses on the firm. Over time, IO became more focused on the firm within its industry, and began shaping BP research.

Baron, R. A., Ensley, M. D. 2006. MAN SCI. Opportunity recognition as the detection of meaningful patterns: Evidence from comparisons of novice and experienced entrepreneurs

Suggests that new ideas for products or services emerge from the perception of pattern recognition--the cognitive process through which individuals identify meaningful patterns.

Smith, A. 1776. Book 1, Ch 1 & 2. An Inquiry into the Nature and Causes of the Wealth of Nations

Suggests that specialization and the division of labor are endogenous to each other, and lead to growth of market opportunities in society. This improvement in the productive use of human action can lead to economic growth for a society.

Shepherd, D.A. 2003. AMR. Learning from business failure: Propositions of grief recovery for the self-employed

Suggests that the grief recovery period from self-employment is problematic because loss of a business from failure provides a learning experience that cannot be appreciated when grief is involved. Grief interferes with the learning process, which could inhibit the self-employed's ability to start a new business or maintain it successfully. In some cases, business failure can actually improve decision making. Highlights two primary ways to recover from grief: loss orientation is working through loss experience by processing what happened and breaking emotional bonds. Restoration orientation is avoiding secondary sources of stress and distracting oneself from thinking about the loss. Encourages a dual process of recovery, or oscillation, that consists of both loss-oriented and restoration-oriented coping styles.

Coase, R.H. 1937. The nature of the firm. Economica

Suggests that the nature of the firm is to reduce the transaction costs of exchange in markets. The firm is a contract that allows people to organize and use resources for cheaper than the market alone. Suggests firms emerge, expand, and have limits to expansion based on the price system and transaction costs. Three major transaction costs, (1) discovering prices, (2) negotiating multiple contracts, and (3) cost of forecasting. The entrepreneu is the person who takes place of price mechanisms in coordinating resources.

Maritan, C.A., Peteraf, M.A. 2011. Journal of Management. Building a Bridge Between Resource Acquisition and Resource Accumulation

Suggests that within Resource-Based Theory (RBT), two streams have emerged largely separate of each other: resource acquisition in strategic factor markets, and internal resource accumulations. Although resource accumulations arose out of work on strategic factor markets, these two literature streams are largely independent of each other. Authors suggest a merging of the two literatures, focusing on the origin of heterogeneous resource positions as being decisions to buy, to build, to buy to build, and to build to buy. Focus on resource accumulation and acquisition processes.

Åstebro, T., Chen, J., Thompson, P. 2011. Stars and misfits: Self-employment and labor market frictions. MAN SCI

Suggests that, because of labor market frictions, the people most likely to enter self-employment are either those with skills not fully compensated in the market, or those who cannot earn as much as their peers at the same work. Suggests these labor market frictions give rise to a highly fragmented demographic of the self-employed, where only the best and worst off in traditional labor markets enter and stay in self-employment.

Baumol, W.J. 1990. Entrepreneurship: Productive, Unproductive, and Destructive. JPE

Suggests the allocation of entrepreneurial activity largely depends on the relative payoffs society offers to such activities. Institutions shape the direction of economic activity from entrepreneurship, but levels of entrepreneurship are relatively stable.

Feldman, M.P. 2014. The character of innovative places: Entrepreneurial strategy, economic development, and propserity. SBE

Suggests the character of a place (sense of community) attracts entrepreneurs, who then engage in a long process of creating local or regional clusters of innovative activities. Entrepreneurs are the agents of change within local communities, and human agency matters most in creating innovative places.

Mahoney, J., McGahan, A.M., Pitelis, C.N. 2009. The Interdependence of Public and Private Interests . Organization Science

Suggests the field of organization science would benefit from a partial merging of public policy and management research agendas because private and public interests cannot be fully understood if conceived independently. Emphasizes that the public interest favors some private interests over others, and that some private goods have both public and private benefits. Authors suggest that little research has acknowledged the complexity of organizations as simultaneously public and private, and emphasize that both institutions and organizations are shaped by private and public interests. Authors stress the importance of interest alignment across these spheres, and the consideration of intertemporal inefficiencies. This new way of framing organization studies is believed to provide stronger analysis, to account for the fact that the private is doing more to influence the public, and a shift in societal expectations concerning limited-liability corporations. Introduces the concept of global sustainable value creation, which can be used "to identify organizational and institutional configurations and strategies conducive to worldwide, intertemporal efficiency and value creation."

Grimes, M., McMullen, J., Vogus, T., Miller, T. 2013. Studying the origins of social entrepreneurship: Compassion and the role of embedded agency. AMR

Suggests the foundation of social entrepreneurship is compassion and embedded agency. Compassion is the starting point, and institutions guide the direction of social entrepreneurship. Suggests social embeddedness is more pronounced in social entrepreneurship.

Sarasvathy, S. D. 2001. Causation and Effectuation: Toward a Theoretical Shift From Economic Inevitability to Entrepreneurial Contingency. Academy of Management Review

Suggests the pursual of opportunities may, in some cases, more closely resemble a process of effectuation rather than causation. Under causation, individuals choose a means necessary to reach a desired end. Under effectuation, individuals find an end using available means. Especially relevant for necessity entrepreneurship. Effectuation emphasizes control over prediction, and suggests four characteristics of effectuation processes: (1) Affordable loss over expected returns, (2) Strategic alliances over competitive rivalry, (3) Exploitation of contingencies over pre-existing knowledge, and (4) Control over unpredictable future over prediction of an uncertain one.

Bakker, R.M., Shepherd, D.A. 2017. Pull the plug or take the plunge: Multiple opportunities and the speed of venturing decisions in the Australian mining industry. AMJ

Suggests the reason firms are quick to make some decisions and slow to make others is constraints on attention. FIrms have limited attention and portfolios of potential opportunities, so the speed at which decisions are made depend on where attention is focused. Suggests the relationship between attention and decision making speed is moderated by market dynamism.

Penrose, E. 1959. Ch 3 & 5. The Theory of the Growth of the Firm

Suggests the resources of a firm determine their productive opportunity set. Individuals find creative ways to recombine resources and use slack to grow the productive opportunity set. Virtuous cycle where more resources create more excess capacity, which creates more growth and resources.

Boettke, P., Coyne, C. 2003. Entrepreneurship and Development: Cause or Consequence?. Advances in Austrian Economics

Suggests there are two core institutions necessary for economic development, with all other institutions being variations of them. Private property rights, and the rule of law enable economic growth. Suggests institutions are a cause, and entrepreneurship is a consequence.

Jourdan, J. Kivleniece, I. 2017. Too much of a good thing? The dual effect of public sponsorship on organizational performance. Academy of Management Journal

Suggests there is an inverted U-shaped relationship between cumulative public sponsorship received and market performance. This relationship is strengthened by the organization's horizontal scope and reliance on external idiosyncratic resources, and attenuated by the organization's market orientation.

Noda, T., Bower, J. L. 2007. Strategic Management Journal. Strategy Making as Iterated Processes of Resource Allocation

Suggests value in conceptualizing strategy making in large, complex firms as iterated processes of resource allocations. Strategic context determination is conceived as a political process through which middle managers delineate the content of new fields of business development for the corporation and attempt to convince top managers that current strategies need to be changed. Demonstrates how outcomes affect the decisions top level managers are willing to make, and highlights the conflicts that can arise between line managers and top managers. Highlights the importance of path dependencies. Top managers influence strategic initiatives of lower level managers by setting up the context. Both strategic and structural contexts influence bottom-up initiatives, which shapes resource allocation that virtually defines a course of business development and strategy. A firm's structural context is stable over time, whch impacts subsequent business development processes and constrains discreiton of top managers. Top managers learn from earlier actions, and iterations of resource allocations generate patterns of escalation or deescalation of a firm's strategic commitments. Suggests continuous, incremental learning of top managers and resulting changes in strategic context shift resource allocation and precede the articulation or change in official statements of corporate strategy for new business.

Pigou, A. C. 1932. The Economics of Welfare.

Suggests we can use taxes and subsidies to correct market failures.

Peltzman, S., Levine, M.E., Noll, R.G. 1989. The Economic Theory of Regulation after a Decade of Deregulation. Brookings Papers on Economic Activity

Summarizes a decade's worth of economic theory of regulation. Finds that small, well-organized groups tend to benefit the most, regulatory policy seeks to preserve a politically optimal distribution of rents, and the regulatory process is sensitive to deadweight loss.

Bromiley, P. 2005. The Behavioral Foundations of Strategic Management. Chapter 2: Basics of a behavioral approach

Summarizes a model of the organization based on decision making as (1) following rules, and (2) searching for solutions. Builds on bounded rationality, emphasizing the inability of individuals to rationally calculate behavior. To make sense of complexity, organizations must subsidivide tasks by following routines, but there are triggers (i.e. aspirations) that drive firms to search for ways to improve performance. There are a number of biases that affect these decisions in strategic management that prevent optimal decision making, including satisficing. Performance is always linked to the environment, in addition to these decisions, so behavioral models only predict adaptation strategies. Emphasizes the need for feedback loops.

Gwartney, J., Silberman, J. 1973. Distribution of costs and benefits and the significance of collective decision rules. Social Science Quarterly

The decision rules leading to government interventions matter. Shows that referendums vs legislative representation has a large effect on how decisions are made. The way and degree to which people participate depends on how much people think they can predict the outcome.

Helfat, C.E., Eisenhardt, K.M. 2004. Strategic Management Journal. Inter-Temporal Economies of Scope, Organizational Modularity, and the Dynamics of Diversification

Theoretically shows how extant research on diversification is missing the potential benefit of inter-temporal economies of scope. Not only can diversifying firms leverage intra-temporal economies of scope by sharing resources among business units, but firms can also redistribute resources by exiting certain markets and entering new ones. These inter-temporal economies of scope are particularly important in dynamic markets, where firms are likely to be more successful if they can restructure themselves to respond to new opportunities. Emphasizes the importance of organizational form and modularity in enabling a firm to quickly exit slowing or declining markets to enter more promising markets. Inter-temporal economies of scope thus allow diversifying firms to minimize adjustment costs of transferring resources into new lines of business.

North, D. 1991. Institutions. Journal of Economic Perspectives

Throughout history, institutions have been created by humans to create order and reduce uncertainty in exchange. Suggests cooperation is difficult when (1) interactions are not repeated, (2) information is asymmetric, and (3) there are a large number of players. Institutions are humanly devised rules of the game in a society as well as the social structures that create, embody, and enforce those rules as society grows beyond personal ties and requires impersonal (neutral) contract enforcement. Institutions both facilitate and constrain human interaction. They emerge slowly, and there is an aspect of path dependence to institutional development. Author notes that key institutions that lowered transaction costs in early modern Europe increased (1) the mobility of capital (allowing lenders to charge interest), (2) lowered information costs (standardizing weights and balances), and (3) spread risk (creating insurance).

Amezcua, A. S., Grims, M. G., Bradley, S. W., Wiklund, J. 2013. AMJ. Organizational sponsorship and founding environments: A contingency view on the survival of business-incubated firms

Uses RDT and org ecology to show that sponsors have two mechanisms for promoting organizational survival in business incubators. Sponsors can buffer new organizations from their dependence on external environments, or they can bridge them with their environment by establishing networks to connect new organizations to resources within their community.

Amezcua, A., Grimes, M., Bradley, S., Wiklund, J. 2013. Organizational sponsorship and founding environments: a contingency view on the survival of business-incubated firms. Academy of Management Journal

Mawdsley, J.K., Somaya, D. 2018. Strategic Management Journal. Demand-side strategy, relational advantage, and partner-driven corporate scope: The case for client-led diversification

Uses a demand-side perspective of strategy where authors investigate how external relationships with business partners affects diversification decisions. Uses a relational view to show that when patent law firms' clients diversify, these same firms are more likely to diversify to maintain relationships with their clients. Finds empirical evidence that relational commitments and client-specific knowledge increase the likelihood of suppliers diversifying into new markets following their clients. Finds contrasting evidence to Wu (2013) that faster growing markets do not attract these kinds of diversifiers, who instead follow their clients to maintain relational capital.

Nason, R.S., WIklund, J. 2018. JOM. An assessment of resource-based theorizing on firm growth and suggestions for the future

Uses a meta-analysis to compare RBV and Penroses' theory of the growth of the firm. Finds evidnece that versatile resources have a stronger relationship to growth than VRIN resources. Despite a large body of literature emphasizing the RBV, this shows evidene that versatile resources that can be redeployed are more associated with growth.

Klepper, S., Sleeper, S. 2005. Entry by spinoffs. MAN SCI

Uses an evolutionary perspective to view spinoffs as the offspring of successful firms. Spinoffs occur when employees recognize opportunities the firm does not, or chooses not to pursue. Leverages technical knowledge about the technology to enter new niches, develop similar technologies in alternative product markets. Suggests spinoffs don't respond to favorable industry conditions, but they will choose to delay exit in the presence of unfavorable industry conditions.

Levine, S.S., Bernard, M., Nagel, R. 2017. Strategic Management Journal. Strategic Intelligence: The Cognitive Capability to Anticipate Competitor Behavior

Uses an experimental analysis to show that cognitive capabilities are comprised of both the ability to solve abstract problems, and strategic intelligence, which both influence the ability to develop a competitive advantage. Whereas the ability to solve abstract problems is internal-facing, strategic intelligence takes a more external perspective by focusing on the actions of others. Empirically shows that both of these cognitive capabilities lead to competitive advantage, but they are not correlated (i.e. a manager can have high analytic skills but low strategic intelligence and vice versa). Additionally, these two skills are complementary, where managers with both perform better than managers who only have one skill.

Jenkins, A. S., Wiklund, J., & Brundin, E. 2014. JBV. Individual responses to firm failure: Appraisals, grief, and the influence of prior failure experience

Uses appraisal theory to investigate how people's emotional reactions depend on their subjective evaluations of an experience. Suggests feelings of (i) loss of self-esteem, (ii) financial strain), and (iii) loss of independence affects the intensity of grief. The model suggests the type of entrepreneur (situation characteristic) affects these appraisals, but prior failure moderates the relationship between these appraisals and intensity of grief. Little empirical evidence to support their theory.

Graebner, Melissa E. 2004. Strategic Management Journal. Momentum and Serendipity: How Acquired Leaders Create Value in the Integration of Technology Firms

Uses grounded theory-building in an attempt to determine how acquisitions lead to increased value. Suggests that acquired managers play a key role in resolving implementation dilemmas, which have typically been examined exclusively from the perspective of the acquiring firm's managers. Shows evidence that firms can realize expected value (the value initially pursued by acquisition) by encouraging acquired managers to mobilize and mitigate their acquired firms. Managers need to mobilize their employees to keep employees focused to maintain organizational momentum through internal pacing and accelerated coordination between acquired and acquiring firms. Managers also need to mitigate complaints that arise or address concerns by expediting concerns and providing real-time communication. Aside from realizing expected value, firms can also create serendipitous value by creating ways to create new value, especially through cross-organizational responsibilities. If the buying firm has undergone many recent acquisitions, there are likely to be fewer opportunities to put managers in the acquired firm into cross-organizational leadership roles, so increases in the number of acquisitions over a short period of time likely reduce the chance of serendipitous value cretion. Suggests this has implications for exploration and exploitation perspectives of organizational learning, where acquisitions allow a firm to simultaneously pursue exploitation and exploration through expected and serendipitous value creation.

Dorobantu, S., Kaul, A., Zelner, B. 2017. Nonmarket Strategy Research Through the Lens of New Institutional Economics: An Integrative Review and Future Directions. Strategic Management Journal

Uses new institutional economics lens (transaction costs) to argue that firms can create and appropriate value by adapting to, augmenting, or transforming weak institutions. Creates a typology of six nonmarket strategies (internalize, partnerships, proactive, collective, influence, and coalitions) based on choice of governance (independent or collaborative) and strategic intent (adaptive, additive, transformative). The choice to pursue any strategy depends on firm level characteristics and institutional costs, which has implications on the social performance.

McGrath, R. 1999. AMR. Real Options Reasoning and Entrepreneurial Failure

Uses real options reasoning to analyze the decision-making process for entrepreneurial exits. Entrepreneurial uncertainty can be managed by pursuing high variance outcomes, but only investing if conditions are favorable. This can increase profit potential while containing costs. Suggests entrepreneurial exit is a necessary component of future successes (in aggregate), and that entrepreneurs should pursue high-variance outcomes while taking precautions to minimize their losses by making sequential investments depending on conditions.

Batjargal, B., Hitt, M.A., Tsui, A.S., Arregle, J..L., Webb, J.W. et al. 2013. Institutional Polycentrism, Entrepreneurs' Social Networks, and New Venture Growth. William Davidson Institute

Uses the theory of institutional polycentrism to examine how formal institutions affect the development and use of entrepreneurs' social networks and new venture growth. Suggests institutional multiplicity characterizes the institutional environment, and institutional substitution is the mechanism through which social networks compensate for weak and inefficient institutions.

Wennberg, K., Delmar, F., McKelvie, A. 2016. JBV. Variable risk preferences in new firm growth and survival

Uses theories of deision-making under uncertainty ot theorize how entrepreneurs decide to grow, exit, or stay the same as a function of venture age, size, and performance decision domain (aspirations). Builds on prospect theory to suggest that entrepreneurs have both a survival reference point and an aspiration reference point, and as firms age and grow, growth and exit prospects vary around these points. Younger and smaller firms are hypothesized to be more likely to grow when above aspiration points, whreeas older and larger ventures are believed to grow when performing below this point.

Podemska-Mikluch, M. Wagner, R. 2017. Economic Coordination across Divergent Institutional Frameworks: Dissolving a Theoretical Antinomy. Review of Political Economy

Views political economy coordination through a societal ecology where coordination is achieved through different forms of transaction. Seeks to remove the dichotomy between private and public goods. Suggests a broader conceptualization of a firm reveals operational similarities between private and public enterprises, which makes it easier to explain coordination across divergent institutional frameworks.Emphasizes moving away from the "centralized mindset."

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