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A market‐process approach to corporate coherence
Author(s) -
Foss Nicolai J,
Christensen Jens Frøslev
Publication year - 2001
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.1012
Subject(s) - coherence (philosophical gambling strategy) , argument (complex analysis) , meaning (existential) , economics , neoclassical economics , process (computing) , positive economics , balance (ability) , industrial organization , microeconomics , sociology , epistemology , computer science , philosophy , psychology , biochemistry , chemistry , physics , quantum mechanics , neuroscience , operating system
We address the notion of corporate coherence recently made prominent by Teece et al. (1994. Understanding corporate coherence: theory and evidence. Journal of Economic Behavior and Organization 23 : 1–30). We argue that the literature is confused on the meaning of this notion (and similar notions) along a number of dimensions. Drawing on insights from market‐process theories, we propose a dynamic understanding of corporate coherence, an understanding that involves the corporate capacity to strike a favorable balance between the production and exploitation of new knowledge. This argument is elaborated drawing on Austrian economics, evolutionary economics, and post‐Marshallian economics. Copyright © 2001 John Wiley & Sons, Ltd.
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