New Perspectives on the Modern Corporation series – serie

This innovative book offers a critical perspective on the state of the current global economy, making sense of knowledge-related issues by critically assessing existing institutional choices, as well as pointing to new ways forward.The pioneering chapters reposition knowledge in a number of economic debates including regional development, property rights, social enterprises, corporate governance, the management of universities, and the role of creative activities. They explore the possibility of an institutional dynamism that impacts not only on the characteristics of localities and their place in a hierarchical and ordered system of relationships, but on the nature of the system itself. Conclusions point at the individual and collective dimensions of the knowledge discovery process, suggesting a renewed approach to the assessment of economic choices.This insightful book offers an original perspective on knowledge-related issues and constitutes a valuable read for academics and postgraduate students in international business and economic competitiveness, as well practitioners and policymakers who are interested in alternative analyses and methods for economic development.

This book explores the conditions for growth that can create value for shareholders, focusing on the main strategies adopted by firms including horizontal expansion, vertical integration and product diversification. To evaluate whether or not a particular growth strategy is successful, the author examines the economic fundamentals of each strategy and presents analytical models of both internal development and external acquisition. He moves on to present four case studies of successful companies to highlight how a firm chooses and implements a defined growth strategy. This stimulating integrated analysis will appeal to researchers and students in business administration as well as managers, entrepreneurs and consultants involved in strategic management.

It has become clear that over the past few decades enterprises not only produce and sell abroad but increasingly also develop goods and services outside their home countries; a development now known as the internationalisation of business R&D. This book presents a comprehensive picture of the current state of internationalization of R&D in the business sector.The contributors explore key patterns of the internationalization of R&D across various countries and sectors using case studies to underpin empirical evidence. They examine the drivers of the process, revealing the impacts of R&D internationalisation on both home and host countries using both qualitative and quantitative analysis. Topics discussed include:Why firms locate R&D activities abroadData availability, quality and comparabilityThe role of the EU and the US in the internationalization of R&DCountry-level factors such as size, workforce and FDI as determinants of R&D internationalizationImpacts of R&D internationalization on home and host countries.This book will prove an insightful read for academics, researchers and students with an interest in economics - particularly the economics of innovation business and management, and science and technology. It will also prove a valuable resource for R&D policymakers and public administrators.Contributors include: B. Dachs, D. Hanzl-Weiss, F. Kampik, S. Leitner, T. Scherngell, R. Stehrer, R. Tiwari, W. Urban, G. Zahradnik

The shift from managerial capitalism to investor capitalism, dominated by the finance industry and finance capital accumulation, is jointly caused by a variety of institutional, legal, political, and ideological changes, beginning with the 1970s' down-turn of the global economy. This book traces how the incorporation of businesses within the realm of the state leads to both certain benefits, characteristic of competitive capitalism, and to the emergence of new corporate governance problems. Contrasting economic, legal, and managerial views of corporate governance practices in contemporary capitalism, the author examines how corporate governance has been understood and advocated differently during the New Deal era, the post-World War II economic boom, and after 1980 in the era of free-market advocacy.Covering the theory of the firm from the New Deal era until the post-2008 financial crisis, the book connects contemporary theories with their original legal roots, demonstrating inconsistencies in contemporary understanding. It also points at the differences between legal theory and neoclassical economic theory regarding the theory of the firm. The book examines how the entrenchment of shareholder welfare governance turns a blind eye to legal theory and corporate law, leading to theoretical inconsistencies and practical concerns, and criticises the agency theory argument in favour of unrestricted shareholder welfare governance. A comprehensive review of the literature on corporate governance, both in legal theory and in economics and management studies is included.This enlightening and informative book is essential reading for corporate governance scholars, management studies researchers, legal theorists and business historians.

The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M&As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders' value through successful M&A strategies. It also explores the conditions that are suitable for favouring a certain type of M&A (horizontal, vertical or diversified) over the others.The author presents various analytical models combined with a selection of case studies to demonstrate the relevant conditions under which each type of strategy can create value. The book analyses different types of M&As, the specific sources of synergy and the way value can be calculated. An integrated analysis of potential synergies, their evaluation and the modifications to the organizational structure necessary for implementation is also included. In conclusion, the book presents some case studies of successful M&A strategies providing a link between theory and practice. Building upon traditional theories and providing original and innovative analysis, this is an essential book for students and scholars in economics, business and strategic management, as well as managers and consultants seeking an analytical and practical understanding of M&A strategies.

The legal, regulatory and ethical frameworks guiding governance decisions are highly politicised and subject to intense debate. This book discusses governance theory in relation to corporations, universities and markets. Confronting the challenges of governing these three core areas, Alexander Styhre explores the connections between governance and the production of economic value, shareholder value and economic equality. An in-depth overview of recent governance literature in management studies, economics, legal theory and economic sociology, exposes how governance theory affects securities markets, commodities trade, university ranking and credit scoring cases. The author examines how changes in competitive capitalism and the wider social organization of society are recursively both determined by, and actively shaping the underlying governance ideals and practices. Identifying the difficulties involved in balancing freedom and control in governance policy, he highlights the key concerns confronting governments, regulatory agencies and transnational agencies: how to ensure the efficient use of economic resources to avoid economic inequality without undermining the legitimacy of the current market-based economic model. Essential reading for academics and graduates in management and the social sciences, as well as policy makers and management consultants, The Unfinished Business of Governance gives exceptional insight into the challenges facing governance within free markets.

In this insightful book, Alexander Styhre examines how corporations, often understood primarily as economic entities or legal devices, seek to influence and shape the market and the wider society in which they operate. Given the scope of such activities in most advanced economies, Styhre argues that corporations are political agents in their own right and that they must be critically analyzed in these terms.The book discusses the history and mechanisms of corporate law and the introduction of regulatory control to show how this has led to the development of a 'market for political influence' in the form of the lobbyism industry, think tank scholarship and advocacy, and donations to politicians and their parties.Theoretical perspectives are complemented by empirical studies as chapters analyze a variety of practices, such as corporate social responsibility commitments, in the light of corporations' political objectives.Management studies scholars and graduate students will benefit from the broadened perspective this book adds to organization theory and management studies literature. It will also prove an insightful read for policy makers and those working in regulatory agencies, as well as management consultants.

This timely book focuses on the upgrading of firms within the global garment industry, examining how garment manufacturers and retailers in different countries internationalize, develop their capabilities and enhance their sustainability. It highlights the important role the global garments industry plays in the socio-economic development and environmental outcomes of emerging economies.Drawing on firm-centric, multi-level analyses, the book addresses four key questions: how do apparel manufacturing companies in emerging economies internationalize? What factors promote or hinder internationalization? What influences the abilities of suppliers to develop different capabilities? How do firms achieve sustainability? Interdisciplinary contributions draw on a range of perspectives, including global value chains, international business, operations management, innovation, and sociology, to answer these questions. Providing novel insights to the topic, this book will help firms, researchers and national and multilateral organisations improve the competitiveness of suppliers, workers' well-being and environmental outcomes. It will be particularly useful to business economics and economic geography scholars.

Presenting a comprehensive overview of the changes in policies and economic doctrines of the American economy following the 2008 global financial crisis, this book critically examines the reformation of the corporate landscape. Observing the growth of oligopolistic market tendencies and increased economic concentration, it draws on scholarly literature from economics, management studies and legal theory to provide an integrated perspective on the causes and consequences of the crisis.Discussing the growth of oligopolistic market niches in the American economy, chapters explore their causes, including the influence of “anti-antitrust” scholars on legal enforcement practices and the resulting relaxation of antitrust law. The book highlights their consequences, including the growth of monopsony and labor market concentration. Alexander Styhre uses aggregate economic equality data across the book to show that the working class in advanced economies have not been compensated for the globalization of the economy. It concludes by looking towards the long-term consequences of rising economic concentration, examining non-traditional labor contracts, new employment relations, lower entrepreneurial activities and lower labor compensation in the new corporate landscape.This informative book will be useful to students and scholars of business ethics and trust, corporate governance and organization studies. It will also be a critical read for policy makers concerned with the causes and consequences of economic inequality.

In recent years, applied studies have shown widespread, profound and increasing heterogeneity across firms in terms of their strategy, organization arrangement and performance. This book investigates the diversity of business firms, offering a picture of the different organizational settings they adopt in their endeavour to cope with increasing competitive pressure. The book addresses critical theoretical issues surrounding corporate governance, organizational design and cooperative relations among firms. Moreover, it provides new evidence on the various forms of outsourcing that are playing an increasingly important role as a consequence of globalization. The contributions collected in this book stress the emergence of a trend towards a reorganization of production that can enhance the transmission, development and maintenance of knowledge in order to sustain long-run competitive advantage.Providing original and pertinent empirical evidence, this book will attract interest from scholars and postgraduate students studying the economics and organization of the firm. It will also be of value to managers who wish to understand new developments in the organizational settings of business firms with particular reference to corporate governance, organizational design, cooperative relations, outsourcing and de-localization.

This innovative book offers a critical perspective on the state of the current global economy, making sense of knowledge-related issues by critically assessing existing institutional choices, as well as pointing to new ways forward.The pioneering chapters reposition knowledge in a number of economic debates including regional development, property rights, social enterprises, corporate governance, the management of universities, and the role of creative activities. They explore the possibility of an institutional dynamism that impacts not only on the characteristics of localities and their place in a hierarchical and ordered system of relationships, but on the nature of the system itself. Conclusions point at the individual and collective dimensions of the knowledge discovery process, suggesting a renewed approach to the assessment of economic choices.This insightful book offers an original perspective on knowledge-related issues and constitutes a valuable read for academics and postgraduate students in international business and economic competitiveness, as well practitioners and policymakers who are interested in alternative analyses and methods for economic development.

This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to explore firms and the organization of their economic activities. The contributors investigate the impact of ownership structure and board composition on firm performance, and examine how the institutional framework of an economy affects investment decisions. More specifically, detailed studies of topics including contracts, authority, competence blocs, institutional impacts and corporate governance mechanisms are presented. This unique blend of financial economics and industrial organization perspectives on the corporate firm will prove a stimulating read for scholars and researchers of economics, business administration and law.