[Forside] [Hovedområder] [Perioder] [Udannelser] [Alle kurser på en side]
LEARNING OBJECTIVES:
After the course the students can orally and in writing:
• describe and explain Williamson's transaction cost theory, principal-agent theory, the resource-based view of the firm and the resource dependence theory, their empirical support and how to test the theories.
• evaluate and compare the four theories with each other, with neoclassic theory of the firm, and with other related models and theories from their bachelor studies.
• apply transaction cost theory, principal-agent theory, the resource-based view of the firm, and the resource-dependence theory to marketing and strategic management problems presented in a simple case-form e.g. foreign entry mode decisions, technology development modes, outsourcing/vertical integration/make-or-buy, diversification, contracts and marketing channel structure.
COURSE DESCRIPTION:
Based on contemporary theories of the firm and contracting; mainly resource-dependence theory, transaction cost theory, principal-agent theory and the resource based theory of the firm; this course addresses fundamental issues in business management. These four prominent theories has been applied in various management disciplines including strategic management and marketing management. They provide general analytical frameworks or theories that can be applied to a number of strategic, marketing and management problems. The main purpose of the course is to provide the students with a thorough understanding of these theories and to enable the students to use them to analyze problems in e.g. strategic management, marketing management, generel management, and internationalization of the firm. The course also gives the students a theoretical foundation, which can be used in more specialized courses on the master's programme in management.
COURSE SUBJECT AREAS:
The theories are presented, discussed, compared and applied to different management problems. The main subject areas are:
• Introduction and early literature on theory of the firm
• Transaction cost theory
• Principal-agent theory
• The resource based theory of the firm
• Resource dependence theory
REQUIRED COURSES:
BSc in Economics and Management. More specifically the course assumes a foundation in management, marketing and microeconomics equivalent to a BA or BSc in management and/or economics. Exchange students should also have a BA or BSc which have provided them with knowledge of marketing management, neoclassical economic theories of the firm and the market i.e. industry structure types, motivation theories and Porter's five-forces-model.
LECTURER:
Niels Peter Mols.
TEACHING METHOD: Mostly self-study. The self-study is supported by lectures, consultations, two papers, presentations, and discussions.
English
LITERATURE:
Ambrosini, V. and Boman, C. (2009): "What are dynamic capabilities and are they a useful construct in strategic management?" Internation Journal of Management Reviews, Volume 11, Issue 1, pp 29-49.
Anderson E. and H. Gatignon (1986) "Modes of foreign entry: A transaction cost analysis and propositions", Journal of International Business Studies, vol. 17, no. 3, pp. 1-26.
Axelrod, R. and Dion, D. (1988) "The further evolution of cooperation", Science, vol. 242, pp. 1385-1390.
Barney, J. (1991) "Firm Resources and Sustained Competitive Advantage", Journal of Management, vol. 17, no. 1, pp. 99-120.
Bergen, M., Dutta, S. and Walker, O.C. (1992) "Agency Relationships in Marketing: A Review of the Implications and Applications of Agency and Related Theories", Journal of Marketing, Vol 56, No. 3, pp. 1-24.
Brown, J.R.; Dev, C.S. and Lee, D.J. (2000) "Managing Marketing Channel Opportunism: The Efficacy of Alternative Governance Mechanisms", Journal of Marketing, Vol. 64, April, pp. 51-65.
Buvik, A. and John, G. (2000) "When Does Vertical Coordination Improve Industrial Purchasing Relationships?", Journal of Marketing, Vol. 64, October, pp. 52-64.
Coff, R.W. (1999) "When Competitive Advantage Doesn't Lead to Performance: The Resource-Based View and Stakeholder Bargaining Power", Organization Science, Vol. 10, No. 2, pp. 119-133.
Conner, Kathleen, (1991) "A historical comparison of resource-based theory and five schools of thought within industrial economics: do we have a new theory of the firm?", Journal of Management (17): 121 - 154
David, R.J. and Han, Shin-Kap (2004) "A systematic assessment of the empirical support for transaction cost economics", Strategic Management Journal, vol. 25, pp. 39-58.
Dierickx, Ingemar and Cool, Karen (1989) "Asset stock accumulation and sustainability of competitive advantage", Management Science, vol. 35, no. 12, pp. 1504-1511.
Eisenhardt, K.M. and Martin, J.A. (2000) "Dynamic Capabilities: What are they?", Strategic Management Journal, Vol. 21, pp. 1105-1121.
Heide, J.B. and John, G. (1988) "The Role of Dependence Balancing in Safeguarding Transaction-Specific Assets in Conventional Channels", Journal of Marketing, 52, January, pp. 20-35.
Heide, J.B. and Wathne K.H. (2006) "Friends, Businesspeople, and Relationship Roles: A conceptual framework and a research agenda", Journal of Marketing, Vol. 70, July, pp. 90-103.
Hoskisson, R.E., Hitt, M.A., Wan, W.P. and Yui, D. (1999) "Theory and research in strategic management: swings of a pendulum", Journal of management, vol. 25, no. 3, 417-456.
Kirmani, A. and Rao, A.R. (2000) "No Pain, No Gain: A Critical Review of the Literature on Signaling Unobservable Product Quality", Journal of Marketing, Vol. 64, pp. 66 79.
Kochhar, R. (1996) "Explaining Firm Capital Structure: The Role of Agency Theory vs. Transaction Cost Economics",Strategic Management Journal, Vol. 17, pp. 713 728.
Luo, Y. (2007) "Are joint venture partners more opportunistic in a more volatile environment", Strategic Management Journal, Vol. 28, pp. 39-60.
Lynch, R. kap. 2 "A Review of Theory and Practice", pp. 37-81, i "Corporate Strategy", Pitman Publishing
Madhok, A. (1997) "Cost, Value and Foreign Market Entry Mode: The Transaction and the Firm", Strategic Management Journal, vol. 18, pp. 39-61.
Mayer K.J. and Solomon R.M. (2006) "Capabilities, contractual hazards, and governance: integrating resource-based and transaction cost perspectives", Academy of Management Journal, Vol. 49, No. 5, 942-959.
Newbert, S.L. (2007) "Empirical research on the resource-based view of the firm: an assessment and suggestions for future research", Strategic Management Journal, Vol. 28, No. 2, pp. 121-146.
Nickerson, J.A. and Zenger, T.R. (2004) "A knowledge-based theory of the firm - the problem-solving perspective", Organization Science, Vol. 15, No. 6, pp. 617-632.
Palmatier, R.W.; Dant R.P. and Grewal, D. (2007) "A comparative longitudinal analysis of theoretical perspectives of interorganizational relationship performance", Journal of Marketing, Vol. 71, October, pp. 172-194.
Parmigiani, A. (2007) "Why do firms both make and buy? An investigation of concurrent sourcing", Strategic Management Journal, Vol. 28, No. 3, pp. 285-311.
Peteraf, M.A. (1993) "The Cornerstones of Competitive Advantage: A Resource-Based View", Strategic Management Journal, 14, pp. 179-191.
Peteraf, M.A. and Bergen, M.E. (2003) "Scanning dynamic competitive landscapes: a market-based and resource-based framework", Strategic Management Journal, vol. 24, pp. 1027-1041.
Pfeffer, J. and Salancik, G.R. (2003) "The External Control of Organizations - A resource dependence perspective", Stanford Business Classics, 287 pages.
Poppo, L. and Zenger, T. (1998) "Testing alternative theories of the firm: transaction cost, knowledge-based, and measurement explanations for make-or-buy decisions in information services", Strategic Management Journal, 19, pp. 853-877.
Prahalad, C. K. and Hamel, G. (1990) "The Core Competence of the Corporation" Harvard Business Review, May-June, pp. 79 -91.
Reuer, J.J. and Arino, A. (2007) "Strategic alliance contracts: dimensions and determinants of contractual complexity", Strategic Management Journal, Vol. 28, pp. 313-330.
Robertson, T.S. and Gatignon, H. (1998) "Technology Development Mode: A Transaction Cost Conceptualization", Strategic Management Journal, Vol. 19, pp. 515-531.
Ross, W.T. and Robertson, D.C. (2007) "Compound relationships between firms", Journal of Marketing, Vol. 71, July, pp. 108-123.
Safizadeh, M.H.; Field J.M. and Ritzman L.P. (2008) "Sourcing practices and boundaries of the firm in the financial services industry", Strategic Management Journal, Vol. 29, pp. 79-91.
Santos, F.M. and Eisenhardt K.M. (2005) "Organizational boundaries and theories of organization", Organization Science, Vol. 16, No. 5, pp. 491-508.
Schreyögg G. and Kliesch-Eberl M. (2007) "How dynamic can organizational capabilities be? Towards a dual-process model of capability dynamization", Strategic Management Journal, Vol 28, pp. 913-933.
Shervani T.A.; Frazier G. and Challagalla G. (2007) "The moderating influence of firm market power on the transaction cost economics model: an empirical test in a forward channel integration context", Strategic Management Journal, Vol. 28, pp. 635-652.
Teece DJ, Pisano G, and Shuen A. (1997) "Dynamic capabilities and strategic management", Strategic Management Journal, Vol. 18, No. 7, pp. 509-533.
Teece, D.J. (2007) "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance", Strategic Management Journal, Vol. 28, pp. 1319-1350.
Tiwana A. and Keil M. (2007) "Does peripheral knowledge complement control? An empirical test in technology outsourcing alliances", Strategic Management Journal, Vol. 28, pp. 623-634.
Wang L. and Zajac E.J. (2007) "Alliance or acquisition? A dyadic perspective on interfirm resource combinations" Strategic Management Journal, Vol. 28, pp. 1291-1317.
Wathne, K.H. and Heide, J.B. (2000) "Opportunism in Interfirm Relationships: Forms, Outcomes, and Solution", Journal of Marketing, Vol. 64, October, pp. 36-51.
Wernerfelt, B. (1984) "A resource-based view of the firm", Strategic Management Journal, 5, pp. 171-180.
Williamson, O.E. (1985) "The Economic Institutions of Capitalism", The Free Press, New York. Extract from chapters 1-4, ca. 70 pages.
Williamson, O.E. (1991) "Comparative Economic Organization: The Analysis of Discrete Structural Alternatives", Administrative Science Quarterly, vol. 36, pp. 269-296.
Case: Andrex
Ca. 1100 pages of which ca. 550 pages will only be used for the mandatory papers, or they will be for cursory reading. (A few articles may be added later).
FORM OF ASSESSMENT: Written examination of 4 hours duration. Two mandatory papers have to be handed in to the lecturer and have to be passed before the 4 hour written examination. In addition each student also has to pass one oral presentation before the 4 hour written examination.
EXAMINATION AIDS ALLOWED: none for the 4 hours written examination.
The papers may be written and handed in by individual students or by groups of students. Some of the lectures will be replaced by individual consultations in the periods when the papers have to be written.
