Scandinavian Working Papers in Economics
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Department of Industrial Economics & Strategy, Copenhagen Business School Working Paper Series, Department of Industrial Economics & Strategy, Copenhagen Business School

No 99-7:
The Organization of Large, Complex Firms: An Austrian View.

Frédéric E. Sautet and Nicolai J. Foss

Abstract: We argue that the discovery process perspective, developed in the context of Austrian economics, is helpful for understanding the organization of large complex firms, even though the perspective has traditionally been applied to the analysis of market activities. The stress put in the perspective on genuine uncertainty, dispersed, tacit and subjectively held knowledge, rules, and entrepreneurial alertness to hitherto unnoticed opportunities provides new insights that are not captured by contemporary agency, transaction cost, rent-seeking, etc. models. We illustrate our reasoning by focusing on the case of the M-form corporation.

Keywords: entrepreneurial discovery; the theory of the firm; (follow links to similar papers)

JEL-Codes: D23; D82; D83; M13; (follow links to similar papers)

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