The WINIR Greenwich Conference

| Dick Langlois |

I write on the flight back from the inaugural conference of the World Interdisciplinary Network for Institutional Research (WINIR), which met on the Prime Meridian these last few days. The conference was a great success, not only for its wonderful location in the Old Royal Naval College astride the Cutty Sark but also for the overall quality of the organization and the presentations.

As I have mentioned before, WINIR was created to encourage institutional research from a wide range of perspectives and disciplines. The annual conference institutionalizes this (you might say) by having keynote speakers from five different disciplines. The political scientist was Kathleen Thelen from MIT, one of my fellow editors on the Journal of Institutional Economics; the legal scholar was Katharina Pistor from Columbia; and the sociologist was Geoffrey Ingham from Cambridge, who made some interesting observations about Chinese institutions in the context of the “great divergence” debate in economic history. Serious and well-known scholars all. The economist was Timur Kuran, who updated us on his fascinating work on the economics of the pre-nineteenth-century Islamic waqf. But the most interesting – or at any rate most surprising – keynote was the philosopher Barry Smith from Buffalo, whom some of you may have heard of for his early work on the philosophy of Austrian economics. Smith’s talk was about “ontology,” which in my ignorance I had expected to be an hour of head-breaking essentialism. It turns out that “ontology” now means the practice of classification – giving things the right names and putting them in the right boxes. As much computer science as philosophy, it seemed to me. The main applications are in databases and sciences more generally, including things like Department of Defense databases and Human Genome data. Smith is a world-leading practitioner of this kind of ontology, having founded something called the National Center for Ontological Research. (I must confess that the first thing that popped into my mind when I heard this title was the High-Energy Magic Building at Terry Pratchett’s Unseen University.) Basically, ontology appears to be about modularization and standardization, something quite fitting to talk about in the shadow of the Royal Greenwich Observatory. I discovered that Smith was unaware of the modularity literature, so I plan to send him some references.

Many of the parallel sessions were also of high quality. I could attend only a fraction of them (what with sneaking out to visit the longitude exhibit at the National Maritime Museum). But let me plug a couple of papers by my friends. Giampaolo Garzarelli and Lyndal Keeton modeled “internal exit” in pre-colonial Southern Africa, the fissioning off of subtribal groups to found new polities. (I was impressed with the quality of that entire session.) As I was chairing a competing session later, I missed Roger Koppl and Caryn Devin talking about their paper “Against Design,” written with Stuart Kauffman and Teppo Felin. A version of that collaboration will appear in JOIE as a target article with solicited comments. (more…)

15 September 2014 at 12:41 pm Leave a comment

SMS Teaching Workshop: Impact of New Technologies on Teaching and Higher Education

| Peter Klein |

Along with Gonçalo Pacheco de Almeida I am chairing the Competitive Strategy Interest Group Teaching Workshop at the upcoming Strategic Management Society conference in Madrid. The workshop is Saturday, 20 September 2014, 1:00-4:00pm at the main conference venue, the NH Eurobuilding, Paris Room. Our theme is “The Impact of New Technologies on Teaching and Higher Education” and we have an all-star lineup featuring Bharat Anand (Harvard), Peter Zemsky (INSEAD), Michael Leiblein (Ohio State), Michael Lenox (University of Virginia), Frank Rothaermel (Georgia Tech), Vivek Goel (Chief Academic Strategist at Coursera), and Andrea Martin (President of IBM Academy of Technology).

Background: The higher-education industry is abuzz with talk about MOOCs, distance learning, computer-based instruction, and other pedagogical innovations. Many of you are already using online exercises and assessments, simulations, and other activities in the classroom. How are these innovations best incorporated into the business curriculum, at the BBA, MBA, EMBA, and PhD levels? What can business scholars, say about the impact of these technologies on higher education more generally? Are they sustaining or disruptive innovations, and what do they imply for the structure of the business school, and the university itself?

The plan for this session is to discuss how leading companies and business schools are (a) driving innovation in the Higher Education teaching space, (b) thinking about the business model of virtual education (MOOCs, social learning, etc.), and (c) testing some of the assumptions behind globalization in the education industry.

The full schedule is below the fold. Additional information about the workshop, and the SMS itself, is available at the conference website.

If you’re coming to SMS this year, please plan to join us for the workshop. Pre-registration is encouraged but not required. If you’re planning to attend, please let us know by sending an email to csig.teaching2014@gmail.com. Feel free to email Gonçalo or myself at the same address with questions or comments. (more…)

2 September 2014 at 4:10 pm Leave a comment

Entrepreneurship and the Established Firm: A Call to Arms

| Nicolai Foss |

Frequent readers of this blog will know that we (well, some more than others [ahem]) tend to obsess about the proper conceptualization of entrepreneurship, such as whether “opportunity” is a useful construct in the context of entrepreneurship research, and whether this, heavily expanding, research field is best off by thinking of entrepreneurship in terms of “opportunity discovery.” In this brief essay, just published in Strategic Organization, Dr. Jacob Lyngsie (Dept of Strategic Management and Globalization, Copenahgen Business School) and I discuss how the emphasis on opportunity discovery in the literature is accompanied by a neglect of entrepreneurship in the established firm and a tendency to think of entrepreneurs as individuals (rather than teams) (similar themes are discussed in the recent Foss and Klein volume, Organizing Entrepreneurial Judgment). We call for a research effort that systematically deal with how entrepreneurial established firms organize a division of entrepreneurial labor, and on how administrative machinery can be deployed inside firms to foster the motivation, opportunity and ability that drive entrepreneurial behaviors.

26 August 2014 at 11:39 am 5 comments

Theories of the Firm

| Peter Klein |

At the recent Academy of Management conference in Philadelphia I was pleased to participate in a pre-conference workshop organized by Paul Drnevich, Larry Tribble, and David Croson, “Theories and Their Words: A Cross-Academy Discussion of Perspectives on Value Creation and Capture.” From the blurb:

In this workshop a panel of senior and emerging scholars provides a forum to examine and discuss the roles and implications of several prominent management theories and their differing terminology for creating and capturing value. Our distinguished panelists will provide an overview of the value implications of several well-known foundational theories of the existence and purpose of business organizations: Transaction Cost Economics (TCE), Property Rights Theory (PRT), the Capabilities and Resource-based View (RBV), and Industrial Organization (IO), discuss challenges often encountered in efforts to integrate these theories and their terminology, and explore commonalities and intersections across these perspectives that may yield opportunities for future research. We provide perspectives from the distinguished scholars as a means of clarifying how each theory explains the core concepts of value creation and value capture, without which a sustainable business cannot exist. We then offer a discussion of points of commonality and integration of the theories around value creation and value capture with an open forum Q&A session with the presenters regarding directions for future research. We conclude with round-table breakout discussions, each led by a senior scholar and focused on a specific aspect of the theory they presented for more detailed discussion of future research in that theoretical stream.

The presentations from the workshop are online here. You may find them interesting for for research and for teaching. My own presentation on strategy and transaction cost economics covered the basics of TCE and asked if TCE is really a theory of strategy (short answer: no and yes).

Update: Mike Ryall’s presentation is viewable here.

25 August 2014 at 8:24 am Leave a comment

Debating Microfoundations, Euro-style

| Nicolai Foss |

As readers of this blog will know, probably to a nauseating extent, microfoundations have been central in much (macro) management theory over the last decade. Several articles, special issues, and conferences have been dedicated to microfoundations, most recently a Strategic Management Society Special Conference at the Copenhagen Business School. Some, uhm, highlyspirited exchanges have taken place (e.g., AoM 2013), with proponents of those foundations being accused of economics imperalism and whatnot, and critics of microfoundations receiving push-back for endorsing defunct Durkheimian collectivism (an obviously justified criticism). Here is recent civilized exchange on the subject between Professor Rodolphe Durand, HEC Paris, and myself. Complete with heavy Euro accents of different origins. 

21 August 2014 at 6:13 am 12 comments

History Lesson: 200 Years of Management, uhm, Thought

| Nicolai Foss |

OK, surely you have come across those timelines featuring the great economists, á la Aristotle-the Spanish Scholastics–William Petty-Cantillon-Smith-Ricardo-Say-Menger-Wicksteed-Marshall-Mises-Hayek-Boettke-Langlois-Klein-etc. Here is a similar timeline with the Greats of management theory, 1800-2000 (Lien seems to be missing, however). Many of the names of those management types are clickable, taking you to e.g. their wikis. Fun brush-up, and may be good for students. 

17 August 2014 at 8:19 am 5 comments

Evaluating New Ideas: Looking Across and Looking Beyond

| Nicolai Foss |

Those of us who have experience with research councils and other funding bodies with expert evaluations of the submitted research are familiar wilth folklore, such as “When evaluating economists routinely smash non-economics projects,” “sociologists are a total incrowd and will not tolerate any application of rational choice method, serious econometrics or common sense,” etc. Of course, this is part of the various conspiracy theories about how, notably, economists seek to establish intellectual hegemony.

However, the folklore may be wrong. In a new paper, “Looking Across and Looking Beyond the Knowledge Frontier: Intellectual Distance and Resource Allocation in Science,” Kevin Boudreau, Eva Guinan, Karim Lakhani and Christoph Riedl look at the grant proposal process at a major research university and show that evaluators tend to treat proposals more harshly the closer they were to their own areas of expertise. However, evaluators also treat highly novel proposals negatively. Taking issues of ecological and external validity into account, there are obvious implications for the understanding of the nature of the exploitation/exploration tradeoff: There may indeed be a bias against exploring in the domains of highly novel ideas (as predicted by the literature), but the harsh evaluation of new, but well understood ideas may mean that there is a domain of relatively novel and less well understood ideas within which firms will explore. 

17 August 2014 at 2:16 am 3 comments

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Our Recent Books

Nicolai J. Foss and Peter G. Klein, Organizing Entrepreneurial Judgment: A New Approach to the Firm (Cambridge University Press, 2012).
Peter G. Klein and Micheal E. Sykuta, eds., The Elgar Companion to Transaction Cost Economics (Edward Elgar, 2010).
Peter G. Klein, The Capitalist and the Entrepreneur: Essays on Organizations and Markets (Mises Institute, 2010).
Richard N. Langlois, The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (Routledge, 2007).
Nicolai J. Foss, Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources (Oxford University Press, 2005).
Raghu Garud, Arun Kumaraswamy, and Richard N. Langlois, eds., Managing in the Modular Age: Architectures, Networks and Organizations (Blackwell, 2003).
Nicolai J. Foss and Peter G. Klein, eds., Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization (Elgar, 2002).
Nicolai J. Foss and Volker Mahnke, eds., Competence, Governance, and Entrepreneurship: Advances in Economic Strategy Research (Oxford, 2000).
Nicolai J. Foss and Paul L. Robertson, eds., Resources, Technology, and Strategy: Explorations in the Resource-based Perspective (Routledge, 2000).

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