An Aspirational Community Theory of the Firm

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An Aspirational Community Theory of the Firm

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dc.contributor.author Li, Xin
dc.date.accessioned 2011-12-13
dc.date.accessioned 2011-12-27T13:09:32Z
dc.date.available 2011-12-27T13:09:32Z
dc.date.issued 2011-12-27
dc.identifier.uri http://hdl.handle.net/10398/8382
dc.description.abstract All of the three major theories of the firm, i.e., the transaction cost theory, knowledge-based theory and the entrepreneurship theory, offer some insightful analyses of the nature of the firm. However, they all have limitations and weaknesses in answering the fundamental question of the existence of the firm. In addition, they are all partial due to their particular focus on the multifaceted phenomenon of the firm. We argue that it is necessary and sufficient to develop a comprehensive yet integrative theory of the firm that combines the three competing yet complementary logics. Toward this end, we propose an aspirational community theory of the firm (ACT) as a candidate theory by conceptualizing the firm as an aspirational community, the core of which is a group of like-minded people sharing similar or same aspiration/vision. To explain the existence of the firm, we make a distinction between contractual labor and aspirational labor, the former being defined as services provided by a laborer in fulfillment of a contract while the latter as services provided by a laborer in pursuit of an aspiration; and argue that firms exist because while the market may be effective and efficient for allocating contractual labor it is less effective and efficient than the firms for allocating aspirational labor. en_US
dc.format.extent 30 en_US
dc.language eng en_US
dc.relation.ispartofseries INT working paper;wp2-2011-xl
dc.subject.other Theory of the firm en_US
dc.subject.other Transaction cost en_US
dc.subject.other Knowledge en_US
dc.subject.other Entrepreneur en_US
dc.subject.other Aspirational community en_US
dc.title An Aspirational Community Theory of the Firm en_US
dc.type wp en_US
dc.accessionstatus modt11dec27 lbjl en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for International Økonomi og Virksomhedsledelse en_US
dc.contributor.departmentshort INT en_US
dc.contributor.departmentuk Department of International Economics and Management en_US
dc.contributor.departmentukshort INT en_US
dc.idnumber x656316240 en_US
dc.publisher.city Frederiksberg en_US
dc.publisher.year 2011 en_US


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