How property rights economics furthers the resource-based view: Resources, transaction costs and entrepreneurial discovery

Jongwook Kim, Joseph T. Mahoney

Research output: Contribution to journalArticle

Abstract

An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and transaction costs theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Foss' (2005) application of property rights theory in explaining economic value creation to include not only economising on transaction costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for transaction costs economising, particularly as a basis for managing strategic change.
Original languageEnglish (US)
Pages (from-to)40-52
JournalInternational Journal of Strategic Change Management
Volume1
Issue number1/2
DOIs
StatePublished - Jan 1 2006

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Resource-based view
Property rights
Resources
Transaction costs
Economics
Strategic change
Economic rent
Value creation
Property rights theory
Resource-based
Dynamic process
Entrepreneurship
Transaction cost theory
Economic value

Keywords

  • Austrian entrepreneurship
  • property rights
  • economic rent generation
  • resource-based view
  • transaction costs
  • Austria
  • strategic change management
  • entrepreneurial discovery
  • value creation

Cite this

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abstract = "An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and transaction costs theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Foss' (2005) application of property rights theory in explaining economic value creation to include not only economising on transaction costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for transaction costs economising, particularly as a basis for managing strategic change.",
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