Can contractual theories of the firm explain the existence of knowledge-intensive firms?
نویسندگان
چکیده
This paper argues that the existence of knowledge-intensive firms pose puzzelments for the contractual theories of the firm. For example, in knowledge-intensive firms physical assets are widely absent, the nature of employment relations and assetownership are much less clear compared to industrial firms. Although knowledge-intensive firms account for a growing share in wealth-creation and employment, they have hitherto made relatively little impact on contributions to the contractual theories of the firm (e.g. the work associated with Coase, 1937; Williamson, 1971 1975, 1985; Alchian and Demsetz, 1972; Meckling and Jensen, 1976, Grossman and Hart, 1986, Hart, 1995). Here, I identify puzzlement for the contractual theories of the firm related to the existence of knowledge-intensive firms. Acknowledgements: Conversations with, or comments from Nicolai Foss, Kirsten Foss, Michael Iversen, Kenneth Husted are gratefully acknowledged. Knowledge intensive firms as puzzlement for the contractual theories of the firm
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