Entrepreneurship and Firm Strategy: Integrating Resources, Capabilities, and Judgment through an Austrian Framework

Möller Ulrich () and Matthew McCaffrey
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Möller Ulrich: Faculty of Business Studies and Economics, University of Bremen, Bremen, Germany

Entrepreneurship Research Journal, 2023, vol. 13, issue 4, 997-1031

Abstract: Despite numerous calls for integrating entrepreneurship research and firm theory, there has been relatively little work done in this direction. Likewise, despite many discussions, controversy continues to surround core theoretical frameworks in strategic management such as the resource-based view and capabilities theory. This paper uses insights from early research in Austrian economics to resolve both issues. We focus on Viktor Mataja, whose work provides an original, integrated framework for understanding the relationship between entrepreneurs and firms using the judgment-based approach to entrepreneurship, strategic use of resources in the firm, and dynamic capabilities. We show how this view answers various criticisms that have been raised against the resource- and capabilities-based views. This lays a foundation for a more thoroughgoing integration of research in entrepreneurship and strategic management.

Keywords: Austrian economics; Viktor Mataja; resource-based view; capabilities theory; entrepreneurial judgment; theory of the firm; production (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1515/erj-2020-0519

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