Oliver Williamson and the strategic theory of the firm

Nicholas Argyres and Todd Zenger

Journal of Institutional Economics, 2022, vol. 18, issue 2, 209-217

Abstract: Oliver Williamson's contributions to the theory of the firm were of course seminal. Yet, they were not originally formulated to address the central question in strategic management: Why do some firms persistently outperform others in financial terms? We suggest that when Williamson did address this question, his efforts were not compelling. We also suggest, however, that with suitable adjustments, the key mechanisms in Williamson's theory can indeed usefully address this question.

Date: 2022
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