Theories of the (state-owned) firm
Mike W. Peng (),
Garry D. Bruton (),
Ciprian V. Stan () and
Yuanyuan Huang ()
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Mike W. Peng: University of Texas at Dallas
Garry D. Bruton: Texas Christian University
Ciprian V. Stan: Florida Atlantic University
Yuanyuan Huang: Xi’an Jiaotong University
Asia Pacific Journal of Management, 2016, vol. 33, issue 2, 293-317
Abstract State-owned enterprises (SOEs) contribute approximately 10% of the world’s GDP. SOEs at one time were predicted to disappear from the economic landscape of the world, but today SOEs are growing more prevalent in the world economy. The current theories of the firm that form the pillars of the management discipline largely ignore the theoretical differences that SOEs introduce into the conceptualization of the firm. Therefore, we extend four core theories of the firm by incorporating SOEs as a mainstream (not special or marginal) organizational form into these theories. We focus specifically on property rights theory, transaction cost theory, agency theory, and resource-based theory, culminating in a research agenda with 12 testable propositions.
Keywords: State-owned enterprise; Theory of the firm; Property rights theory; Transaction cost theory; Agency theory; Resource-based theory (search for similar items in EconPapers)
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