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Foss, Nicolai J., Klein, Peter G., Lien, Lasse B., Zellweger, Thomas and Zenger, Todd (2021) Ownership competence. Strategic Management Journal, 42 (2). pp. 302-328. doi:10.1002/smj.3222
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Official URL: http://dx.doi.org/10.1002/smj.3222
Abstract
Ownership is fundamental to firm strategy, organization, and governance. Standard ownership concepts—mainly derived from agency and incomplete contracting theories—focus on its incentive effects. However, these concepts and theories neglect ownership's role as an instrument to match judgment about resource use and governance with the firm's evolving environment under uncertainty. We develop the concept of ownership competence—the skill with which ownership is used as an instrument to create value—and decompose it into matching competence (what to own), governance competence (how to own), and timing competence (when to own). We describe how property rights of use, appropriation, and transfer relate to the three ownership competences and show how our theory offers a fresh perspective into the role of ownership for value generation.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Liquidity (Economics) , Assets (Accounting) , Economic value added , Business enterprises , Production (Economic theory | ||||||||
| Journal or Publication Title: | Strategic Management Journal | ||||||||
| Publisher: | John Wiley & Sons Ltd. | ||||||||
| ISSN: | 0143-2095 | ||||||||
| Official Date: | February 2021 | ||||||||
| Dates: |
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| Volume: | 42 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 302-328 | ||||||||
| DOI: | 10.1002/smj.3222 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access |
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