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Ownership competence

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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

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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
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
H Social Sciences > HG Finance
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:
DateEvent
February 2021Published
22 July 2020Available
16 July 2020Accepted
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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