2019

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions

Särtryck nr 2019:33

Författare: Nicolai J. Foss, Peter G. Klein och Christian BjørnskovÅr: 2019 Publikation: Journal of Management Studies Årgång (nr): 56 (6) Sidor: 1197–1213
Artikeln online (behörighet kan krävas)

The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions Nicolai J. Foss, Peter G. Klein och Christian Bjørnskov


The economics and management literatures pay increasing attention to the technological, competitive, and institutional environment for entrepreneurship. However, less is known about how context influences the judgment of entrepreneurs. Focusing on the emerging judgment‐based approach to entrepreneurship, we argue that economics can say much about how the organizational, market, and institutional context shapes entrepreneurial judgment. We describe entrepreneurs as individuals who deploy scarce, heterogeneous resources to service customer preferences at a profit. Because of uncertainty, this process is essentially experimental, and context influences the experimental process. Thus, entrepreneurs will seek to design the internal organization of the firm so that it facilitates internal experimentation. Moreover, the market or task environment determines the need for experimentation (e.g., how fast do consumer preferences change, how does technology evolve, which assets are available at which terms, etc.). Finally, the institutional environment influences, for example, the transaction costs of acquiring and divesting assets as firms adjust their boundaries through ongoing commercial experimentation.


Referens:
Foss, Nicolai J., Peter G. Klein och Christian Bjørnskov (2019), "The Context of Entrepreneurial Judgment: Organizations, Markets, and Institutions". Journal of Management Studies 56(6), 1197–1213.

Christian Bjørnskov

Kontakt

Tel: +45 87 16 48 19
Mobil: +45 20 12 03 84
chbj@econ.au.dk

Månadens forskare

Thor Berger, fil.dr.

Ämnesområden:

Digitalisering, Ekonomisk historia, Innovation, Teknisk förändring och utveckling, Tillväxt, Urban och regional ekonomi

Några av de frågor Thor Berger försöker besvara i sin forskning:

  • Vilka effekter har teknisk förändring på arbetsmarknad, ojämlikhet och tillväxtmönster?
  • Hur har den intergenerationella rörligheten förändrats över tid, och vilka faktorer påverkar skillnader i rörlighet mellan och inom länder?
  • Vilka faktorer påverkar den långsiktiga innovationstakten globalt, nationellt och lokalt?

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