TOWARDS A NEW THEORY OF THE FIRM

Rafael Andreu Civit received degrees in Industrial Engineering (Polytechnic University of Catalonia, 1969, 1980), and a PhD in Management Organization (Massachusetts Institute of Technology, 1978). He is professor of Information Systems and Strategic Management at IESE Business School, University of Navarra. He was also a professor of the Polytechnic University of Catalonia from 1978 to 1984. He has had miscellaneous cooperation in short seminars and regular programs at the Business Schools of the Austral University (Buenos Aires), Panamericana University (Mexico DF, Monterrey and Guadalajara), and ISE at Sao Paulo. His current interests include organizational learning and capability building, idiosyncratic knowledge and compensation, the management profession with emphasis on its ethical foundations and implications for management practice, and non economic value management. He is the author and co-author of several books, book chapters and articles in refereed journals like The Journal of Strategic Information Systems and Journal of Information Technology, and in other journals like the The World Financial Review, Knowledge and Process Management and the Harvard-Deusto Business Review (in spanish). Antonio Argandoña received his PhD in Economics and Management (summa cum laude) from the University of Barcelona. He is professor of Economics and holder of the “La Caixa” Chair of Corporate Social Responsibility and Corporate Governance at IESE Business School. He has taught at the universities of Barcelona, Malaga and Navarra. He is a member of the Spain’s Royal Academy of Economics and Finance (Real Academia de Ciencias Económicas y Financieras de España). His research activity was recognized in 2008 by the Academy of Business in Society (EABIS) and the Aspen Institute for Business in Society, which granted him the Life Achievement Award for his fruitful career. In 2008, the Financial Studies Institute (Instituto de Estudios Financieros) awarded him the Prize for outstanding personal achievement in financial education. He is also a Member of Merit of the Economists Association of Catalonia (2005). His principal areas of interest in research are the theory of the firm, ethics applied to business and economics, and corporate social responsibility. He is working actively in broadening the field of organization theory, with recent research papers on “The management case for corporate social responsibility” (2011) and “Stakeholder theory and value creation” (2011). Avner Ben-Ner is professor in the Center for Human Resources and Labor Studies in the Carlson School of Management and affiliated professor in the Law School at the University of Minnesota. His current research focuses on: the determinants of organization design and ownership and their effects on performance and the well-being of various stakeholders; the determinants of inclinations to trust, be trustworthy, cooperate and other process-regarding preferences, as well as the consequences of these preferences for organizational, economic and social behavior; the effects of different dimensions of individual identity and group diversity on social and economic behavior, and the place of the nonprofit sector in the changing market economy. He has served as director of the Industrial Relations Center and PhD coordinator. He was President of the Association for Comparative Economic Studies and is the Program Chair for the Public and Nonprofit Division of the Academy of Management for the 2011 meetings. He has been a regular or visiting professor at Yale University, University of California at Davis, University of Haifa, Stony Brook University (where he also received his PhD in economics), Tel-Aviv University and Central European University. He has also taught short courses in S. Korea, India, and elsewhere. He has published in the in international journals such. He coedited with Helmut Anheier The Study of the Nonprofit Enterprise: Theories and Approaches (2003), with Louis Putterman Economics, Values, and Organization (1998/2001/2005), and with Benedetto Gui The Nonprofit Sector in the Mixed Economy (1993) and coauthored with John Michael Montias and Egon Neuberger Comparative Economics (1994). Pascual Berrone is assistant professor of strategic management at IESE Business School. He earned a B.Sc. in business administration from the Catholic University of Cordoba, holds a senior degree in management and international business from the FUNCER Business School and completed his PhD in business administration and quantitative methods degree at Carlos III University of Madrid. Originally from Argentina, he has extensive managerial experience from across Latin America, Europe, and the United States. His professional interests include ongoing programmatic work in three areas: corporate governance, social issues in management and family firms. Prof. Berrone’s academic work has been published in international journals such. He has been recognized on several occasions for his outstanding research. In 2009, he won the Best Doctoral Dissertation Award and the Best Paper Award in the Corporate Governance Track at the EURAM conference. In 2008, he won the Academy of Management (ONE Division) Best Paper Proceedings Award. More recently, his article «The Impact of Symbolic and Substantive Actions on Environmental Legitimacy» was named among the top three finalists for the Best Paper Award at the Iberoamerican Academy of Management Conference (2010). His work on environmental innovation was also the finalist for the best paper award at the UAM-Accenture Award (2011). Carmelo Cennamo is professor of Strategy and Entrepreneurship at Bocconi University since September 2010, when he joined the department of Management & Technology. Carmelo received his PhD in strategic management from IE Business School of Madrid in 2010 with a thesis on Platform Competition, and, before joining Bocconi, has been visiting research fellow at Harvard University in 2009. His research focuses on competitive dynamics and the orchestration of platform-centered ecosystems in two-sided markets, and on firm stakeholders management. Carmelo’s work appears in important scholarly outlets like Strategic Management Journal, Entrepreneurship Theory & Practice, and Journal of Business Ethics, and has been prized with prestigious acknowledgments and awards to include Best Dissertation Award (finalist, 2011), Distinguished Student Paper Award (2010), and Outstanding Reviewer Award (2009, 2010, 2011) from the Academy of Management. He is an active member of the Academy of Management and Strategic Management society since 2008, and member of the research committee of GOLDEN for Sustainability, a global research project on sustainability. Reto Cueni studied Economics at the University of Zurich (Switzerland) and the University of Siena (Italy) and graduated as a Master of Arts in Economics in spring 2008. During his first two years as a PhD student (2008-2009), he worked part-time as a Quantitative Equity Analyst with a Swiss Investment Bank. Since 2010, he is a full-time research assistant and a PhD student at the chair of Prof. Dr. Bruno S. Frey (Department of Economics/ University of Zurich). He received a research grant from the University of Zurich and from the Ecoscientia Foundation and was awarded a Fellowship of the Swiss National Science Foundation. In 2012, he spent a research period of six month at Columbia University in New York City (U.S.). His research focuses on how institutions in organizations can influence the way information is aggregated and how this affects the decision-making process in organizations, mainly in financial services companies. Currently, he analyzes the impact of institutions on the herding behavior of financial analysts in banks. His second strand of research involves the analysis of non-monetary incentives in organizations with a strong focus on employee awards. Matthew Ellman is a senior faculty member (científico titular) at the Institute for Economic Analysis (IAE-CSIC) in Barcelona and affiliated professor of the Barcelona GSE. He has a PhD in Economics from Harvard University and has worked as assistant professor at the Pompeu Fabra University, Ramón y Cajal researcher at the IAE-CSIC and lecturer and associate of the Serra-Ramoneda chair at the Barcelona Autonomous University. His research interests lie at the intersection of ethics, organization and economics. Recently, he has worked on the comparative ethical behaviour of cooperatives and vertical organizations, organizational design and preferences, cooperative sustainability, norms of fairness and contract design, media distortions and democratic subsidies. Bruno S. Frey was born in Basle, Switzerland in 1941. He was professor of Economics at the University of Constance from 1970-1977, and since 1977 has been professor of Economics at the University of Zurich. He has been Distinguished professor of Behavioural Science at the Warwick Business School at the University of Warwick, UK since 2010. He received an honorary doctorate in economics from the Universities of St. Gallen (Switzerland, 1998), Goeteborg (Sweden, 1998), the Free University of Brussels (Belgium, 2009), the University of Aix-en-Provence/Marseille (France, 2010), and the University of Innsbruck (Austria, 2011). He is the author of numerous articles in professional journals and books, including Not Just for the Money (1997), Economics as a Science of Human Behaviour (1999), Arts & Economics (2000), Inspiring Economics (2001), Successful Management by Motivation (with Margit Osterloh, 2001), Happiness and Economics (with Alois Stutzer, 2002), Dealing with Terrorism–Stick or Carrot? (2004), Economics and Psychology. A Promising New Cross-Disciplinary Field (co-edited with Alois Stutzer, 2007), Happiness: A Revolution in Economics (2008) and Glück: Die Sicht der Ökonomie (with Claudia Frey Marti, 2010). Luis R. Gómez-Mejía is PhD Benton Cocanougher Chair in Business Mays Business School (Texas A & M University), PhD University of Minnesota. He has received an array of major professional awards: Awarded Benton Cocanougher Chair at Texas A & M University (2009); the title of Doctor Honoris Causa, Carlos III University (Madrid, 2008); Best Faculty Research Award, W. P. Carey College of Business, Arizona State University (2008); appointed as regents professor at Arizona State University in 2004; received the Outstanding Achievement Alumni Award from the University of Minnesota in 2004; received Exemplary Award in 2000 by Management Doctoral Students Association; selected to Academy of Management’s Hall of Fame (2000). Areas of Research: Corporate governance, executive compensation, organizational decision making, family firms. He has received an array of major professional awards. He is the author of several books and numerous articles in professional journals. Donald C. Hambrick holds degrees from the University of Colorado (BS), Harvard University (MBA) and The Pennsylvania State University (PhD). He is Evan Pugh professor and the Smeal Chaired Professor of Management, Smeal College of Business Administration, at The Pennsylvania State University. He is also Bronfman professor emeritus, Graduate School of Business, Columbia University. Additionally, he served as president of the Academy of Management (1992-1993) and as dean of the Fellows of the Academy (2008-2011). An internationally recognized management scholar, Don is the author of numerous articles and books on strategy formulation, strategy implementation, executive psychology, executive staffing and incentives, the composition and processes of top management teams, and corporate governance. He has received an array of major professional awards. The Academy of Management, the leading worldwide society of management scholars, has given Don its two highest lifetime achievement prizes: the Distinguished Scholar Award (2008) and the Distinguished Educator Award (2009). He has been granted honorary doctorates from two major European universities: the University of Paris (Panthéon-Assas) (Sorbonne) (2010) and Erasmus University (Rotterdam, 2013). Rosabeth M. Kanter, professor of Business Administration, holds the Ernest L. Arbuckle Professorship at Harvard Business School, where she specializes in strategy, innovation, and leadership for change. Her strategic and practical insights have guided leaders of large and small organizations worldwide for over 25 years, through teaching, writing, and direct consultation to major corporations and governments. The former Editor of Harvard Business Review (1989-1992), Professor Kanter has been repeatedly named to lists of the “50 most powerful women in the world” (Times of London), and the “50 most influential business thinkers in the world” (Accenture and Thinkers 50 research). In 2001, she received the Academy of Management’s Distinguished Career Award for her scholarly contributions to management knowledge; and in 2002 was named “Intelligent Community Visionary of the Year” by the World Teleport Association, and in 2010 received the International Leadership Award from the Association of Leadership Professionals. She is the author or coauthor of 18 books. Her latest book, SuperCorp: How Vanguard Companies Create Innovation, Profits, Growth, and Social Good, a manifesto for leadership of sustainable enterprises, was named one of the ten best business books of 2009 by Amazon.com. Joseph T. Mahoney earned a BA, MA, and PhD from the University of Pennsylvania, with a doctorate in Business Economics from the Wharton School of Business. He joined the College of Business of the University of Illinois at Urbana-Champaign in 1988, and is currently professor of Business Administration, Caterpillar Chair of Business, and director of Graduates Studies. Joe’s research interest is organizational economics, which includes: dynamic capabilities and resource-based theory, transaction costs theory, real-options theory, property rights theory, stakeholder theory, and the behavioral theory of the firm. He has published over 55 articles in journal outlets, which have been cited over 7,100 times in Google Scholar from scholars in over 65 countries. In 2005, he published his Sage book intended for first-year doctoral students: Economic Foundations of Strategy. This research book has been adopted by over 30 doctoral programs worldwide. He is an Associate Editor of the Strategic Management Journal. For the academic-year 2008-2009, he served as Chair of the Business Policy and Strategy (BPS) Division of the Academy of Management. He has served on 55 completed doctoral dissertation committees, and is currently serving on committees for 8 dissertations in progress. Grant Miles is associate professor of Management at the UNT College of Business Academic Background. In 1994, he earned at PhD at The Pennsylvania State University. Over the years, he has taught a number of courses in Organization Theory and Strategic Management at the undergraduate, master and doctoral level as well as doctoral seminars in Research Methods and Teaching for Doctoral Students. His goal at all levels is to involve students in the process so that they become active learners. His interests focus on the role of knowledge, learning, and collaboration in the process of organizational adaptation. Much of this work is centered on new ways of organizing with a particular emphasis on how companies can work together to create sustainable innovation. Raymond E. Miles is professor emeritus and Former dean of the Haas School of Business at the University of California, Berkeley. He joined the faculty at the Haas School in 1963 after receiving his PhD in Organizational Behavior at Stanford. He has been a visiting professor in the business schools at Dartmouth, the University of Texas and the University of Zurich and served as a visiting researcher at the Tavistock Institute in London. He has served on the Board of Directors of two New York Stock Exchange listed firms and has consulted with firms and government agencies in the U.S., Europe and Asia. His six books and over fifty articles cover a range of topics including leadership attitudes and behavior, organizational design and strategy, and collaborative processes for innovation. His current research and writings are focused on organizational designs for knowledge utilization. His most recent book is Collaborative Entrepreneurship (with Grant Miles and Charles C. Snow, 2005). Among his most recent publications are “The Ideology of Innovation” (2007) and “The I-Form Organization” (2009). Margit Osterloh is full professor of Management Science at Warwick Business School, University of Warwick and professor (em.) for Business Administration and Management of Technology and Innovation at the University of Zurich, Switzerland. She is a research director of CREMA (Center for Research in Economics, Management, and the Arts). Margit Osterloh got an honorary doctorate from Leuphana University Lüneburg. She was a member of Deutscher Wissenschaftsrat (German Council for Science and Humanities) until 2011 and a board member of three big companies in Switzerland and Germany. Her main research areas are organization design, corporate governance, research governance, knowledge management, and gender issues. She has published 9 books as author, coauthor, or editor, and over 160 scholarly articles. Joan Enric Ricart Costa received doctoral degrees in Industrial Engineering (1982 from the UPC), Managerial Economics (1984 from Northwestern University) and Economics (1985 from the UAB). He is the Carl Schrøder professor of Strategic Management and Chairman of the Strategic Management Department at the IESE Business School, University of Navarra. He is associate director for Faculty and Research, and was director of the Doctoral Program (1995-2006) and associate dean for Research (2001-2006). He has been professor in Polytechnic University of Catalonia (UPC) and in Barcelona Autonomous University (UAB). He has been visiting Professor in many Business Schools around the world. In 1992-1993 he was a Visiting Scholar in the Harvard Business School. Currently past-president of the Strategic Management Society (SMS, until end of 2012) and vice-president of the Iberoamerican Academy of Management. He was the Founding president of the European Academy of Management (2001-2006). He was a member and eventually director of the Scientific Committee of EIASM. He also serves in the R+D Steering Committee of the EFMD, in the panel for senior grants of ERC, and in the board of trustees of the Strategy Research Foundation. His current areas of interest in strategic management are business models and offshoring. He has published in strategic management, corporate governance and economics of organizations. He is author of several books and articles in leading journals as Strategic Management Journal, Harvard Business Review, Journal of International Business Studies, Econometrica, Quarterly Journal of Economics, Journal of Finance or Corporate Governance. Josep Maria Rosanas Martí received a degree in Nuclear Engineer (Polytechnic University of Catalonia, 1969), an MBA from IESE Business School (1971), a PhD in Accounting and Information Systems (Northwestern University, 1976), and a PhD in Business Organization (Polytechnic University of Catalonia, 1981). He is the “Crèdit Andorrà” professor of Markets, Organizations and Humanism at IESE Business School, University of Navarra. He has been a professor of the Accounting and Control Department of that institution, since 1971, and he was also a professor of the Polytechnic University of Catalonia. In 1990-1994, he took a leave of absence to become one of the founding members and a vice-rector of Pompeu Fabra University (Barcelona), and is now on extended leave of absence from that University. He is a Visiting professor to the University of Piura, Lima, Peru, where he teaches for short periods of time every year. He has also had miscellaneous cooperation in short seminars and regular programs at the Business Schools of the Austral University (Buenos Aires), University of Montevideo, University of La Sabana (Bogotá), Institute of Advanced Studies (Côte d’Ivoire), ISE de Sao Paulo, y de la China-Europe International Business School (CEIBS) de Shang-Hai. His current interests include organizational justice, management control systems, economics of organization and management theory. He is the author of several books and articles in refereed journals like The Journal of Business Ethics and Management Accounting Research, and in other practitioners journals like The European Business Review, The World Financial Review, and the Harvard-Deusto Business Review (in spanish). Josep Riverola has a PhD in Industrial Engineering from the University of Catalonia and a PhD in Philosopy in Operations Research from Stanford University. He holds the University of Catalonia’s Chair in Production and Operations Research (at present “en excedencia”). During these last 25 years, he has been working as a part-time Consultant for more than 50 companies in the fields of technology and operations management and software. He has been the Manager at Sistemas Militares y Aeroespaciales at INISEL (Madrid). He has founded several small consultant and software companies. Ordinary professor at IESE, University of Navarre, he holds the Alcatel Chair of Management and Technology. Here, he is the founder and manager of CEO (Centro de Excelencia de las Operaciones) focused on the exchange of experiencies between professionals in the Operations Management. At IESE, he teaches on a regular basis at the MBA and Executive MBA both in Barcelona and Madrid as well as in International Senior Executive Programs, In-Company programs, etc. He has taught at various leading universities all over the world, particularly in the United States, Russia, China, Nigeria, Latin America and others. As regards to his published work, he has an ample list of publications as well as various books, cases and technical notes in his field. Rafael de Santiago is associate professor and Department Chair of the Managerial Decision Sciences Department. Until 1997 he held a joint appointment in Economic Theory and History of Economic Thought at the University of Valladolid, Spain. He has been visiting professor at the University of California, San Diego, and at the University of Limerick, Ireland. Rafael holds a PhD in Mathematics from the University of California, Irvine, an M.Sc. in Pure Mathematics from the University of California, San Diego, and a PhD in Economics from the University of Valladolid. His interest in the foundations of Economic Theory led him for several years to the study of the History of Economic Thought. In 1998 he published Utilidad y bienestar, a book in which he traces, together with co-author José Miguel Sánchez Molinero, the history of the main ideas regarding Utility Theory and Social Welfare. His interest in Risk Management moved him to the study of stochastic processes, specializing in the pricing of derivative contracts with stochastic volatility. In his 2008 book, Derivatives Markets with Stochastic Volatility, he shows how to include several sources of stochastic volatility in the Black-Scholes pricing model, in interest-rate models, as well as in Value-at-Risk models. He has published scientific articles in Advances in Econometrics, The Journal of Investing and several other journals. In his current research he combines stochastic differential equations with perturbation theory to calibrate option prices when they are close to maturity. John Christopher Spender. After service in RN submarines Spender qualified as a nuclear engineer and worked for Rolls-Royce & Associates building reactors for UK submarines. Worked for IBM in the City of London and then in merchant banking before returning to Manchester Business School for a PhD in corporate strategy. Thesis won the 1980 Academy of Management’s A T Kearney Prize, published as Industry Recipes (Blackwell 1989). Was on the faculty of City University (London), UCLA, University of Glasgow, and Rutgers before becoming dean of Business & Technology at SUNY/FIT. Retired in 2003. Now based in New York researching the theory of the firm (and managing it). Visiting professorships at Lund University’s School of Economics and Management, and at ESADE (Ramon Llull University). He coedited with A. Burton-Jones Oxford Handbook of Human Capital (2011) and coauthored with R. Locke Confronting Managerialism: How the Business Elite and Their Schools Threw Our Lives Our of Balance (forthcoming 2011). Adam J. Wowak is an assistant professor of management in the Mendoza College of Business at the University of Notre Dame. He holds a PhD in management, as well as a B.S. in finance, from The Pennsylvania State University. Adam’s research interests lie within the field of strategic management, particularly on issues concerning top executives and their influences on organizational outcomes. In recent studies, he has focused on matters related to executive compensation, including both its causes and consequences. Adam is also currently engaged in several studies of the effects of CEO personality on firm strategies. His research has been published in Academy of Management Journal, Strategic Management Journal, and several edited volumes. Hossam Zeitoun is postdoctoral researcher at the University of Zurich. He completed his PhD in business administration at the University of Zurich in October 2011 with the degree summa cum laude. During his doctoral studies, his papers appeared in the best papers proceedings at the Academy of Management conference and the European Academy of Management Conference. His principal area of research is the diversity of corporate governance arrangements and their influence on the firm’s relationship with its stakeholders. He uses an interdisciplinary approach and draws on various disciplines, in particular strategic management, behavioral economics, and the property rights theory of the firm.