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| Author: | Scherpereel, C.M. |
| Title: | The option-creating institution: A real options perspective on economic organization |
| Journal: | Strategic Management Journal
2008 : MAY, VOL. 29:5, p. 455-470 |
| Index terms: | organizational structure organizational change transaction costs markets economic development theory of the firm models |
| Language: | eng |
| Abstract: | A dynamic framework of economic organization named the option-creating institution (OCI) model is proposed. It is claimed that firm, market, and hybrid governance structures emerge from the need for flexibility in an uncertain world. Each governance structure uniquely provides strategic real options (here as: r-opts). The r-opts. perspective (here as: prsp./prsps.) on economic organization is developed by drawing insights from the exchange and coordination prsps. It is proposed that this r-opts. prsp. matches practicing decision makers' intuition and that an OCI model will offer a prescriptive guide. |
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