A Process Approach to Corporate Coherence

We deal with the notion of ‘corporate coherence‘, lately made notable by Teece, Rumelt, Dosi and Winter (1994). We debate that the literature is baffled on the meaning of the notion (and similar notions) in numerous dimensions. Making use of information from market-process theories, we put forward a dynamic understanding of corporate coherence as relating to the corporate capacity to strike a favorable equilibrium between the production and the exploitation of latest knowledge. This point is elaborated drawing on Austrian, evolutionary and post- Marshallian economics.

Contents: Corporate Coherence a Process Approach

I. Introduction
II. Corporate Coherence: A Brief Survey of Previous Contributions
II.i. Edith Penrose on Diversification and Coherence
II.ii. Coherence as Related Diversification
II.iii. Coherence As Interconnectedness Between Assets
II.iv. Teece et al. (1994) on Coherence
II.v. Summing Up
III. Insights From Market-Process Theories
III.i. Austrian Economics: Utilizing Dispersed Knowledge
III.ii. Evolutionary and Post-Marshallian Economics
IV. Corporate Coherence: Implications From A Process Perspective
IV.i. Coordination and Learning
IV.ii. Generating and Exploiting Economies of Diversity
IV.iii. Coherent Firms
V. Concluding Comments
References

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