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David J. Teece

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David Lewin and David J. Teece

Economics-based approaches to understanding the firm-specificity of strategic human capital, such as the “isolating mechanisms” perspective, require simplifying assumptions about firms. This chapter places the management of human capital resources in a system-level strategic framework. We begin by opening the black box of employee motivation and discuss models, such as expectancy theory, for increasing employee engagement. We then examine how specific bundles of mutually reinforcing HR practices that have been widely studied can lead to a positive organizational climate and strong business performance. HR practices should differ, however, for knowledge-based and task-based work. HR practices should also be closely aligned with the firm’s strategic business processes. We show how the dynamic capabilities framework helps identify which HR alignments need to be prioritized. The combination of a company’s strong organizational capabilities, relevant and flexible strategic human capital resources, and astute management can create unique value and long-term advantage.

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David J. Teece and Neil M. Kay

This stimulating research review analyses how the theory of the firm evolved from several core concepts and building blocks that underpin this important area of economics. It discusses a variety of perspectives from leading scholars in the field, including the basic elements of: risk and uncertainty; information and knowledge; bounded rationality and decision making; motives and incentives; resources and capabilities; and transactions. The review goes on to examine how the various elements are integrated into the modern Theory of the Firm with the notion of organization coming increasingly to the fore. It focuses on norms; rules and routines; the entrepreneur; governance; hierarchies; co-operation, teams and networks; innovation and appropriability. This comprehensive review will be an invaluable reference tool for all researchers and students with an interest in the modern theory of the firm, highlighting how it needs to evolve further to address the important management and policy issues of our time.
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David J. Teece and Neil M. Kay

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David J. Teece and Neil M. Kay

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David J. Teece and Neil M. Kay