By Franziska König, Prof. Dr. Thomas Mellewigt
What is the best governance layout for working lower than doubtful stipulations, comparable to rising markets and leading edge applied sciences? even supposing this query has plagued administration perform and educational study for years, no unified solution has been chanced on.
Franziska König examines the anatomy of uncertainty-governance selection relationships from assorted theoretical angles, together with transaction expenditures economics, resource-based conception, and genuine ideas conception. The booklet sharpens single-theoretical causes and determines their barriers either conceptually and via offering a finished “vote-counting” research of modern empirical examine. fresh debates, which argue the optimum governance reaction to uncertainty, are resolved with 3 multi-theoretical versions. Empirical result of a “policy-capturing” learn, carried out within the context of strategic alliances, exhibit that managers realize varied uncertainty difficulties and reply to them via utilizing specified “decision regulations” alongside an fairness and a coordination size of governance.
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Extra resources for The Uncertainty-Governance Choice Puzzle Revisited: Predictions from Transaction Costs Economics, Resource-Based Theory, and Real Options Theory
Sample text
Definition of Uncertainty 27 approaches were drawing on Miles and Snow (1978) who conceptualized perceived environmental uncertainty as “the predictability of conditions in the organization’s environment” (1978: 195). Researchers generally presented to executives an a priori defined typology of uncertainty sources in order to capture the level of perceived uncertainty for each cluster. , 1973)11. However, until to date, the strategic management literature is predominantly working with scales including different sources of uncertainty.
The problem of defining uncertainty has plagued the economic literature since its beginnings and has generated a number of lengthy contributions to the subject. Yet, a universally accepted definition of uncertainty does not exist. The literature generally has attempted to circumscribe the phenomenon with different categorizations. Some of the most important concepts that are assumed to be relevant for the further development of this thesis are outlined in the following. ” (Knight, 1921: 19) One fundamental distinction has been made between “uncertainty” and “risk”.
Uncertainty Early conceptualizations of uncertainty were primarily built on the need to understand the relationship between an organization and its environment (Alchian, 1950; Burns and Stalker, 26 Theory 1961; Duncan, 1972; Lawrence and Lorsch, 1967; Thompson, 1967). Organization theory, and especially contingency-theoretical scholars, placed particular attention to uncertainty resulting from environmental changes. Thereby the literature of strategic management and organizational behavior mostly agreed that uncertainty describes a particular environmental or individual state as opposed to the “outcome nature” of risk.