Theory of the Firm for Strategic Management: Economic Value Analysis

Strategic decisions deal with the long-term direction of the firm and its main activities, usually the responsibility of the top managers in an organization. Because the firm is the critical unit of analysis in strategy, we need to define what firms are, how they create value, and what their organizational boundaries are in order to understand their overall performance. However, this must be done in a manner that is most suitable for strategic analysis and decision making. In other ords, we need a theory of the firm for business strategy. Theory of the Firm for Strategic Management integrates and expands key existing theories, like transaction costs economics and the resource-based view, to develop a value-based theory of the firm. This provides a framework to show how firms can create value for customers and, at the same time, capture economic profits for their owners through business, corporate, international, and social strategies.
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Published March 1st 2009 by Cambridge University Press (first published 2009
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This is a synthetic overview of current research in strategic management focused on the notio of the firm.

Much more is needed to explain in what sense value creation provides a comprehensive theoretical framework to understand why firms exist and how they function from the erspective of strategic management.

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