Economics, Econometrics and Finance
8 years ago

Firms' Success Not Just About Market Forces, Institutional Details Matter!

Journal of Economic Issues
The Introduction of Automatic Switching into the Bell System: Market versus Institutional Influences
Joan Nix, David Gabel

Paper Summary

Firms in the same industry behave differently due to institutional details, not just market forces. Evolutionary economics suggests that firms adapt to changing environments using firm-specific knowledge embedded in routines. Successful adaptations are driven by organizational capabilities emerging from these routines.

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