This paper explores the changing ideas about how companies work. Back in the 1970s, interest in understanding firms was reignited through new economic theories. Traditional views focused on contracts, but now scholars think about the impact of money and people on how well firms do. Other ideas look at unique skills that companies have to succeed. Through different theories, we see that a company is not just contracts — it acts like a real thing. This article discusses how companies can be connected in networks, with one powerful company overseeing others without owning them. This network setup affects how businesses work together and changes our understanding of companies. Ultimately, the paper argues that the concept of power is key to understanding firms.