Title: How property rights economics furthers the resource-based view: resources, transaction costs and entrepreneurial discovery

Authors: Jongwook Kim, Joseph T. Mahoney

Addresses: Department of Management, College of Business and Economics, Western Washington University, 351 Parks Hall, 516 High Street, Bellingham, WA 98225, USA. ' Department of Business Administration, College of Business, University of Illinois at Urbana-Champaign, 140C Wohlers Hall, 1206 South Sixth Street, Champaign, IL 61820, USA

Abstract: An understanding of Austrian entrepreneurship, in conjunction with property rights, resource-based and transaction costs theory allow us to understand economic rent generation as a dynamic process. The current paper expands Foss and Foss| (2005) application of property rights theory in explaining economic value creation to include not only economising on transaction costs, but also Austrian entrepreneurial discovery for generating new combinations and adaptive responses for transaction costs economising, particularly as a basis for managing strategic change.

Keywords: Austrian entrepreneurship; property rights; economic rent generation; resource-based view; transaction costs; Austria; strategic change management; entrepreneurial discovery; value creation.

DOI: 10.1504/IJSCM.2006.011100

International Journal of Strategic Change Management, 2006 Vol.1 No.1/2, pp.40 - 52

Available online: 16 Oct 2006 *

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