What Is Firm Theory?

Enterprise theory studies the behavior of enterprises in the process of putting in production factors at a certain price to provide products. In the last 25 years of the 19th century, the production function concept gave rise to the great development of Cournot's profit maximization hypothesis, and formed a set of rich theories on input demand and output supply, namely, corporate theory. The scholars who have made important contributions to this are Walra, P. Wicksteed, K. WickseU, and J. Clark. For the first time, H. Hotelling summarized the research results of corporate theory. ^[1]

Business theory

(Business Management Concept)

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Enterprise theory studies the behavior of enterprises in the process of putting in production factors at a certain price to provide products. In the last 25 years of the 19th century, the production function concept gave rise to the great development of Cournot's profit maximization hypothesis, and formed a set of rich theories on input demand and output supply, namely, corporate theory. The scholars who have made important contributions to this are Walra, P. Wicksteed, K. WickseU, and J. Clark. For the first time, H. Hotelling summarized the research results of corporate theory. ^[1]

The founder of business theory was Ronald the 1991 Nobel Laureate in Economics-

The most important references for business theory include:

Holmstrom, Bengt and J. Tirole, 1989, "The Theory of the Firm", in Handbook of Industrial Organization , R. Willig (eds.), Amsterdam: North Holland

Foss, Nicolai J., 1999, The Theory of the Firm: Critical Perspectives in Economic Organization , London: Routledge

Gibbons, Robert, 2005, Four Formal (izable) Theories of the Firm, Journal of Economic Behavior and Organization , 58: 200-245

In Mainland China, scholars who have studied the business theory include: Zhang Weiying, Yang Ruilong, Yang Qijing, Nie Huihua and others. Major works include Chapters 2, 3, and 4 of Enterprise Theory: Modern Perspectives, edited by Yang Ruilong, Renmin University of China Press, 2006