This paper surveys recent contributions on the Internalisation issue, based on different theories of the firm, to show how the make-or-buy decision, at an international level, has been assessed through the opening up of the "black box" - traditionally explored by the theorists of the firm – and the simultaneous endogenization of the market environment – as in the International Economics tradition. In particular, we consider three paradigms – Grossman-Hart-Moore treatment of hold-up and contractual incompleteness, Holmstrom-Milgrom view of the firm as an incentive system, Aghion-Tirole conceptualisation of formal and real authority in organisations – and show how they have been embedded in industry and general equilibrium models of FDI to explain the boundaries of global firms.
|Citazione:||Gattai, V. (2006). From the Theory of the Firm to FDI and Internalisation: a Survey. GIORNALE DEGLI ECONOMISTI E ANNALI DI ECONOMIA, 65(2), 225-262.|
|Tipo:||Articolo in rivista - Articolo scientifico|
|Carattere della pubblicazione:||Scientifica|
|Titolo:||From the Theory of the Firm to FDI and Internalisation: a Survey|
|Data di pubblicazione:||2006|
|Rivista:||GIORNALE DEGLI ECONOMISTI E ANNALI DI ECONOMIA|
|Appare nelle tipologie:||01 - Articolo su rivista|