기업통합이론과 기업 경영전략 : 기업의 경쟁력 제고방안

THE GRAND UNIFIED THEORY OF THE FIRM AND CORPORATE STRATEGY:MEASURES TO BUILD CORPORATE COMPETITIVENESS

A good understanding of the nature of the firm is essential in developing corporate strategies and building corporate competitiveness. Several theories have emerged on the nature of the firm: The neoclassical theory of the firm, the principal agency theory, the transaction cost theory, the property rights theory, the resource-based theory and the evolutionary theory. Each of these theories identifies some elements that contribute to the success of the firm, but no single theory is comprehensive enough to include all elements for the success of the firm. Economists are beginning to realize the need for unifying these theories. Bolton and Scharfstein (1988) indicate what we lack and what we need is a more unified theory of the firm based on the insights of Coase (transaction cost theory, 1937) and Bearl and Means (agency theory, 1932). We propose to unify all of the theories mentioned above. We refer this new theory, the grand unified theory of the firm. We borrowed the term, grand unified theory from physics (Feynman, 1965; Yun, 1984, Weinberg, 1992; Green, 1999). Physicists studied the forces determining high energy separately until Feynman proposed to unify them. Physicists call the theory grand unified theory or final theory. The final theory in physics is not fully confirmed and they are still working on the theory and experimental evidence. The grand unified theory of the firm can offer a comprehensive view of the firm and may provide better insights on corporate strategies. The neoclassical theory offers insights on corporate mergers because it defines the economies and diseconomies of scale and scope. Benefits and costs of hierarchies and markets (transaction cost theory), ownership structure of assets (property rights approach), separation of ownership and control (agent theory), development of resources and capabilities (resource-based theory), or an environmental change and firm's adaptation to the change (evolutionary theory of the firm) can explain the relative cost and profit positions of the firm. The environmental changes experienced by Korean firms and corporate transformation after facing the environmental changes present a unique opportunity for scholars to study ...