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Toward a new Theory of the Firm: Warrant, Design and Proposal

Conference contribution
Authors Johan Magnusson
Juho Lindman
Rikard Lindgren
Lidija Polutnik
Andreas Nilsson
Published in Blockchain Technology & Organizations Research Symposium at the University of Connecticut
Publication year 2018
Published at Department of Applied Information Technology (GU)
Language en
Links https://ent.aom.org/ent/events/even...
https://gup.ub.gu.se/file/207475
Keywords Blockchain, theory of the firm, transaction cost economics
Subject categories Business Administration, Information Systems, Social aspects, Information Systems, Computer Systems

Abstract

In this paper, we posit that blockchain technology and its application challenge the foundations of existing theories of the firm. Utilizing transaction cost economics as a point of reference, we explore how said theory grows obsolete with increasing blockchain adoption and how new theory is needed. At the core of our argument lies the diminution of transaction costs and its effect on the principles of scarcity, boundaries, motivation, size and returns. The paper identifies propositions where blockchain challenges the prevailing theory of the firm. These propositions are used as design criteria for future research agenda intended to contribute toward a new theory of the firm. Four design experiments utilizing application of blockchain are presented as a suggestion for future research.

Page Manager: Webmaster|Last update: 9/11/2012
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