At the core, professor Teece’s work (in particularly within the theory of the firm and strategic management) is characterized by a persistent effort to enhance, test, and synthesize different intellectual traditions, in particular transaction cost economics, evolutionary economics, and the so-called capability approach. The overarching ambition in his work is to build a coherent and robust understanding of the central issues in economic organization and wealth creation, particularly at the level of the firm. Many of Teece’s contributions stand out because they embrace ideas from several disciplines; and his research covers various aspects and levels of the modern organization. For instance, in his important contributions to the theory of corporate diversification professor Teece used transaction cost economics to understand diversification, building a theory of diversification around the problem oftechnologytransfer; and he contributed to the transaction cost theory of the firm by introducing evolutionary insights. In addition, his paper, “Organizational Structure and Economic Performance”, was (remarkably) the first empirical study to demonstrate a statistically significant link between organizational structure and performance. His paper with Monteverde (1982) was the first to establish a statistically significant link between asset specificity and organizational structure, thereby helping to transform transaction cost economics into an empirically relevant paradigm.
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