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A New Theory of What? Humanizing the Firm in the Time of the Precariat

A New Theory of What? Humanizing the Firm in the Time of the Precariat. JC Spender ESADE / LUSEM. complementary methods for examining ‘humanizing’ - ‘ dignitizing ’ - human work. 1 /13. from method to substance ‘theory of the firm’ as socio-political entity - but which society ?. society

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A New Theory of What? Humanizing the Firm in the Time of the Precariat

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  1. A New Theory of What?Humanizing the Firm in the Time of the Precariat JC Spender ESADE / LUSEM IESE 2nd Theory of the Firm Conference

  2. complementary methods forexamining ‘humanizing’ - ‘dignitizing’ - human work IESE 2nd Theory of the Firm Conference 1/13

  3. from method to substance‘theory of the firm’ as socio-political entity - but which society ? society (markets) ‘firms’ production functions individuals - rational society (democratic capitalism) socio-economic institutions & private-sector ‘firms’ individuals - ‘human’ society (environment) ‘firms’ social systems system elements - rational economic model systems theory model humanizing model human being = a-rational, unique ? politics, sympathy, morality, emotion heterogeneity/agency/practice rationality - simple or behavioral or … homogeneous IESE 2nd Theory of the Firm Conference 2/13

  4. ‘rights’ - State, individual and owners’ • humanizing (top level) - ‘society’ using power, regulation and other institutionalized constraints over private sector firms • humanizing (bottom level) - e.g. legislation to protect employees’, customers’ and others’ ‘rights’ against the rights and powers legally granted to private-sector owners • firms straddle state’s constrained rights to shape the firm and the firm’s constrained rights to shape the individual’s practice • framing the private-sector firm (middle level) - back to the etic/emic conference target IESE 2nd Theory of the Firm Conference 3/13

  5. figure - ground reversal bottles or glasses ? IESE 2nd Theory of the Firm Conference 4/13

  6. IESE 2nd Theory of the Firm Conference 5/13

  7. k-presences and k-absences that define ‘the BCG firm’ (Example1) • interplay of k-presence and k-absence • portfolio, life cycle, time • firm (as cash machine) synthesized by executive agency • judgments - allocation, dogs • managing as agentic repairing - complementing rational designing IESE 2nd Theory of the Firm Conference 6/13

  8. Porter’s firm (Example 2) • firm not industry • ‘force’ = power to disturb the firm’s rent-stream • many dimensions of ‘force’ - multi-layered, multi-timed • firm arises from agentic ‘positioning’ in a multi-dimensional force/time context IESE 2nd Theory of the Firm Conference 7/13

  9. principal-agent theory’s firm ? (Example 3) • Jensen & Meckling 1976 • single period • perfect markets • Fama 1980 • multi-period • imperfect markets • mutual learning • ‘firm’ arises from principal’s and agent’s time-full mutual learning and preparedness to adjust their utilities IESE 2nd Theory of the Firm Conference 8/13

  10. ‘ToF’ as defined k-absences to be filled by agency • diagnostics - framing entrepreneurial ‘opportunity space’ • executive’s ‘bounded agency’ • T methodology - fact-driven analysis • U methodology - coup d’oeil, augenblick • preparation, history, theory (von Clausewitz) • ‘added value’ - endogenous growth T U etic K-presence rationality emic K-absence imagination IESE 2nd Theory of the Firm Conference 9/13

  11. emic firm analysis &construction TMT’s moral/ ethical scruples executive agency funding limits business model technological advance government standards labormarket - Precariat competitor’s marketing • might, can, should, want - LCAG’s 4 emic dimensions • Balanced Scorecard - 4 etic? dimensions • Spender - Industry Recipes (1989) - 12 emic dimensions unoccupied strategic opportunity-space IESE 2nd Theory of the Firm Conference 10/13

  12. after the entrepreneur’s vision comes harnessing others’ reason & agency • decision to participate - a matter of reason or persuasion ? • incentives (extrinsic and intrinsic) - or rhetoric ? • others offer both reason & agency • firm (profit) arises from the subordination of others’ agency - not from instructions guiding others’ reason • ‘docility’ - becoming ‘another’ • beyond logos and into ethos& pathos • stasis theory, argument theory, inventio • work (1) ‘toil’ - work (2) ‘fulfillment’, ‘flow’ IESE 2nd Theory of the Firm Conference 11/13

  13. Precariat - new meaning of ‘work’ • not ‘participating’ in 20th century-style work - e.g. long-term employment contracts, training, pensions, health-care • not having one’s agency managed by others • ‘living by one’s wits’ in today’s democratic capitalism • undergrad business education - post-crisis, economic history, time • graduate - staffer’s diagnostic tools (von Clausewitz) • leadership - should BSchools teach rhetoric once again ? IESE 2nd Theory of the Firm Conference 12/13

  14. summary • humanizing (top level) - public control of private-sector firms’ activities • humanizing (bottom level) - counter-balance owners’ legal rights • mid-level synthesizing of T and U (Barnard 1938) • rhetorical engagement of others’ agency + reasoning • private-sector firms’ legitimate seizures - quasi-monopolies & employees’ agency • humanizing mid-level - owners & managers acknowledging and remunerating the value added by others - both toil & fulfillment • U - agency - rhetoric - practice - value-adding • extending the BSchool agenda - diagnostic tools + rhetoric & art IESE 2nd Theory of the Firm Conference 13/13

  15. ‘theory of the firm’ - academic concept or real value-add ? IESE 2nd Theory of the Firm Conference

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