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Chapter 1 The Evolution Of The Modern Firm

Chapter 1 The Evolution Of The Modern Firm. 主講人 : 趙琪老師. The Word In 1840. Doing Business in 1840 John’s Decision What did impact John’s Decisions? Information John’s risk attitude and ability (personal role selection). The Determinants of Industrial Scale and Structure.

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Chapter 1 The Evolution Of The Modern Firm

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  1. Chapter 1The Evolution Of The Modern Firm 主講人: 趙琪老師

  2. The Word In 1840 • Doing Business in 1840 • John’s Decision • What did impact John’s Decisions? • Information • John’s risk attitude and ability (personal role selection)

  3. The Determinants of Industrial Scale and Structure Risk and information  Output uncertainty  1.The willing to invest by their own resource 2.Banks’ willing to finance business expansion  Small firms

  4. Conditions in Business in 1840 : Life Without a Modern Infrastructure • Transportations railroad (case 1. The Emergence of Chicago) waterway • Communications post telegraph • Finance • Production Technology unstandardized small firms • Government public infrastructure

  5. Case 1 The Emergence of Chicago Figure 1.1

  6. Summary Infrastructure  Extended demand and technology development  High speed and high volume production and distribution  Change organization and coordination  Transaction costs down

  7. The Word In 1910 Doing Business in 1910 Integration  Large firms  Professional managers  Organizational hierarchy

  8. Business Condition in1910: A “Modern” Infrastructure • Production Technology Vertical integration  Scale economic Horizontal integration  scope economic • Transportation Infrastructure  throughput  production capacity expansion • Communications M-form firms  division and professional managers  coordination and control problems  (1)overexpansion: (2)bureaucracy • Finance • Government Professional manager demand  education market  MBA/university

  9. Case 2 Responding to the business environment: The case of American whaling *No advantage from revolutionizing technology *Demand and competition *Risk *No scale economic for production & distribution

  10. The World Today • Doing Business Today *Market niche strategy *Diversity: Distribution channel, skill, and acquire  Antitrust *SBU *Matrix Structure  coordination * Function outsourcing • The Infrastructure Today • Transportation Automobile and Air Way Better coordination • Communication Fax and Internet • Finance Cost and managerial accounting Activity-based accounting • Production Technology CAD/CAM: customizing, high quality, and low cost • Government Relax the regulation Regional free trade zone

  11. Case 3 Evolution of the steel industry *Early age: vertical integration  Competitive disadvantage: Specific assets *Modern age: Heavy  Light Competitive advantage: Minimill advantage

  12. Infrastructure in Emerging Markets

  13. Case 4 Infrastructure in Emerging Markets Economic gyrations and traffic gridlock in Thailand

  14. Summary • Coordination  • Vertical integration 

  15. Three Different World: Consistent Principles, Changing Conditions, and Adaptive Strategies. *Make: 1910 1.Scale economic accessibility  Firms were willing to invest 2.Poor infrastructure  Coordination difficulty  Hierarchy control

  16. *Buy: 1.1840 (1)No scale economic (2)Poor infrastructure  Limited market size 2.Today Infrastructure  coordination cost   outsourcing function 

  17. Case 5 Infrastructure and emerging markets: The Russian Privatization Program *Goal conflict between manager and employees *No incentive

  18. Example1.5 • Building national infrastructure: The transcontinental railroad.

  19. Example1.6 The risks of modernity :The Halifax .

  20. Example1.7 Parties, Scandals, and Directors Behaving Badly: After the ball.

  21. Example1.8 Blaming Wal-Market: The Prequel.

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