Research

In any market, firms face at least two major challenges. One challenge is to acquire inputs and transform these into products or services. Companies must strive to optimise this process in order to stand the test of competition in the market place. A second challenge is to find ways to deal with ever-changing market conditions. This requires efficient allocation of resources and the ability to change internal processes and organisational structures. The firm can, therefore, be seen as an agent operating in a complex and ever-changing market environment as well as an organisation of agents shaping market conditions and continuously adapting to changes in the business environment. To successfully face these challenges, firms formulate strategies. The leading view in our research programme is that the firm is neither just a black box nor only a collection of distinct entities. Rather, we consider it to be an open system.