Market failure concepts together with a corporate strategy taxonomy have important implications for the direction of growth of firms and their possible success. This paper discusses the relationship between these concepts and shows how specific types of market failure give rise to specific classes of firms. Arguments are presented why specific types of firms will be more or less successful than others. Empirical research by Rumelt is then cited which supports the themes developed in the paper.
Strategic Management Journal – Wiley
Published: Apr 1, 1980
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