Objectives and competences
The goal of the course is to empower postgraduate students with a comprehensive and in-depth understanding of key theoretical concepts and applied examples in those areas of the company's operation where direct applicability to business practice is demonstrated. Students will enhance their understanding of the fundamental concepts upon which the success of a modern company is based and at the same time develop competences in independent research, critical analysis, problem solving, strategic thinking and ethical decision making aimed at the effective and responsible implementation of business practices.
Content (Syllabus outline)
1. Traditional and non-traditional companies
2. Traditional and modern theories of the firm
3. Internal company structure and management
4. Company as nexus of contracts
5. Incomplete and asymmetric information
6. Team production and property rights
7. Behavioral theory of the firm (company as a coalition of stakeholders)
8. Agency theory of the firm and ethical dilemmas in the principal–agent relationship
9. Transaction costs economics and issues of specific assets
10. Resource-based view of the firm (gaining and maintaining competitive advantage)
11. The role of sustainability in the evolutionary theory of the firm
Information and network economics, platform and ecosystem theory
* An invited guest/lecturer from abroad will be included in the implementation
Learning and teaching methods
• Lectures employ multimedia tools and digital resources - to deliver theoretical knowledge, promoting student engagement and understanding.
• Case studies - to develop analytical and decision-making skills.
• Individual critical study of the literature.
• Presentations and discussions.
Intended learning outcomes - knowledge and understanding
Students in this course will:
1. Gain an understanding of the differences between traditional and modern theories of the firm, and gain an in-depth understanding of the fundamental concepts addressed by modern theories. (PILO 2a).
2. Develop an in-depth understanding of contemporary theoretical concepts, including the behavioral, transactional, agency theory of the firm, as well as resource-based view theory, associated with real-world problems in domestic and international companies. (PILO 2b).
3. Students develop the ability to understand sustainable development in the context of contemporary theories of the firm, as well as the capacity for critical reflection on the impact of businesses on society and the environment. They recognize sustainability as a key factor in achieving long-term competitive advantage and responsible business conduct. (PILO 4b).
4. As part of the independent study of examples of good practice (case studies), students integrate and use qualitative research methods, supported by digital tools and artificial intelligence (AI), with the aim of finding a direct application of the discussed theoretical concepts in business practice. (PILO 1a, PILO 3a).
5. Critically analyze complex, incomplete, sometimes contradictory information that contributes to innovative solutions in a business context. (PILO 2c).
6. Develop the ability to effectively present and argue their findings and opinions to the class, which includes the ability to communicate clearly, structure arguments, and respond to questions and criticism from audience members. (PILO 3b).
7. Get the opportunity to critically evaluate ethical practices, recognize and manage ethical dilemmas, develop proactive approaches to solutions, and learn to collaborate with others in the ethical context of business. (PILO 3c, PILO 4a).
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Intended learning outcomes - transferable/key skills and other attributes
Students in this course will:
1. Gain an understanding of the differences between traditional and modern theories of the firm, and gain an in-depth understanding of the fundamental concepts addressed by modern theories. (PILO 2a).
2. Develop an in-depth understanding of contemporary theoretical concepts, including the behavioral, transactional, agency theory of the firm, as well as resource-based view theory, associated with real-world problems in domestic and international companies. (PILO 2b).
3. Students develop the ability to understand sustainable development in the context of contemporary theories of the firm, as well as the capacity for critical reflection on the impact of businesses on society and the environment. They recognize sustainability as a key factor in achieving long-term competitive advantage and responsible business conduct. (PILO 4b).
4. As part of the independent study of examples of good practice (case studies), students integrate and use qualitative research methods, supported by digital tools and artificial intelligence (AI), with the aim of finding a direct application of the discussed theoretical concepts in business practice. (PILO 1a, PILO 3a).
5. Critically analyze complex, incomplete, sometimes contradictory information that contributes to innovative solutions in a business context. (PILO 2c).
6. Develop the ability to effectively present and argue their findings and opinions to the class, which includes the ability to communicate clearly, structure arguments, and respond to questions and criticism from audience members. (PILO 3b).
7. Get the opportunity to critically evaluate ethical practices, recognize and manage ethical dilemmas, develop proactive approaches to solutions, and learn to collaborate with others in the ethical context of business. (PILO 3c, PILO 4a).
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Readings
1. Crnogaj, K. (2025): Modern Theories of the Firm. Maribor: Faculty of Economics and Business. Course materials (forthcoming).
2. Douma, S., Schreuder, H. (2017): Economic Approaches to Organisations. 6th Edition, Pearson (selected chapters).
3. Fiet, J.O. (2022). The Theoretical World of Entrepreneurship. UK, USA: Edward Elgar Publishing.
4. Izbrane študije primerov (Selected case studies)
Additional reading:
1. ŠIREC, Karin, ŠARLIJA, Nataša, CRNOGAJ, Katja. Unravelling the motivational dynamics of established entrepreneurs : a systems perspective. Systems. 2025, vol. 13, issue 5. spec. iss., [art. no.] 307, str. 1-19. ISSN 2079-8954. https://www.mdpi.com/2079-8954/13/5/307, DOI: 10.3390/systems13050307. [COBISS.SI-ID 235149059], [JCR, SNIP, WoS]
2. CRNOGAJ, Katja, RUS, Matej. From start to scale : navigating innovation, entrepreneurial ecosystem, and strategic evolution. Administrative sciences. 2023, vol. 13, issue 12, [article no.] 254, str. 1-19, ilustr. ISSN 2076-3387. https://www.mdpi.com/2076-3387/13/12/254, DOI: 10.3390/admsci13120254. [COBISS.SI-ID 177380867], [Odprti dostop, SNIP, WoS do 4. 4. 2025: št. citatov (TC): 7, čistih citatov (CI): 7, čistih citatov na avtorja (CIAu): 3.50, Scopus do 1. 6. 2025: št. citatov (TC): 6, čistih citatov (CI): 6, čistih citatov na avtorja (CIAu): 3.00]
Additional information on implementation and assessment Written exam 60%
Coursework 40%
A written exam that covers all the main subject areas.
Coursework - A series of short tasks are assessed during the course. These assignments may be completed independently outside of scheduled class time or within contact hours, for example as part of exercises or case studies conducted during tutorials or practical sessions.
