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 firms
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. Company as a coalition of stakeholders
8. Relationships between principals and agents
9. Transaction costs and issues of specific assets
10. Gaining and maintaining competitive advantage
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.
• Individual applied research work.
• Presentations and discussions.
Intended learning outcomes - knowledge and understanding
Development of knowledge and understanding
Knowledge base:
• Has in depth and systematic understanding of knowledge of modern concepts and theories of the firm and is capable to apply them in company.
• Is capable of applying parts of behavioural, agency, and evolutionary theories of the firm as well as transaction cost economics and resource based theory.
• Understand researches in the field and is capable to use them to solve specific practical question.
Ethical issues:
• Has the awareness and ability to manage the implications of ethical dilemmas and work pro-actively with others to formulate solutions
Disciplinary methodologies:
• Has a understanding of some methods applicable within company.
Cognitive/Intellectual skills:
Analysis:
• With critical awareness can undertake analysis of complex, incomplete or contradictory areas of knowledge communicating the outcome effectively
Synthesis:
• With critical awareness, can synthesise information in a manner that may be innovative, utilising knowledge or processes from the viepoint of different concepts within theories of the firm.
Evaluation:
• Has a level of conceptual understanding of the firm that will allow her/him critically to evaluate research, and argue alternative approaches
Application:
• Can demonstrate initiative and originality in problem solving.
• Can act autonomously in planning and implementing tasks at a professional or equivalent level
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. 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).
4. Critically analyze complex, incomplete, sometimes contradictory information that contributes to innovative solutions in a business context. (PILO 2c).
5. 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).
6. 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. Douma, S., Schreuder, H. (2017): Economic Approaches to Organisations. 6th Edition, Pearson (selected chapters).
2. Fiet, J.O. (2022). The Theoretical World of Entrepreneurship. UK, USA: Edward Elgar Publishing.
3. Izbrana poglavja (Selected chapters)
4. Izbrane študije primerov (Selected case studies)
Additional information on implementation and assessment Written exam (70%)
Class assignments/ Case study (30%)
A written exam that covers all the main subject areas.
Class assignments/ Case study
- Solving individual assignments, analysing case studies using qualitative methods..
