Journal
MANAGERIAL AND DECISION ECONOMICS
Volume 29, Issue 6, Pages 489-502Publisher
JOHN WILEY & SONS LTD
DOI: 10.1002/mde.1413
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Micro-foundations have become an important emerging theme in strategic management. This paper addresses micro-foundations in two related ways. First, we argue that the kind of macro (or 'collectivist') explanation that is presently utilized in the capabilities view in strategic management-which implies a neglect of micro-foundations-is incomplete. There are no mechanisms that work solely on the macro-level, directly connecting routines and capabilities to firm-level outcomes. While routines and capabilities are useful shorthand for complicated patterns of individual action and interaction, ultimately they are best understood at the microlevel. Second, we provide a formal model that shows precisely why macro-explanation is incomplete and which exemplifies how explicit micro-foundations may be built for notions of routines and capabilities and how these impact firm performance. Copyright (C) 2008 John Wiley & Sons, Ltd.
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