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Theories of the Firm Among teachers of management theory the dissatisfaction in the 1930s with the simple conception of a firm as a mechanism which transforms atomistic inputs into marketable outputs resulted in alternative perspectives. A legal-economic view of the firm emerged, aimed at revealing key aspects of the internal structure of the corporate firm. One development of this view formed the basis of the managerial theory of the firm (Section 2.1). Other developments, based on the work of Coase, Williamson and others, are discussed in Sections 2.2 to 2.5. 2.1 The Managerial Theory Throwing some light into the neoclassical black box, the managerial theory emphasised the complex nature of the modern corporate firm. In their pioneering work, Berle and Means (1932) described the diminishing influence of shareholders in the decision making process of large corporations in the USA from the turn of the century. This left much of the decision making to...

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