How, if at all, does the liability of a university differ...

Intro To Business Law N1072 University of Sussex Word count: 1099 December 4, 2013 Critically evaluate, in relation to the common law duty of care, the liability of employers for references. How, if at all, does the liability of a university (such as the University of Sussex) differ regarding references given to potential employers in respect of current (or former) students. Employers have a certain degree of liability when making statements in a former employee’s reference. Employees and employers have a duty of care, to provide valid descriptions of an individual’s quality and potential as a former employee, and thus a reasonable reference is, truthful and fair. It is up to employers to thus avoid inaccurate†¦show more content†¦It was decided that if the â€Å"representor gave information-or advice which was negligent he would be liable for any pecuniary or personal damage-caused†5. However the appeal was dismissed due to the fact that with â€Å"the absence of a contract or fiduciary relationship† the defendant that used a disclaimer would owe no duty of care.6 The case was significant in that claims on negligent misstatement could work if; there is a special affiliation among parties, the information provided by a party has a voluntary assumed risk, the plaintiff has to deem the information reliable, and final ly the reliability of the information must be applicable.  In Caparo Industries plc v Dickman7, it was determined that courts had to test the duty by â€Å"whether the damage was reasonably foreseeable, whether there was a relationship of proximity between claimant and defendant, and whether it is just and reasonable to impose a duty.†8 If so, then a duty of care could arise. Spring v Guardian Assurance plc9 is key for this discussion. The claimant â€Å"won the case on grounds of the defendant’s negligence†.10 The defendant owed the claimant a duty of care in terms of providing a reference. However, there was a partial split in decision between the judges on the defendant’s rejection of liability towards the reference. The Hedley Byrne fundamentals of proximity argued the case focused onShow MoreRelatedUnit 2 - Business Resources Merit/Distcinction9933 Words   |  40 PagesMerit/Distinction Analyse how the management of human, physical and technological resources can improve the short and long term performance of an organisation. Human resources An organisation needs human resources (HR) as its essential due to the fact its covers recruitment and retention. The reason why recruitment is so important is that businesses such as Tesco need the people with the right skills to do their jobs. If Tesco let’s say are recruiting a new floor manager they will only employRead Moremanagement7630 Words   |  31 PagesMatsumura, Cost of Quality in an Order Entry Department, Journal of Cost Management (Fall 1995), pp. 68-74. The required questions are designed to acquaint students with some of the terminology of cost of quality and some aspects of conducting a cost of quality study. Quality costs, defined as those that arise because poor quality may exist or does exist, have been classified into the following four categories: Prevention (prevention of poor quality, or quality assurance); Appraisal (inspectionRead MoreF.C Case Study Harvard Business School14046 Words   |  57 Pages [pic] Jones International University ®, Ltd. 1.800.811.JONES (5663) http://www.jonesinternational.edu  ©2008 Jones International University ®, Ltd. All rights reserved. 9697 East Mineral Avenue, Englewood, Colorado 80112, USA This workbook and all accompanying audio-visual material, manuals and software (collectively, the Materials) are copyrighted with all rights reserved. Under the copyright laws, none of the MaterialsRead MoreF.C Case Study Harvard Business School14033 Words   |  57 Pages COURSE NUMBER: MBA591 [pic] Jones International University ®, Ltd. 1.800.811.JONES (5663) http://www.jonesinternational.edu  ©2008 Jones International University ®, Ltd. All rights reserved. 9697 East Mineral Avenue, Englewood, Colorado 80112, USA This workbook and all accompanying audio-visual material, manuals and software (collectively, the Materials) are copyrighted with all rights reserved. Under the copyright laws, none of the Materials may beRead MoreEngineering Ethics in Practice: a Guide for Engineers18096 Words   |  73 Pagesstudy: Preventing corruption 3.2 Further case studies Respect for life, law and public good 4.1 Case study: Health and safety 4.2 Further case studies Responsible leadership: listening and informing 5.1 Case study: Promoting public awareness 5.2 Further case studies Conclusion Resources 3 6 7 10 12 13 17 18 19 22 24 25 28 29 31 35 37 40 3 4 5 6 7 Appendix 1: The Statement of ethical principles Appendix 2: A legal perspective References 2 The Royal Academy of Engineering 1 ForewordRead More9102013 Week 4 LT C Apollo Shoes Case S14618 Words   |  59 Pagesconclusions, including inconsistencies in the useful life of real property, computer equipment, and production equipment. You noted inconsistencies in depreciation method for various asset categories based on Apollo Shoes accounting guidelines. Regarding RD cost related to certain patents that had been capitalized, I agree with your conclusion that the patents should be expensed. You also had valid conclusions in your prepaid assets and other assets workpapers. You did note the most materialRead MoreOverview of Hrm93778 Words   |  376 PagesHuman Resource Management (MGT501) VU MGT - 501 T his subject/course is designed to teach the basic principles of Human Resource Management (HRM) to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of HRM whether you intend to work in HRM or not, most of these elements will affect you at some point in your career. Either you will be working with some organizationsRead MoreFinal Project Essay7836 Words   |  32 PagesPart 3: The Counseling Strategy/Structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 Phase 1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 Phase 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..10 Phase 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 Phase 4†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.12 Part 4: The Counseling Summation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.13 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..14 Appendices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..15 Grading Rubric†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..27 Part 1; The Counseling Setting Rationale for Solution-Blessed Brief Pastoral Counseling Charles Kollar statesRead MoreFundamentals of Hrm263904 Words   |  1056 PagesThis online teaching and learning environment integrates the entire digital textbook with the most effective instructor and student resources With WileyPLUS: Students achieve concept mastery in a rich, structured environment that’s available 24/7 Instructors personalize and manage their course more effectively with assessment, assignments, grade tracking, and more manage time better study smarter save money From multiple study paths, to self-assessment, to a wealth of interactive visualRead MoreEssay on Apollo Shoes Case33718 Words   |  135 Pages Prepared by Professor Cal Christian East Carolina University Professor Tim Louwers James Madison University Introduction We designed the Apollo Shoes audit case to introduce students to the entire audit process, from planning the engagement to drafting the final report. Students are asked to assume the role of a veteran of two-to-three â€Å"busy† seasons, â€Å"in-charging† for the first time. Communication between the students and client personnel and other firm members takes the form

The Global Financial Crisis Hits The World Economy

Going global was common for almost every company out there, until the year 2008 when the global financial crisis hits the world’s economy. The global economy since then entered into a new phase of globalization, known as ‘guarded globalization’. Developing nations began defending their local industry, and became more cautious when allowing multinational companies to operate in its soil (Bremmer 2014). They heightened their national security, recognizing the importance of more sectors and taking measurements to prevent multinational companies from entering the country. They are now swayed into promoting their domestic and stated owned businesses. Prices of goods were affected, for example Pfizer. It is worth to take note that the escalation†¦show more content†¦Ã¢â‚¬Å"Globalization also means the growing integration of markets and nation-states and the spread of technological advancement. A high globalization speed may also generate opportunities for specu lation, uncertainty, and risk† (Martens Raza 2010, p. 281) Free trade for goods and labor are encouraged across borders. These economic and social developments had improved the global economy thus improves standard of living and human development (Martens Raza 2010). Firms should look out for global market opportunities to expand their business into various markets and also to estimate the demand for products and services in various economies. There are many markers that could indicate favorable opportunities for companies to export, invest, source or partner in foreign markets, and these could be promising mixtures of circumstance, locations and timing (Cavusgil et al. 2014). Firms can carry out a global market opportunity assessment to analyze a market’s suitability to the firm. There are six tasks for the global market opportunity assessment. Firstly is the organizational readiness to globalize. This could gauge a firm’s preparedness to conduct international business with an initial assessment, which includes its financial resources and management’s commitment. Secondly is the suitability of products and services for foreign market. Products that sell well in the domestic market might not be suitable to sell in other marke ts, so firms need to determine how

Business Macroeconomics Neoclassical Theory

Question: Describe about the Business Macroeconomics for Neoclassical Theory. Answer: Introduction The paper intends to discuss the limitations and strengths of neoclassical theory on the one hand and assesses the managerial theories contribution to the firms behavior and performance understanding on the other hand. The paper comprise two parts with the first part delving into a deeper understanding of how neoclassical theory of the firm has helped economist understand how it enhances the behavior of the firm. Both limitation and strengths of the neoclassical theory are discussed and a decision is made on how such a theory is helpful in comprehending the behavior and the firm and its performance. In the second part, a detailed discussion is provided that illustrates a deeper assessment of the contribution of the managerial theories in understanding both performance and behavior of a firm. Part two are gives a detailed explanation of the possible ways that can be employed to test the hypothesis of sales revenue as assumed by Baumol. A: Strengths and Limitation of Neoclassical Theory The neoclassical perspective of the firm remains predominant despite the numerous building blocks put forward by various scholars for a new approach. Neoclassical assumed that a firm enjoys perfect information alongside certainty regarding the outcomes of the environment. It also assumes that a firm suffers no control and adaptability problems (Rosenzweig 2010). The neoclassical theory also believed that a firm maximizes profit and faces no dysfunctional allocation of resources problems. The theory further assumed that the strategies as well as performance of the firm are predictable and that the firm manufactures as well as assembled components that are tangible. It also posit that the firm subsequently sells the outputs produced in the final product market (Mabry and Siders 2013). The neoclassical theorys assumption given for a simple reason as well as manageable treatment of the firm that can be incorporated into neoclassical price theory. However, this was never an effective abst raction of the internal organization of the firm (Knight, Loayza. and Villanueva 2013). Accordingly, the model use by neoclassical theory did not acknowledge the heterogeneity, performance as well a strategic behavior (Ferguson 2008). The neoclassical perspective, however, was effective in addressing the firm as its basic unit as well as predicted the behavior of the firm based on pricing, output as well as allocation of resources decisions as its objective. Even though the theory was successful in these two elements, it terribly failed to take the firm as an explicit emphasis on the real process of making decision in the organization as the firms basic research commitment. Strengths Discussions pertaining to theories of the firm have to begin with the neoclassical theory perspective hence theory is tagged the staple diet of contemporary economists. Despite being formulated a hundred years ago, the neoclassical theory is still pre-dominant in the contemporary textbooks. The theory rationally perceives a firm as a set of feasible plans of production with the manager presiding over this production set as he buys and sells inputs and outputs within a spot market as well as selecting the plan which optimizes the welfare of the owner of the firm (Jensen and Meckling 2012). In neoclassical theory, the profit denotes the welfare and hence in case of uncertain profit so that profit-optimizing is not definite, the anticipated net present value of the upcoming profit or by the market value. The neoclassical theory of the firm is, therefore, the caricature of the contemporary firm even though rigorous it remains rudimentary. The theory has a lasting survival which can be explained using three different reasons. The neoclassical has lent itself to the elegant as well as general formulation of mathematics. It has also remained useful in the analysis of how production choices of the firm respond to the external fluctuations in the environment including for instance, how a rise in a wage and tax sales will be tackled. Neoclassical theory is also useful in the analysis of the implications of strategic interaction between firms operating under the imperfect competition. For instance, the theory is helpful in understanding the connection between the levels of concentration in a given industry as well as the levels of output and price of the industry. Neoclassical theory has some value in understanding the behavior of the firm. The profit satisficing may be surpassed via share deals as well as performance-oriented pay. Accordingly, neoclassical theory remains useful since it indicates how as well as why firm need to ensure that the workers have adequate incentives for maximization of the profit like owners. One could argue that in case a firm is pursuing other objectives, in the back of their minds, profit maximization is alive. For example, a firm can involve in a price war for market share maximization (Sobel 2008). Nevertheless, the reason for such engagement could be that the firm expects that such an increase in market share in the long run would allow higher monopoly power and hence a high profit in the future. The same can be argued of an environmental objective where neoclassical theory hold that there would be a long run profitability resulting from a better corporate image. Limitation The neoclassical theory of the firm has clearly manifested limitations. The theory does not explicate the organization of production within the firm. It also has a limitation since it is silent on how conflicts of interest between the various aspect of the firm such as managers, consumers, owners and workers are engaged or how the profit maximization goal is attained. Neoclassical theory begs the question of determines or defines a particular firm as well as what determines the boundary of the firm (Rumelt 2008). The theory is also silent on the issue of individual size of the firm and extent. In this regard, the neoclassical theory fails to explicate the consequences of two firms agreeing to merge or one firm deciding to split itself into two or multiple smaller entities (Hart 2012). The theory uses the rudimentary approach to describe the functionality or operation of the firm. Surprisingly, neoclassical theory offers little contribution to any meaningful image of the structure of such firms described rudimentarily. The neoclassical hold that firms seek to maximize profits which is not a true assumption. It has been proven that firms always seek for maximization of the size of the firm as well as market share than profit. There is also the problem of a principle agent when it comes to profit satisficing. The owners of the firm can wish for maximization of the profits. However, the worker do not wish for profit maximization. Accordingly, the employees will put concerted effort to keep the owners happy, however, they will pursue other objective like enjoying themselves at work (Grant 2012). Such a problem is called the problem of separation of control and ownership. Other objectives including cultural, environmental as well as social objectives will be pursued by a firm rather than profit maximization. The neoclassical did not acknowledge human as not merely profit maximizers but still consider additional non-financial objectives. B: Assessment of Managerial Theories Contribution to Firms Conduct and Performance Understanding Various managerial theories have helped understand the behavior and performance of the firm. The three known managerial theories include Baumols Model of sales revenue maximization, the Williamsons Theory of Managerial Discretion as well as Marris theory of managerial enterprise. According to Baumol, the maximization of the revenue arising from sales is the primary objective of the firm and the alternative objective to neoclassicals profit maximization. Baumols theory, therefore, contributes to the understanding of firms conduct and performance by holding that managers solely make sure acceptable profit levels but pursues an objective that enhance their individual utility (Baumol et al. 2012). According to Baumol, the hypothesis is rational since there is a distinction between ownership and management in the contemporary world. Managers presently have authority and powers that help them pursue individual goals instead of the owners goals. Accordingly, managers only make sure a minimum acceptable profit levels for shareholders satisfaction but pursue an objective that facilitate individual utility. Baumol hold that managers attempt to pursue sales maximization because incomes of top executives remain closely linked to sales than profits (Hayashi 2010). Managers also do this to impress banks and financial institutions as they perceive the amount of sales as good performance indicators. Managers are motivated to maximize sales since large as well as continuing sales facilitate their prestige thus guaranteeing regular dividends distribution. Baumol assumes that firms will solely try the revenue maximization instead of physical sales volume as decision making of a firm remains restricted to one period. Marris acknowledges the structural separation of management and ownership thus allowing managers to formulate certain goals that need not to conform to owners or shareholders goals. The utility function of managers include market share, capital size, public image, output size and profits. Managers also incorporate other ideas including salaries security of jobs and status and power. Whereas the shareholders wish to maximize their utility, manager always try to maximize individual utility (Ding, Akoorie and Pavlovich 2009). These utilities may not necessarily clash as various variables of both utilities show firm connection with only one variable (size of the firm). The owners are interested in the firms growth and hence push for supply of capital growth assumed to maximize utility of the owners (Diamond 2011). Managers, conversely, advocate firms growth rate and not absolute firms size with a strong belief that demand for commodities growth indicates firms growth. Marris has, therefo re, significantly contributed by incorporating financial policies into the process of making decision by corporate firms (List 2004). The theory suggest that there is a possibility of finding solutions that maximize utility of both owners and managers. It explains why owners are ready to sacrifice certain levels of profit because they prefer rate of growths maximization. Williamsons discretion theory anchors the view that contemporary business firm managers structured as corporate unit maximize individual utility by using discretion. The managers try to make sure of minimum profits to owners to guarantee job security in the form of dividends. The managers view profit a constraint to their discretion. The utility of the manager's anchors variables including job security, prestige, job satisfaction, power, salary as well as professional excellence. Since the only salary is quantifiable, Williamson utilizes such measurable variables as a discretionary investment, staff spending as well as managerial emoluments in the utility function based on the assumption that such variables remain their source of security of the job as well as manifestations of status, professional excellence, power, as well as prestige. Possible Ways of Testing Baumol Sales Revenue Hypothesis Baumol rejects the assumption that the primary objective of leaders of a huge corporation is to maximize profits but rather that the predominating goal is to maximize revenue. Baumol, therefore, holds that increased sales will always be pursued by these leaders even at the expense of reduced profits in both long- and short-run. As reflected in his model, the total sales are perceived as a function of prices and output in the short run as well as advertising in the long-run. Baumol holds that output will be enlarged as prices decline past the maximum profits point in the long-run up to a point in which revenue is maximized with a particular demand curve. He further holds that, in the case of a persistent rise in total revenue, the said changes in prices and output will continue until a point where the constraints of profit are at their minimum ((Alchian, and Demsetz 2012)). For Baumols hypothesis to hold water or show empirical significance then it has to be discovered in the objectiv e behavior of a large firm manifested by a marked tendency to enlarge sales in the absence of the growing profits. Surprisingly, Baumol Model displays a contrary link between profits and sales at various levels of the advertising outlays as depicted in the derived comparative static model by Sandmeyer. Conclusion The paper has presented a detailed discussion of the neoclassical theory of the firm and three managerial theories. It is clear that neoclassical is still dominating as a theory of the firm based on its lasting strengths that have been extensively discussed. However, certain weakness of neoclassical theories was identified and discussed at length. It is clear from the discussion that neoclassical theory is helping in understanding the behavior of the firm. Similarly. Williamson, Baumol as well as Marris Managerial theories have been alongside individual theorys contribution to both conduct and performance of a firm. References Alchian, A.A. and Demsetz, H., 2012. Production, information costs, and economic organization. The American economic review, 62(5), pp.777-795. Baumol, W.J., Panzar, J.C., Willig, R.D., Bailey, E.E., Fischer, D. and Fischer, D., 2012. Contestable markets and the theory of industry structure. Diamond, P.A., 2011. National debt in a neoclassical growth model. The American Economic Review, 55(5), pp.1126-1150. Ding, Q., Akoorie, M.E. and Pavlovich, K., 2009. A critical review of three theoretical approaches on knowledge transfer in cooperative alliances. International Journal of Business and Management, 4(1), p.47. Ferguson, C.E., 2008. The neoclassical theory of production and distribution. Cambridge Books. Grant, R.M., 2012. Toward a knowledge?based theory of the firm. Strategic management journal, 17(S2), pp.109-122. Hart, O., 2012. An Economist's Perspective on the Theory of the Firm. Columbia Law Review, 89(7), pp.1757-1774. Hayashi, F., 2010. Tobin's marginal q and average q: A neoclassical interpretation. Econometrica: Journal of the Econometric Society, pp.213-224. Jensen, M.C. and Meckling, W.H., 2012. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), pp.305-360. Knight, M., Loayza, N. and Villanueva, D., 2013. Testing the neoclassical theory of economic growth: a panel data approach. Staff papers, 40(3), pp.512-541. List, J.A., 2004. Neoclassical theory versus prospect theory: Evidence from the marketplace. Econometrica, 72(2), pp.615-625. Mabry, B.D. and Siders, D.L., 2013. An Empirical Test of the Sales Maximization Hypothesis. Southern Economic Journal, pp.367-377. Rosenzweig, M.R., 2010. Neoclassical theory and the optimizing peasant: An econometric analysis of market family labor supply in a developing country. The Quarterly Journal of Economics, pp.31-55. Rumelt, R.P., 2008. Towards a strategic theory of the firm. Resources, firms, and strategies: A reader in the resource-based perspective, pp.131-145. Rumelt, R.P., 2007. Towards a strategic theory of the firm. Resources, firms, and strategies: A reader in the resource-based perspective, pp.131-145. Sobel, R.S., 2008. Testing Baumol: Institutional quality and the productivity of entrepreneurship. Journal of Business Venturing, 23(6), pp.641-655.