This area focuses on the lines of research related to the study of the aspects that affect the creation and subsequent success of new businesses, as well as the analysis of the factors that explain entrepreneurship and its financing. This area also includes the study of the dynamics of the relationship between the business and its environment, particularly the measures that they take to achieve their objectives and/or improve performance through the rational use of resources, as well as the study of the process of discovery, evaluation, and exploitation of economic opportunities present in market failures that affect the sustainability of a business, including those that are relevant to the environment and society.
The lines of research that comprise this area are the following:
(i) Entrepreneurship and Innovation Ecosystems
Ecosystems are combinations of social, political, economic, and cultural elements within a region that support the development and growth of innovative enterprises, and incentivize budding entrepreneurs and other actors to take the risks of starting, financing, and supporting high-risk ventures (Spigel, 2015). Entrepreneurial ecosystems consist of seven systemic conditions (networks, leadership, finance, talent, knowledge, support, and services/intermediaries) and four structural conditions (formal institutions, culture, physical infrastructure, and demand).
The specific field of this line of research is: (a) the actors, actions, resources, environmental influences, and results associated with the emergence of entrepreneurial opportunities and/or new economic activities in multiple organizational contexts; (b) the characteristics, actions, and challenges of owner-managers and their businesses; and (c) fostering interdisciplinary research and dialogue on the management of innovation and technological change from a variety of perspectives, including strategic, managerial, behavioral, and operational issues. The principal topics in the field of innovation include: studies of the strategic management of technology; innovation processes; diffusion and development of innovation, implementation and use of technologies; trajectories of technological development; intellectual capital; organizational processes by which technically-oriented activities are integrated into organizations; product development strategies; technical project management; behavior and characteristics of technical professionals; technological forecasts and policy; information technology; impacts of new technologies on forms of organization; and electronic commerce.
(ii) Strategy and Organizational Theory
Strategy consists of the dynamics of the relationship between the business and its environment, particularly the actions that businesses take to achieve their objectives and/or improve performance through the rational use of resources (Ronda-Pupo & Guerras-Martín, 2012). The study of strategy seeks to understand and predict when and why some businesses perform better than others over time. This involves identifying the factors that explain the long-term success and profitability of businesses. Current study of strategy is multidisciplinary in nature, as it has attracted the interest of researchers from various different disciplines, such as economics, sociology, psychology, and organizational theory, among others. The study of strategy encompasses the following areas: limits of the firm; corporate governance; corporate strategy; economics of strategy; innovation and strategic renewal; strategy formulation, implementation and planning; strategic processes; inter- and intra-organizational relationships (e.g., partnerships, networks, mergers, and acquisitions); business models; competitive and cooperative interactions; industry dynamics; internal resources and capabilities; strategic and managerial leadership; macro performance of the business and the effect of governmental policy on the strategic behavior of businesses. The level of analysis is the organization, but may also include units, groups, teams, or individuals within the organization, organizational ecosystems, product markets, factor markets, geographic units, and industries, as well as combinations of these.
Organizational theory consists of developing and testing theories about organizations, considering the interactions between their members, the relationships between theorganization and the environment, organizational processes, and the evolution or change of organizations over time. The study of organizations has a rich intellectual heritage that is multidisciplinary in nature, drawing mainly from sociology, psychology, anthropology, and political science. Organizational theory is multilevel in nature; that is, it includes attributes, processes, behaviors, and outcomes that occur at the individual, interpersonal, group, and organizational levels, and between these levels. Organizational theory encompasses the following areas: organizational ecology; institutional theory; improvement of quality; implementation of technology; organizational design and restructuring; governance and control; organizational learning; organizational justice; organizational culture; organizational development and change; social exchange and networks; social capital; teams in organizations (characteristics, dynamics, and group development); organizational identity; organizational climate; leadership and decision-making; motivation, learning, and creativity in organizations; corporate citizenship; organizational happiness and well-being; ethical behavior, stress, and absenteeism, among others.
The focus of this area is on the study of the business and its relationship with its environment. It is characterized by the use of economic theory as a conceptual and methodological basis for the analysis and study of problems related to the creation, management, and development of businesses, and the way in which they interact with their environment. Examples of questions and/or problems in this area of research include: the effect of market structures on the production and dissemination of information within a business, or analysis of factors and their effect on the growth and development of a business, and ways in which the business adapts to ensure internal sustainability and the environment it affects. The line of research that comprise this area is:
(iii) Market Organization and Sustainability
The objective of this line of research is to understand how the strategic interaction between the various actors in a market (competitors, consumers, regulators) affect decisions and incentives within a business, and how these decisions impact consumer welfare and/or are affected by various economic policies (e.g., regulatory policies). The emphasis is placed not only on the analysis of situations in which the rules of the game are determined exogenously (analysis of pricing policies, information disclosure decisions), but also on the analysis and design of mechanisms that allow the business to exploit the conditions of the environment to improve its competitive position (design of online pricing algorithms, design of information protocols in competitive environments, product launch strategies, among others). In this line of research, we also study the ways in which businesses adapt to allow the environment they affect to be sustainable (analysis of water scarcity on the decisions and restrictions that enterprises face, effects of climate change on particular sectors and markets, among others).
