David J. Teece

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This paper attempts to explain why innovating firms often fail to obtain significant economic returns from an innovation, while customers, imitators and other industry participants benefit. Business strategy particularly as it relates to the firm’s decision to integrate and collaborate is shown to be an important factor. The paper demonstrates that when(More)
This paper draws on the social and behavioral sciences in an endeavor to specify the nature and microfoundations of the capabilities necessary to sustain superior enterprise performance in an open economy with rapid innovation and globally dispersed sources of invention, innovation, and manufacturing capability. Dynamic capabilities enable business(More)
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How innovators capture value from innovation is an enduring question. Two decades ago an effort was made in “Profiting rom Innovation” to unlock this conundrum. This paper reflects on the framework offered, identifies and reviews the analytical oundations of the theory, and recognizes subsequent contributions and advancements. Linkages are also made to the(More)
This paper challenges the conventional wisdom that the 1960s conglomerates were inefficient. I offer valuation results consistent with recent event-study evidence that markets typically rewarded diversifying acquisitions. Using new data, I compute industry-adjusted valuation, profitability, leverage, and investment ratios for thirty-six large, acquisitive(More)