This paper develops and tests a theory of entrepreneurial value capturing in maritime markets. The framework is argued to be applicable in all maritime fields and other fields with similar attributes but is specifically tested on Oil Service companies operating in the North Sea region. This specific empirical application, however, mirrors general maritime concerns of derived demand and high capital intensity and knowledge specificity. The paper introduces the construct of Commercial Capabilities and models the relevance of such a subset of firm capabilities from an entrepreneurial dynamic market process view; building on Kirznerian alertness, Hayekian capital heterogeneity, and Knightian uncertainty. The theory helps explain value capturing from a firm perspective but also subsequent new firm creation or value loss. The model is tested and relevant managerial implications, as well as reflections on further research, presented. The paper is written so as to be relevant for maritime economists, in moving an emergent maritime entrepreneurship agenda forward, but also mainstream entrepreneurship research, and applied Austrian economics, in attempting to test theory in an industry setting only sparingly engaged by non-maritime researchers.
|Number of pages||25|
|Publication status||Published - 2017|
|Event||The Annual Conference of the International Association of Maritime Economists, IAME 2017 - Kyoto, Japan|
Duration: 29 Jun 2017 → 30 Jun 2017
Conference number: 25
|Conference||The Annual Conference of the International Association of Maritime Economists, IAME 2017|
|Period||29/06/2017 → 30/06/2017|
- Offshore production
- Austrian economics
- Capital structure
Sløk-Madsen, S. K. (2017). Commercial Capabilities and Entrepreneurial Value Capturing in Dynamic Maritime Markets: The Case of North Sea Oil Service Companies. Paper presented at The Annual Conference of the International Association of Maritime Economists, IAME 2017, Kyoto, Japan.