Commercial Capabilities and Entrepreneurial Value Capturing in Dynamic Maritime Markets: The Case of North Sea Oil Service Companies

Stefan Kirkegaard Sløk-Madsen

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    Abstract

    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.
    Original languageEnglish
    Publication date2017
    Number of pages25
    Publication statusPublished - 2017
    EventThe Annual Conference of the International Association of Maritime Economists, IAME 2017 - Kyoto, Japan
    Duration: 29 Jun 201730 Jun 2017
    Conference number: 25
    http://web.apollon.nta.co.jp/iame2017/index.html

    Conference

    ConferenceThe Annual Conference of the International Association of Maritime Economists, IAME 2017
    Number25
    CountryJapan
    CityKyoto
    Period29/06/201730/06/2017
    Internet address

    Keywords

    • Entrepreneurship
    • Offshore production
    • Oil
    • Austrian economics
    • Capital structure
    • Uncertainty

    Cite this

    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.