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Despite much progress, scholarship on organizations and strategic management remains unduly reliant on economic models such as the industrial organization (IO) market structure-based analysis. The focus of such models is on price-output determination by firms and the economy-wide efficient allocation of scarce resources, under conditions of full knowledge and certainty. This limits their usefulness for students of organizations who have wider concerns and also focus on organizations, as opposed to just markets. In this article, we aim to provide a framework for analysing the most fundamental, even existential, issue of organization studies and strategic management scholarship. This is whether and how the pursuit of value capture from economic agents who perceive that they possess appropriable value creating advantages, capabilities and action potential, can motivate the emergence of organizations and their strategies and actions intended to capture socially co-created value in conditions of real life. To do so, we explore (the co-evolution of) value capture and creation and their relationship to organizational sustainable advantage (SA). We delve into the nature, determinants and relationship between organizational value capture and creation and explore causal pathways, trade-offs and co-evolution, as well as vehicles through which SA can be effected in an evolving and uncertain environment. We also discuss implications for managerial practice, limitations and future research opportunities.

Cyert and March's (1963) seminal behavioral theory is one of the two major economics-based theories of the firm that goes inside the "black box" (the firm)—the other being the contribution of Edith Penrose. The two theories have differences, but also similarities, and substantial scope for cross-fertilization that has gone unnoticed in the literature. In this paper, we try to integrate important ideas from both books, paying particular attention to the issue of "excess resources," slack, and (intrafirm) conflict. We then build on the integrated framework by delving into the nature of intrafirm conflict and its relationship to the degree of intrafirm rivalry, as they may impact the possible use of slack by firms. We derive propositions common to the two theories and new ones of importance to our understanding of organizational growth and change.

We discuss the nature and role of (corporate) governance and (shareholder) value and their implications for (sustainable) economic performance. We critique and build on extant theory to develop a model of the determinants of value‐wealth creation at the firm, national and global levels and explore current economic debates on governance and sustainable economic performance in its context. We conclude that (the need for) stakeholder value is derivative from (not opposed to) the concept of sustainable value, that national governance and the nationwide "governance‐mix" impact on corporate governance and that national and global economic governance are essential for sustainable global value‐wealth creation, and economic performance.