Client-based/sponsored projects are one of the best ways to provide students with a valuable learning experience (Bove & Davies, 2009; Parsons & Lepkowska-White, 2009). Experiential learning is "learning by experience." As Evans and Lang (2006) suggested, experiential learning is an action strategy where the student is directly in touch with real things and people or is involved in activities that simulate real activities or people. Students will come into contact with exactly what they are learning. A client-based/-sponsored project increases students' motivation (Lopez & Lee, 2005) and challenges students better than the best-written case study (Parsons & Lepkowska-White, 2009). Projects with a real-world client are more realistic, relevant, and dynamic than the traditional case study (Bove & Davies, 2009). Some experiential-learning activities involve students working for a real organization in a consulting capacity. Projects where student-consulting teams work with a real organization have been labeled as client-based, client-sponsored, or client-financed projects. Although many authors in the literature have not specified whether the client provided financial support for the project, some authors, such as Peltier, Schibrowsky, and Kleimenhagen (1995), Razzouk, Seitz, and Rizkallah (2003), and Bove and Davies (2009), specifically note that the client was required to cover students' expenses while completing the project. Peltier et al. (1995) describe how marketing faculty and the student marketing club co-developed a research agency. They require the client to cover any expenses incurred by the agency. Razzouk et al. (2003) also report that the client pays 457781J MDXXX10.

Developing the right sourcing strategy in managing the firm’s supplies is critical for today’s managers. They realize the long‐term impact of their sourcing strategies (make or buy, supply‐base structure, and nature of customer‐supplier relationship) on the profits and the efficient functioning of the organization. The study examines and evaluates changes in these strategic choices. The study revealed the following: small and lower labor productivity firms rate their internal suppliers better than external suppliers; obtaining supplies nationwide from a limited number of suppliers is the prevalent supply‐base structure; and customer‐supplier relationship is deepening.

A good understanding of the nature of the firm is essential in developing corporate strategies, building corporate competitiveness, and establishing sound economic policy. Several theories have emerged on the nature of the firm: the neo-classical theory of the firm, the principal agency theory, the transaction cost theory, the property rights theory, the resource-based theory and the evolutionary theory. Each of these theories identify some elements that describe the nature of the firm, but no single theory is comprehensive enough to include all elements of the nature of the firm. Economists began to seek a theory capable of describing the nature of the firm within a single, all-encompassing, coherent framework. We propose a unified theory of the firm, which encompasses all elements of the firm. We then evaluate performances of Korean firms from the unified theory of the firm perspective. Empirical evidences are promising in support of the integrative theory of the firm.Unified theory, Korean firms, firm performance, corporate strategy, return on assets, integration,