Resource-based and evolutionary theories of the firm

towards a synthesis

Publisher: Kluwer Academic Publishers in Boston

Written in English
Cover of: Resource-based and evolutionary theories of the firm |
Published: Pages: 273 Downloads: 180
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Subjects:

  • Industrial organization (Economic theory) -- Congresses,
  • Strategic planning -- Congresses

Edition Notes

Statementedited by Cynthia A. Montgomery.
ContributionsMontgomery, Cynthia A., 1952-
Classifications
LC ClassificationsHD2326 .R47 1995
The Physical Object
Paginationvi, 273 p. :
Number of Pages273
ID Numbers
Open LibraryOL1272240M
ISBN 10079239562X
LC Control Number95003537

The main objective of this paper is to review the evolution of management theory, overview of strategic management theory and its linkage with the resource-based view (RBV) of the firm’s competitive advantage. A review of the relevant literature was conducted and a connection between management theory, strategic management theory and competitive advantage from the RBV of the firm was . The Resource‐based View: Theory. In this section we examine the theoretical development of the RBV. The central tenets of the RBV are path dependence and firm heterogeneity (Lockett ; Lockett and Thompson ). To unlock the potential for corporations to play a more proactive role in sustainable development, it is critical to have a fundamental understanding of the pathways leading to a responsible and sustainable business. This study explores contributions of theories of the firm in explicating why and how integrating corporate social responsibility (CSR) and corporate sustainability (CS) into.   Firms can loose bargaining power vis-à-vis suppliers because the capabilities of suppliers increase relative to those of the firm Theory Lit + Lit - Opportunistic Behaviour 13 Opportunistic behaviour allows suppliers to extract greater rents from a relationship than they would normally do i.e. Gaming the Contract Theory Lit + Lit -.

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Resource-Based and Evolutionary Theories of the Firm: Resource-based and evolutionary theories of the firm book a Synthesis explores the intersection of evolutionary theories of the firm with an emergent body of. Montgomery, C. A., ed. Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis.

Norwell, MA: Kluwer Academic Publishers, Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis explores the intersection of evolutionary theories of the firm with an emergent body of research in the field of strategic management that has been broadly referred to as the `resource-based view of the firm'.

This paper draws on the evolutionary theory of the firm in economics and the resource-based view of the firm in strategic management in order to elucidate the concepts of firm and market. Its Author: Richard Langlois.

The resource-based view (RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage. Barney's article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view.

However, some scholars argue that there was evidence for a fragmentary. Describes the resource‐based theory of the firm, its major assumptions, and its implications for strategic actions.

Also discusses other areas of research where the RBT have been applied. The resource-based view can be positioned relative to at least three theoretical traditions: SCP-based theories of industry determinants of firm performance, neo-classical microeconomics, and evolutionary economics. In the article, only the first of these ways of positioning the resourcebased view is explored.

Summary The opening chapter has introduced the field of talent management, its evolution, and the core practices it involves. In this chapter we take the resource-based view (RBV) of the firm and use it as a lens to explore and critique talent-management practices.

The Resource-Based View of the Firm has emerged over the last fifteen years as one of the dominant perspectives used in strategic management. It addresses the fundamental research question of strategic management: Why it is that some firms persistently outperform others.

Resource-Based Theory provides a considered overview of this theory, including the latest developments, from. The resource-based view is a theory that explains variance in firm performance as a function of differences in the resources and capabilities of competing firms.

The Theoretical History of the RBV The resource-based view (RBV), like any theory, draws on prior theoretical work in developing its predictions and prescriptions. A historical comparison of resource-based theory and five schools of thought within industrial organization economics: Do we have a new theory of the firm.

Journal of Management. – Google Scholar; Conner K. R., Prahalad C. A resource-based theory of the firm: Knowledge versus opportunism. Organizational Science, 7: – Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis explores the intersection of evolutionary theories of the firm with an emergent body of research in the field of strategic management that has been broadly referred to as the 'resource-based view of the firm'.

The volume approaches strategic questions from several vantage points, thereby fostering a useful cross Price: $ Making sense of the Resource-Based View.

Page 5 RBV and behavioral theory have been formulated (Amit et al., ; Johnson & Hoopes, ), and between RBV and evolutionary economics (Nelson, ; Winter, ) much work remains to be done. In this paper, I argue that efforts to develop RBV into a more robust theory can be helped.

The 'Resource-Based View of the Firm' has emerged over the last fifteen years as one of the dominant perspectives used in strategic management. It addresses the fundamental research question of strategic management: Why it is that some firms persistently outperform others?Resource-Based Theory provides a considered overview of this theory, including the latest developments, from one of the key /5(2).

The strategic HRM debate and the resource-based view of the firm. Human Resource Management Journal. 6(3): 59– Google Scholar; Brush T. H., Artz K. Toward a contingent resource-based theory: The impact of information asymmetry on the value of capabilities in veterinary medicine.

Strategic Management Journal, – Google. However, the competence perspective, has been a portemanteau label for a number of distinct insights and perspectives ranging from strategic management “resource-based” to “knowledge-based” theories of the firm (Foss, ).

In this review, we are especially interested in the contribution of evolutionary. Rugman and Verbeke (, ) propose that Penrose's () The Theory of the Growth of the Firm does not make direct contributions to modern resource‐based thinking.

We submit that these arguments underestimate the relevance of Penrose () in strategic management research. Cynthia A. Montgomery is an American economist and academic, teaching strategy the Timken Professor of Business Administration at Harvard Business School.

Prior to Harvard, Montgomery was on the faculty of the University of Michigan Ross School of Business and at Northwestern’s Kellogg School of Management. Books. Montgomery, Cynthia A.

The Strategist: Be the Leader Your Business Needs. However, one important advantage that resource-based theory offers over the alternatives is that only resource-based theory does a good job of explaining firm performance across a wide variety of contexts.

Thus resource-based theory offers the point of view of business that has the strongest value for most executives. The resource-based view of the firm has not been systematically applied to strategic alliances.

By examining the role of firm resources in strategic alliances, we attempt, in this paper, to put forward a general resource-based theory of strategic alliances, synthesizing the various findings in the literature on alliances from a resource-based view.

The resource-based view is not without its critics, however, particularly in relation to its strong focus on the internal context of the business.

Some writers have suggested that the effectiveness of the resource-based view approach is inextricably linked to the external context of the firm. An Evolutionary Theory of Economic Change (Belknap Press): of strategic management with references to Alfred Chandler's work and also to what has come to be known as the 'resource-based view of the firm', which first saw the light of day in with Edith Penrose's classic book, 'The Theory of the Growth of the Firm'.

Nelson Reviews: 8. The latter allows us to determine whether resource-based theory has independent force, as compared to the opportunism-based, transaction-cost approach.

The paper predicts choice of organizational mode, identifying whether firm organization or market contracting will result in the more valuable knowledge being applied to business activity. This book describes four theories about the firm that have emerged since Adam Smith’s An Inquiry Into the Nature and Causes of the Wealth of Nations.

These theories are: The Neoclassical Theory, The Transactions Cost Theory, The Principal–Agent Theory and The Evolutionary Theory. According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business.

They provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays. _____ refer to formulas, practices, and designs that are central to a firm's. This study extends the discussion of digital servitization business models by adopting the perspective of the theory of the firm.

We use four theories of the firm (industrial organization, the resource-based view, organizational identity, and the transaction cost approach) to understand digital servitization business models of firms in the context of ecosystems.

firm. In the beginning, the concept of strategic HRM had presented a rather fuzzy picture. Since the late s however, the concept began to appear as a fast emerging need of the corporations.

THEORIES OF STRATEGIC HRM THE RESOURCE - BASED THEORY OF THE FIRM According to Lodo and Wilson (), the. Based on these theories, two broad perspectives are followed: industry/organization perspective (called I/O model) and resource-based perspective (called RBV model).

The concept of competence has gained currency in the recent past in strategic management literature. This paper examines the relationship between resource-based theory and entrepreneurship and develops insights that advance the boundaries of resource-based theory and begin to address important questions in entrepreneurship.

We extend the boundaries of resource-based theory to include the cognitive ability of individual entrepreneurs. ‘evolution’” of the firm. This means that, as the preface indicates, the T heories of the Firm expands and articulates the essential development of the firm from its neoclassical roots through the transaction costs doctrine, agency theory, and evolutionary theories of the firm.

The present paper investigates the determinant factors in the organisation of a firm’s innovative activities. Set within a theoretical framework combining evolutionary theory and the resource-based view of the firm, the study includes an original proposal to characterise the innovative process and determines the extent to which a firm’s internal resources and factors explain the innovative.Ideally, a firm will have a culture, like Southwesta firm will own resources like Southwest’s culture#;s, that embraces the four qualities shown in Figure "Resource-Based Theory: The Basics".

that have all four of these so, these resources can provide not only a competitive advantage but also a sustained competitive advantage A competitive advantage that will endure over.Ideally, a firm will have a culture, like Southwesta firm will own resources like Southwest’s culture#;s, that embraces the four qualities shown in Table “Resource-Based Theory: The Basics”.

that have all four of these so, these resources can provide not only a competitive advantage but also a sustained competitive advantage —one that will endure over time and help.