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Toward a contingent resource‐based theory: the impact of information asymmetry on the value of capabilities in veterinary medicine

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  • Thomas H. Brush
  • Kendall W. Artz

Abstract

The paper investigates the contingencies which define valuable resources in professional medical services. We identify activities with credence, experience, and search qualities in medical service industries in general, and in veterinary practices more specifically. We propose that different capabilities are needed to deliver different services and test whether the contingent combination of capabilities for particular services is linked to the performance of veterinary practices. For example, we expect that practice capabilities which help to retain clients are necessary for the successful delivery of services with experience qualities. We find evidence of performance benefits of client retention in a sample of 193 veterinary practices. We also find that in markets where competition from a new form of entrant is especially intense, an independent veterinarian’s credence activities combine with its experience and search activities to jointly improve practice profitability. Since the new entrants’ resources are mainly effective in the delivery of services with search qualities, the practice capabilities of the independent veterinarians that allow them to offer services with credence and experience qualities can be seen as a type of isolating mechanism. Copyright © 1999 John Wiley & Sons, Ltd.

Suggested Citation

  • Thomas H. Brush & Kendall W. Artz, 1999. "Toward a contingent resource‐based theory: the impact of information asymmetry on the value of capabilities in veterinary medicine," Strategic Management Journal, Wiley Blackwell, vol. 20(3), pages 223-250, March.
    • Handle: RePEc:bla:stratm:v:20:y:1999:i:3:p:223-250
    DOI: 10.1002/(SICI)1097-0266(199903)20:33.0.CO;2-M
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    2. Jose G. Vargas-Hernandez, M.B.A., 2014. "Research Methodology Strategies In Strategic Management," Interdisciplinary Management Research, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 10, pages 106-147.
    3. David G. Sirmon & Michael A. Hitt, 2003. "Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms," Entrepreneurship Theory and Practice, , vol. 27(4), pages 339-358, October.
    4. Shou, Zhigang & Chen, Jun & Zhu, Wenting & Yang, Lihua, 2014. "Firm capability and performance in China: The moderating role of guanxi and institutional forces in domestic and foreign contexts," Journal of Business Research, Elsevier, vol. 67(2), pages 77-82.
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    7. Bowen, Frances E. & Rostami, Mahdi & Steel, Piers, 2010. "Timing is everything: A meta-analysis of the relationships between organizational performance and innovation," Journal of Business Research, Elsevier, vol. 63(11), pages 1179-1185, November.
    8. Camisón-Haba, Sergio & González-Cruz, Tomás, 2020. "Information assets: A typology of disclosed and non-disclosed information," Technological Forecasting and Social Change, Elsevier, vol. 160(C).
    9. Wong, Christina W.Y. & Lai, Kee-hung & Cheng, T.C.E. & Lun, Y.H. Venus, 2015. "The role of IT-enabled collaborative decision making in inter-organizational information integration to improve customer service performance," International Journal of Production Economics, Elsevier, vol. 159(C), pages 56-65.
    10. Centobelli, Piera & Cerchione, Roberto & Maglietta, Amedeo & Oropallo, Eugenio, 2023. "Sailing through a digital and resilient shipbuilding supply chain: An empirical investigation," Journal of Business Research, Elsevier, vol. 158(C).
    11. Feng, Cong & Fay, Scott, 2020. "Store Closings and Retailer Profitability: A Contingency Perspective," Journal of Retailing, Elsevier, vol. 96(3), pages 411-433.
    12. Ahmed, Waqar & Najmi, Arsalan & Ikram, Minhaj, 2020. "Steering firm performance through innovative capabilities: A contingency approach to innovation management," Technology in Society, Elsevier, vol. 63(C).
    13. Martin-Tapia, Inmaculada & Aragon-Correa, Juan Alberto & Senise-Barrio, Maria Eugenia, 2008. "Being green and export intensity of SMEs: The moderating influence of perceived uncertainty," Ecological Economics, Elsevier, vol. 68(1-2), pages 56-67, December.
    14. Kim, Kyoung Yong & Patel, Pankaj C., 2017. "Employee ownership and firm performance: A variance decomposition analysis of European firms," Journal of Business Research, Elsevier, vol. 70(C), pages 248-254.
    15. Yang, Xiyan & Lin, Xiaohua, 2022. "Overcoming informal barriers to trade: Immigrant educational attainment vs. network competence," International Business Review, Elsevier, vol. 31(1).
    16. Wang, Heli & Chen, Wei-Ru, 2010. "Is firm-specific innovation associated with greater value appropriation? The roles of environmental dynamism and technological diversity," Research Policy, Elsevier, vol. 39(1), pages 141-154, February.
    17. Cruz-Ros, Sonia & Gonzalez-Cruz, Tomas F., 2015. "Service firm capabilities and performance: Contingent analysis of customer contact," Journal of Business Research, Elsevier, vol. 68(7), pages 1612-1621.
    18. Murmann, J. Peter, 2002. "The coevolution of industries and national institutions: Theory and evidence," Discussion Papers, various Research Units FS IV 02-14, WZB Berlin Social Science Center.

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