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The resource-based perspective: An assessment and diagnosis of problems

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  • Foss, Nicolai J.

Abstract

The resource-based approach to strategy has gradually become the dominant perspective in strategy (content) research, arguably because it combines realism with relative rigour. The present paper reviews the main themes of the contemporary version of the resource-based perspective (Wernerfelt, Rumelt, Barney....), and diagnoses a number of problems that beset the approach. The most profound problem probably concerns the lack of theorizing with respect to the creation of new resources, which tends to give the perspective a retrospective character and makes its application to managerial practice difficult. It is suggested that resource-based scholars could draw upon work relating to real options, innovation research, complementarities and organizational learning if they wish to remedy this deficiency and to promote their perspective.

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Article provided by Elsevier in its journal Scandinavian Journal of Management.

Volume (Year): 14 (1998)
Issue (Month): 3 (March)
Pages: 133-149

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Handle: RePEc:eee:scaman:v:14:y:1998:i:3:p:133-149

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  1. Mahoney, Joseph T., 1995. "The management of resources and the resource of management," Journal of Business Research, Elsevier, vol. 33(2), pages 91-101, June.
  2. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
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  7. Cynthia A. Montgomery, 1994. "Corporate Diversificaton," Journal of Economic Perspectives, American Economic Association, vol. 8(3), pages 163-178, Summer.
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Cited by:
  1. Antonelli, Cristiano, 2003. "The Governance of Technological Knowledge: Strategies, Processes and Public Policies," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200306, University of Turin.
  2. Antonelli, Cristiano, 2003. "The Economics of Governance: the Role of Localized Knowledge in the Interdependence Among Transaction, Coordination and Production," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200303, University of Turin.
  3. Dieter Ernst, 1999. "Responses to the Crisis Constraints to a Rapid Trade Adjustment in East Asia�s Electronics Industry," DRUID Working Papers 99-2, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  4. Antonelli, Cristiano, 2007. "Localized Appropriability: Pecuniary Externalities in Knowledge Exploitation," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200710, University of Turin.
  5. Filipe J. Sousa & Luis M. de Castro, 2004. "The strategic relevance of business relationships: a preliminary assessment," FEP Working Papers 163, Universidade do Porto, Faculdade de Economia do Porto.
  6. Benjamin Coriat, 2004. "The State of Organizational Reform in European Firms: Evidence from a Comparative Overview of Ten EU Countries," LEM Papers Series 2004/04, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  7. Riccardo Leoncini & Sandro Montresor & Giovanna Vertova, 2003. "Dynamic capabilities: evolving organisations in evolving (technological) systems," Working Papers 0304, University of Bergamo, Department of Economics.
  8. Kapás, Judit, 1999. "Szükséges-e többdimenziós vállalatelmélet?. Az evolúciós vállalatelmélet kritikai összefoglalása
    [Is a multi-dimensional theory of the firm necessary?. A critical summary of the evoluti
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 823-841.
  9. Martin, Ludivine & Penard, Thierry, 2005. "Investing in a Website: A Top Dog or a Resource-Based Strategy for Firms?," MPRA Paper 2503, University Library of Munich, Germany.
  10. Stephen Dunn, 2000. "Fundamental Uncertainty and the Firm in the Long Run," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 419-433.
  11. Keld Laursen, 1998. "Do Export and Technological Specialisation Patterns Co-evolve in Terms of Convergence or Divergence? Evidence From 19 OECD Countries, 1971-1991," DRUID Working Papers 98-18, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  12. Kirsten Foss & Nicolai J. Foss, 1999. "Organizing Economic Experiments The Role of Firms," DRUID Working Papers 99-5, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  13. Paolo Pini & Grazia Santangelo, 2005. "Innovation types and labour organisational practices: A comparison of foreign and domestic firms in the Reggio Emilia industrial districts," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(4), pages 251-276.
  14. Voigt, Tim & Kuhl, Rainer, 2007. "Dynamic Capabilities in the Food Industry? - On the Applicability of the Evolutionary Orientated Resource Based View of Firm," 2007 1st Forum, February 15-17, 2007, Innsbruck, Austria 6614, International European Forum on Innovation and System Dynamics in Food Networks.
  15. Joaquín Azagra-Caro & Rafael Pardo & Ruth Rama, 2014. "Not searching, but finding: how innovation shapes perceptions about universities and public research organisations," The Journal of Technology Transfer, Springer, vol. 39(3), pages 454-471, June.
  16. Ernesto Tavoletti & Corrado Cerruti, 2012. "Business Incubation: The Case of the European Space Agency," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 29.
  17. Bengt-Åke Lundvall & Frank Skov Kristensen, 1997. "Organisational Change, Innovation and Human Resource Development as a Response to Increased Competition," DRUID Working Papers 97-16, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  18. Jukka Kaisla, 1998. "The Market Process and the Emergence of the Firm Some Indications of Entrepreneurship Under Genuine uncertainty," DRUID Working Papers 98-17, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

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