Asset Stock Accumulation and Sustainability of Competitive Advantage
AbstractGiven incomplete factor markets, appropriate time paths of flow variables must be chosen to build required stocks of assets. That is, critical resources are accumulated rather than acquired in "strategic factor markets" (Barney [Barney, J. 1986. Strategic factor markets: Expectations, luck, and business strategy. Management Sci. (October) 1231--1241.]). Sustainability of a firm's asset position hinges on how easily assets can be substituted or imitated. Imitability is linked to the characteristics of the asset accumulation process: time compression diseconomies, asset mass efficiencies, inter-connectedness, asset erosion and causal ambiguity.
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Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 35 (1989)
Issue (Month): 12 (December)
competitive advantage; resource accumulation; imitation;
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