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Resource-based and property rights perspectives on value creation: the case of oil field unitization

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Author Info
Jongwook Kim (Department of Business Administration, College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, 350 Wohlers Hall 1206 South Sixth Street, Champaign, IL 61820, USA)
Joseph T. Mahoney (Department of Business Administration, College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, 350 Wohlers Hall 1206 South Sixth Street, Champaign, IL 61820, USA)
Abstract

Resource-based theory implicitly assumes that property rights to resources are secure. Extant property rights theory enables us to relax this assumption to take into account processes where there are struggles in establishing property rights that enhance the realized economic value of resources. A case study of oil field unitization (where a single firm is designated as unit operator to develop the oil reservoir as a whole) is analyzed to illustrate the following points: a full resource-based analysis of value creation must incorporate the role of property rights to internalize externalities and to solve prisoners' dilemma problems of common-pool resources. Copyright © 2002 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1063
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 23 (2002)
Issue (Month): 4-5 ()
Pages: 225-245
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:wly:mgtdec:v:23:y:2002:i:4-5:p:225-245

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  1. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  2. Mahoney, Joseph & Asher, Cheryl Carleton & Mahoney, James, 2004. "Towards a Property Rights Foundation for a Stakeholder Theory of the Firm," Working Papers 04-0116, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  3. Michel Renault & Yvan Renou, 2007. "Processus d'individuation, éthique et pragmatisme. A la recherche de fondements théoriques pour appréhender la firme partenariale," Post-Print halshs-00202148_v1, HAL. [Downloadable!]
  4. Dudian Monica & Trasca Daniela & Mitrache Andreea & Georgescu Adriana & Georgescu Adriana, 2008. "The Boundaries Of The Firm. The Case Of Oil Industry In Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 2(1), pages 112-117, May. [Downloadable!]
  5. Agarwal, Rajshree & Croson, Rachel & Mahoney, Joseph T., 2007. "Decision Making in Strategic Alliances: An Experimental Investigation," Working Papers 07-0108, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  6. Kim, Jongwook & Mahoney, Joseph T., 2005. "Appropriating Economic Rents from Resources: An Integrative Property Rights and Resource-Based Approach," Working Papers 05-0123, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  7. Kim, Jongwook & Mahoney, Joseph T., 2006. "How Property Rights Economics Furthers the Resource-Based View: Resources, Transaction Costs and Entrepreneurial Discovery," Working Papers 06-0100, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  8. Kim, Sung Min & Mahoney, Joseph T., 2002. "Mutual Commitment to Support Exchange: Specific IT System as a Substitute for Managerial Hierarchy," Working Papers 02-0115, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
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This page was last updated on 2009-11-29.

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