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The Resource-Based Perspective An Assessment and Diagnosis of Problems

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Author Info
Nicolai J. Foss

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Abstract

The resource-based approach to strategy, which reaches back to the contributions of Penrose, Selznick and Chandler, has gradually become the dominant perspective in strategy (content) research, arguably because it combines realism with relative rigour. The present paper presents the main themes of the contemporary version of the resource-based perspective (Wernerfelt, Rumelt, Barney....) and diagnoses a number of problems, such as the lack of a clear terminology, unclarity as to what really is the unit of analysis, the role of the environment, and the seemingly different versions that exist of the perspective. The perhaps deepest problem, however, is 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. It is suggested that resource-based scholars may draw upon work relating to real options, complementarities and organizational learning if they wish to remedy this deficiency.

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Publisher Info
Paper provided by DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies in its series DRUID Working Papers with number 97-1.

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Date of creation: 1997
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Handle: RePEc:aal:abbswp:97-1

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Web page: http://www.druid.dk/

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Related research
Keywords: Organizational learning strategy;

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

References listed on IDEAS
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  1. Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-28, June. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!]
  2. 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. [Downloadable!]
  3. 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. [Downloadable!]
  4. 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. [Downloadable!]
  5. 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. [Downloadable!]
  6. 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. [Downloadable!]
  7. 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. [Downloadable!]
  8. Antonelli Cristiano, 2003. "The governance of technological knowledge: strategies, processes and public policies," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200306, University of Turin. [Downloadable!]
  9. Antonelli Cristiano, 2007. "Localized appropriability : pecuniary externalities in knowledge exploitation," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200710, University of Turin. [Downloadable!]
  10. 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 and Francis Journals, vol. 14(4), pages 251-276, June. [Downloadable!] (restricted)
  11. 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. [Downloadable!]
  12. Stephen P. Dunn, 2000. "Fundamental Uncertainty and the Firm in the Long Run," Review of Political Economy, Taylor and Francis Journals, vol. 12(4), pages 419-433, October. [Downloadable!] (restricted)
  13. 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. [Downloadable!]
  14. Antonelli Cristiano, 2003. "The economics of governance: the role of localized knowledge in the interdependence among transaction, coordination and production," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200303, University of Turin. [Downloadable!]
  15. Riccardo Leoncini & Sandro Montresor & Giovanna Vertova, 2003. "Dynamic capabilities: evolving organisations in evolving (technological) systems," Working Papers 0304, University of Bergamo, Department of Economics. [Downloadable!]
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