RBV(资源基础理论)的经典文献及摘要

Theory in RBV♦◆☐a) Penrose, 1959. "Theory of the Growth of the Firm".●Theme:1) The internal resources of a firm - the productive services available to a firm from its own resources, particularly the productive services available from management with experience within the firm.2) As management tries to make the best use of the resources available, a truly 'dynamic' interacting process occurs which encourages continuous growth but limits the rate of growth.●RQ: Assuming that some firms can grow, what principles will govern their growth, and how fast and how long can they grow? Alternatively, assuming that there are opportunities for expansion in an economy, what determines the kind of firm that will take advantage of them and to what extent?●What is a "firm":a) Economics: Price (p) and Output (q) --> Optimal size problem.(Size=output)b) The Firm as an administrative organization (central management)c) The Firm as a collection of productive resources.-- Resources: physical resources and human resources.-- Services yielded by resources-- The size of a firm should be measured with respect to the present value of the total of its resources used for its own productive purposes.●The motivation of the firm:a) The profit motive: The financial and investment decisions of firms are controlled by a desire to increase total long-run profits.b) Growth and profits become equivalent as the criteria for the selection of investment programs.●Inherited Resources and the Direction of Expansion1) Firm Growth: External and Internal inducement / obstacles- Internal obstacles arise when services (in particular the managerial capacity and the technical skills) required for expansion are not available in sufficient amounts within the firm.- Internal inducements arise largely from the existence of a pool of unused productive services, resources, and special knowledge.2) The continuing availability of unused services:强调人与资产的循环互动,相互推动,相互开发.a) So long as any resources are not used fully in current operations, there is an incentive for a firm to find a way of using them more fully.b) No "equilibrium position"Indivisibility of resources: There's always unused servicesIn the process of utilizing unused services, new types of resources will always be added to the firm's collection of resources.c)'Idle' services and 'specialized' services: Specialization leads to higher common multiplies, higher common multiplies leads to greater specialization. -- Specialization --> Diversification --> Specialization......d) New services will also become available from existing resources.Interaction between personnel and material resources: Not only can the personnel of a firm render heterogeneous varieties of services, but also the material resources can be used in different ways, if the people who work with them get different ideas.e) The creation of new productive services. The services that resources will yield depend on the capacities of the men using them, but the development of the capacities of men is partly shaped by the resources men deal with.3) Demand and ResourcesDemand is a necessary condition of entrepreneurial interest in any product, but the original incentive to a great deal of innovation can be found in a firm's desire to use its existing resources more efficiently.4) The Direction of ExpansionNew combinations previously acquired or inherited resources and other resources which must be obtained from the market.♦◆☐b) Wernerfelt, 1984. "A Resource-Based View of the firm".●Theme: to look at firms in terms of resources rather than products; & Sequential entry.●Resource: anything which could be thought of as a strength or weakness of a given firm. Definition: Tangible or intangible assets which are tied semi-permanently to the firm.●1. Resource and profitability1) General effect: monopolistic bargaining power, substitution2) First Mover Advantage - Resource position barriers (VS. entry barrier- entry barrier是针对incumbent和potential entrants,未考虑diversifier.)3) Attractive resources (difficult for others to catch up)4) Mergers and Acquisitions: to trade otherwise non-marketable resources and to buy or sell resources in bundles.●2. Dynamic resource management1) The resource-product matrix2) Sequential entry - to develop the resource in one market and then to enter other markets from a position of strength.3) Exploit and develop - a balance between exploitation of existing resources and development of new ones.4) Stepping stones - diversification step must be evaluated in terms of short-term balance effect and long-term function as stepping stones to further expansion.c) Barney, 1986. "Strategic factor markets: expectations, luck and business strategy".●Theme: Above normal economic returns comes from more accurate expectations (originated from unique skills and capabilities) or luck from the strategic factor market.●1. Strategic factor markets: where firms buy and sell the resources necessary to implement their strategies.●2. Expectation and luck in strategic factor market●3. To obtain above normal returns: a) must be consistently better informed concerning the future value of those strategies; b) there are some ways to be better informed1) by analysis of competitive environment: less likely to systematically generate the expectation advantages because the methodologies for collecting this information and the conceptual models for analyzing it are in the public domain.2) by analysis of unique skill and capabilities: to analyze information about the assets a firm already controls but are not available to other firms (special manufacturing know-how, business experience, TMT...).♦◆☐d) Barney, 1991, "Firm Resources and Sustained Competitive Advantage".●Assumptions: Firms may be heterogeneous and resources may not be perfectly mobile.●Key concepts:-Firm Resource: include all assets, capabilities, organizational processes, firm attributes, information, knowledge, etc. (or, strengths) controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness. (physical capital resources, human capital resources and organizational capital resources)-Sustained Competitive Advantage: 1) compared with current and potential competitors; 2) notduplicable by others; 3) not necessarily survive in Schumpeterian Shocks.●4 attributes of resources to have potential SCA:-Valuable-Rare-Imperfectly imitable: path dependent, causally ambiguity and socially complexity.-Non substitutable: substituted by similar resources or different strategic resources.♦◆☐ePriem and Butler, 2001. "Is the Resource-Based 'View' a useful perspective for strategic management research?"●1. RBV as a Theory? - lawlike generalizationa) Generalized conditionsb) Empirical context (tautology)c) Nomic necessity●2. An elemental fallacy of RBVThe 'value' attribute and environmental side●3. For strategy researcha) Operational validity and implement abilityb) RBV boundaries ( context)c) All-inclusive Resourcesd) The process from resource to SCAe) Static RBV - limitations (hard to evaluate resource, process black box, difficult to practice,...) ●4. Discussion:Formalizing RBV towards a theoryAnswering the How questionIncorporating the temporal component - path dependentIntegrating demand heterogeneity model♦◆☐f) Barney, 2001. 'Is RBV a useful perspective for strategic management research? Yes.' Admitting market-side consideration♦◆☐g) Amit and Schoemaker, 1993. "Strategic Assets and Organizational Rent".●RQ: How to identify, develop and deploy firm-specific Strategic Assets?●Main Contributions: Strategic assets and Strategic Industry Factors●Firm level - Strategic assets: the set off difficult to trade and imitate, scarce, appropriable and specialized Resources and Capabilities.●Market level - Strategic Industry Factors: Certain resources and capabilities that have become the prime determinants of economic rents. (ex post)●Problem: how to identify, ex ante, a set of Strategic Assets.●Multidimensional view:1) Industry Analysis: the focus is on rent distribution2) RBV: the focus is internal evolutionary path; trade-off between specialization and robustness3) Behavioral view: uncertainty, complexity, conflict. --> suboptimal♦◆☐f) Dierickx and Cool, 1989. "Asset stock accumulation and Sustainability of competitive advantage". (early dynamic RBV article)●Main points:-Critical resources that are imperfectly imitable are accumulated rather than acquired in strategic factor market (Barney, 1986). Asset accumulation process: time compression diseconomies, asset mass efficiencies, inter-connectedness, asset erosion and causal ambiguity.-Accumulation of asset stocks: the strategic asset stocks are accumulated by choosing appropriate time paths of flows over a period of time.-Strategic asset stocks: non-tradable, nonimitable and nonsubstitutableEmpirical in RBVA. Topic: Managerial Ability and firm performance♦◆☐Holcomb et. al, 2009. "Making the most of what you have: managerial ability as a source of resource value creation".●This article goes back to Penrose (1959)'s seminal work, investigating the effect of managerial ability on resource productivity, interacting with resource quality. There are 3 main contributions:1. Managerial ability is a potential source of value creation.2. Managerial ability interactive with resource quality influences value creation.3. The process of managerial ability to optimize firm performance -- synchronization of combinations of resource bundles.●Data source: football team.B. Topic: Non-scale free capabilities and diversification♦◆☐Levinthal and Wu, 2010. "Opportunitycosts and non-scale free capabilities: profit maximization, corporate scope, and profit margins".●This study provides an alternative explanation for diversification discount, which relies on an opportunity costs logic to distinguish between non-scale free and scale free capabilities, and also provides a rational explanation for the divergence between total profits and profit margins.1. RBV logic: The fungibility of resource is the basis for the explanation of related diversification. --> Assumption: scale free.2. Opportunity cost of resources --> non-scale free resources3. Market demand and resource allocation - Diversification is also impacted by the market opportunities: when the current industry becomes mature, firms make rational decisions to increase total profit (profit maximization) via diversification. However, firms need to allocate their non-scale free resources to new business, which may lead to lower average returns.4. Diversifying firms are 'good types' (i.e., high capabilities) operating in 'bad' market context. (i.e., generalist firm)C. Topic: Formality and SME performance♦◆☐Terziovski, 2010. "Innovation practice and its performance implications in small and medium enterprises (SEMs) in the manufacturing sector: a resource-based view."●Theory: Schumpeterian's two-phase innovation theory; the benefits of formality (efficiency) and informality (flexibility).●Results: innovation strategy and formal structure are positive predictors of SME performance.D. Mergers and Acquisitions♦◆☐a) Puranam and Srikanth, 2007. "What they know VS. What they do: how acquirers leverage technology acquisitions".●Theme: to reconcile the integration paradox - Leveraging what they know (learning) & Leveraging what they do (disruption).●Main effect: Post acquisition integration (structural integration/structural separation) --> the success of leveraging.●Moderating effect: acquisition experience●Logic: integration mechanism both enhances coordination and harm leveraging technology.●Arguments:1. Structural integration enhances the leveraging of knowledge via coordination effect.2. Structural integration harms the leveraging of capability (ongoing innovations of the acquired firm) via the decrease of autonomy.3. Acquisition experience of acquirer moderates the relationship.4. Some solutions of post acquisition: rich unstructured communication, in the form of frequent face-to-face interactions, acids the disruptive consequences of administrative and cultural integration while also enabling high levels of coordination.♦◆☐b) Larsson and Finkelstein, 1999. 'Integrating strategic, organizational, and human resource perspective on mergers and ac questions: a case survey of synergy realization'.●Arguments: Synergy realization is a function of the similarity and complementarity of two merging businesses (combination potential), the extent of interaction and coordination during the organizational integration process, and the lack of employee resistance the combined entry.♦◆☐c) Haunschild, 1994. "How much is that company worth?: Interorganizational relationship, uncertainty and acquisition premiums."- Network perspective●Arguments:1. Firm managers will look to both their interlock partners and professional firms when deciding how much to pay.2. The impact of interlocks and professional firms on the premium decision will be stronger when managers are uncertain about the value of the Acquisition target.♦◆☐d) Stearns and Allan, 1996. "Economic behavior in institutional environments: the corporate merger wave of the 1980s".-Network and institutional perspective●A model: First, economic and political changes create conditions for merger wave; second, challengers (marginal actors) who lack status and resources exploit these conditions; third, the methods of successful challengers are imitated through the business community.。