Resource based view theory
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Resource-Based View Theory: An Overview
Evolution of the Resource-Based View (RBV)
The Resource-Based View (RBV) has undergone significant evolution since its inception. Initially conceptualized to explain firm performance through strategic resources, RBV has evolved through three distinct phases. The evolution has been marked by empirical testing and theoretical refinement, although ambiguity in its concepts during the third phase has posed challenges to further knowledge growth1. The theory's development has been analyzed using Popper’s methodological model, highlighting the need to address its metaphysical vulnerabilities for continued progress1.
Natural-Resource-Based View
Building on the traditional RBV, the Natural-Resource-Based View (NRBV) integrates environmental considerations into the framework. This perspective emphasizes the firm's relationship with the natural environment and proposes three interconnected strategies: pollution prevention, product stewardship, and sustainable development. These strategies are posited to contribute to sustained competitive advantage by leveraging key resources aligned with environmental sustainability2.
ICT and Firm Performance
The RBV has been instrumental in explaining the relationship between Information and Communication Technology (ICT) and firm performance. A meta-analysis of over 20 years of research indicates that ICT, considered a strategic resource, has a positive impact on firm performance. However, the outcomes vary depending on the type of ICT tools and the ICT development status of different countries. This heterogeneity underscores the need for a nuanced understanding of how ICT resources contribute to competitive advantage across different contexts3.
Theoretical Positioning and Critiques
The RBV can be positioned relative to several theoretical traditions, including SCP-based theories, neo-classical microeconomics, and evolutionary economics. Each of these perspectives offers unique empirical implications for the RBV. Despite its widespread adoption, the RBV has faced considerable criticism, particularly regarding the indeterminate nature of its core concepts—resource and value—and its narrow conceptualization of competitive advantage. Addressing these critiques requires further theorizing and a shift towards a more dynamic framework4 8.
Future Directions and Strategic Alliances
As the RBV matures, it stands at a critical juncture where it must either be revitalized or risk decline. Future research opportunities include exploring interlinkages with other perspectives, processes of resource acquisition, and the micro-foundations of RBV. Additionally, the RBV has been applied to strategic alliances, suggesting that the value-creation potential of pooled resources drives alliance formation. The theory proposes that resource characteristics such as imperfect mobility and imitability facilitate alliances, and that resource alignment between partners affects alliance performance5 10.
Application in Multinational Enterprises (MNEs)
The RBV has also been applied to research on multinational enterprises (MNEs), although its use is limited compared to other perspectives like the eclectic paradigm and institutional theory. The RBV's focus on performance differentials between country-centric firms poses challenges when applied to MNEs with diverse product-geographic scopes. Future research could explore how RBV can be more effectively used to examine MNE performance and competitive advantage in areas such as subsidiary agglomeration and international joint ventures6.
Conclusion
The Resource-Based View remains a powerful framework for understanding firm performance and strategic management. Its evolution, integration with environmental considerations, and application to ICT and strategic alliances highlight its versatility. However, addressing its conceptual ambiguities and expanding its theoretical scope are essential for its continued relevance and growth.
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Most relevant research papers on this topic
The growth of knowledge through the resource-based view
The resource-based view (RBV) can grow knowledge within its framework, but overcoming its vulnerability may require a new framework to emerge due to its limitations.
A Natural-Resource-Based View of the Firm
A natural-resource-based view of the firm focuses on pollution prevention, product stewardship, and sustainable development, contributing to sustained competitive advantage.
Highly CitedResource-Based Perspective on ICT Use and Firm Performance: A Meta-analysis Investigating the Moderating Role of Cross-Country ICT Development Status
ICT use positively impacts firm performance, with cross-country ICT development status playing a moderating role in this relationship.
Meta-AnalysisResource-based theories of competitive advantage: A ten-year retrospective on the resource-based view
The resource-based view of competitive advantage can be positioned against SCP-based theories, neo-classical microeconomics, and evolutionary economics, with implications for empirical implications.
Highly CitedThe Future of Resource-Based Theory
This special issue's contributions offer a foundation for extending resource-based theory in meaningful new directions and avoiding decline, focusing on interlinkages, resource acquisition, development, micro-foundations, sustainability, and method and measurement issues.
Highly CitedUsing the Resource-Based View in Multinational Enterprise Research
The resource-based view (RBV) can be a valuable tool for examining multinational enterprise performance and competitive advantage in areas such as diversified corporations, subsidiary agglomeration, emerging market MNE internationalization, and subsidiary autonomy.
The Resource-Based Theory of the Firm
The resource-based view of the firm has significant empirical implications for understanding how a firm's resources and capabilities affect its performance.
Highly CitedThe Resource-Based View: A Review and Assessment of Its Critiques
The resource-based view can withstand five of eight critiques, but needs further research on indeterminate concepts and narrow conceptualization of competitive advantage.
Literature ReviewHighly CitedIs the Resource-Based “View” a Useful Perspective for Strategic Management Research?
The resource-based view (RBV) has potential for strategic management research, but needs refinement and integration with demand heterogeneity models for optimal use.
Highly CitedA Resource-Based Theory of Strategic Alliances
Strategic alliances are rationalized by the potential for value-creation and facilitated by resource characteristics like imperfect mobility, imitability, and substitutability.
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