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1.
Although sustained superior firm performance may arise from skillful management or other valuable, rare, and inimitable resources, it can also result from randomness. Studying U.S. companies from 1965–2008, we benchmark how long a firm must perform at a high level to be confident that it is something other than the outcome of a time‐homogeneous stationary Markov chain defined on the state space of percentiles. We find (a) the number of sustained superior performers in Compustat, measured by ROA and Tobin's q, exceeds the number of false positives we would expect to be generated by such a process; yet (b) the occurrence of false positives is often enough to fool many observers, so (c) the identification of sustained superior performers requires particularly stringent benchmarks to enable valid study. Copyright © 2011 John Wiley & Sons, Ltd. 相似文献
2.
Rodolphe Durand 《战略管理杂志》2002,23(9):867-872
This response is a plea for considering cautiously the use of formal logic and philosophy in strategic management. In a recent article, logical and philosophical considerations on the relationship between competitive advantage and superior returns led to a pragmatic view of competitive advantage. First, we propose a different logical analysis of the links between competitive advantage and superior performance. Using the same premises, this analysis leads to different conclusions. Second, our commentaries suggest that philosophy should be employed for opening discussions and perspectives rather than as an instrument for conviction. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
3.
Scott L. Newbert 《战略管理杂志》2008,29(7):745-768
The resource‐based view of the firm (RBV) hypothesizes that the exploitation of valuable, rare resources and capabilities contributes to a firm's competitive advantage, which in turn contributes to its performance. Despite this notion, few empirical studies test these hypotheses at the conceptual level. In response to this gap, this study empirically examines the relationships between value, rareness, competitive advantage, and performance. The results suggest that value and rareness are related to competitive advantage, that competitive advantage is related to performance, and that competitive advantage mediates the rareness‐performance relationship. These findings have important academic and practitioner implications which are then discussed. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
4.
Thomas C. Powell 《战略管理杂志》2001,22(9):875-888
Strategic management theories invoke the concept of competitive advantage to explain firm performance, and empirical research investigates competitive advantage and describes how it operates. But as a performance hypothesis, competitive advantage has received surprisingly little formal justification, particularly in light of its centrality in strategy research and practice. As it happens, the core hypothesis—that competitive advantage produces sustained superior performance—finds little support in formal deductive or inductive inference, and the leading theories of competitive advantage incorporate refutation barriers that preclude meaningful empirical tests. This article explores the logical and philosophical foundations of the competitive advantage hypothesis, locating its philosophical foundations in the epistemologies of Bayesian induction, abductive inference and an instrumentalist, pragmatic philosophy of science. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献
5.
The ‘resource‐based’ view focuses on unique resources as the fundamental sources of competitive advantage and superior profits. We use a game‐theoretic model to analyze the impact of the deployment of unique resources on product market competition, and the impact of unique resources and sustainable competitive advantages on profits when the competitive implications of resource deployment are taken into account. We find that some of the core propositions of the resource‐based view do not necessarily hold when the impact of resource deployment on product market competition is explicitly considered. Specifically, the accumulation and deployment of unique resources does not necessarily increase the firm's profit and the difference between its profit and competitors' profits. Furthermore, achieving a sustainable competitive advantage does not necessarily lead to higher profits. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
6.
An exploration of traditional perspectives and contemporary propositions regarding sustainable competitive advantage points to the conclusion that the locus of advantage is located specifically within organizational effects. The key issue emerges that research investigating sources of sustainable competitive advantage must be done not only on organizations but also in organizations. The fallout from this conclusion is, however, that the research methodologies traditionally used in strategy research will not unambiguously uncover these sources of sustainable advantage. Using organizational culture as an example of a possible source of sustainable advantage within a resource‐based paradigm, a four‐step research framework is suggested for isolating these organizational effects. Copyright © 1999 John Wiley & Sons, Ltd. 相似文献
7.
We compare resource‐based and relational perspectives to examine competitive advantages within the context of vertical learning alliances. Previous research has shown that through such alliances suppliers acquire knowledge to forge new capabilities and attain performance improvements. We ask whether such improvements are exclusive to the learning partnership, or are available in other average partnerships of this supplier. We posit that the extent to which such performance improvements are partnership exclusive depends on whether the newly forged capabilities lie entirely within the supplier firm's boundaries, or at the learning dyad level. As such, we untie two forms of performance improvements arising from learning dyads. While the resource‐based view helps explain the performance gains learning suppliers deploy across average partners, the relational view reveals the additional performance edge that remains exclusive to the learning partnership. Based on empirical evidence from a survey of 253 suppliers to the equipment industry, we find that partnership exclusive performance (i.e., ‘relational performance’), the true source of learning dyads' competitive advantage, is a function of suppliers acquiring know‐how within the dyad, developing dyad‐specific assets and capabilities, and structuring buyer‐supplier relational governance mechanisms. We discuss implications for research and practice. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
8.
A growing body of empirical literature supports key assertions of the resource‐based view. However, most of this work examines the impact of firm‐specific resources on the overall performance of a firm. In this paper it is argued that, in some circumstances, adopting the effectiveness of business processes as a dependent variable may be more appropriate than adopting overall firm performance as a dependent variable. This idea is tested by examining the determinants of the effectiveness of the customer service business process in a sample of North American insurance companies. Results are consistent with resource‐based expectations, and they show that distinctive advantages observable at the process level are not necessarily reflected in firm level performance. The implications of these findings for research and practice are discussed along with a discussion of the relationship between resources and capabilities, on the one hand, and business processes, activities, and routines, on the other. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
9.
This paper argues that the gap between the theoretical utility and the practical utility of the resource‐based view (RBV) may be narrowed by operationalizing the theory more consistently with Penrose's original framework. The operationalization proposed here is a twofold approach. First, the RBV may be enhanced by the explicit recognition of Penrose's two classes of resources, namely, administrative resources and productive resources. This distinction suggests a focus on the administrative decisions of managers that lead to economic performance. Second, we argue that the RBV is a theory about extraordinary performers or outliers—not averages. Therefore, the statistical methods used in applying the theory must account for individual firm differences, and not be based on means, which statistically neutralize firm differences. We propose a novel Bayesian hierarchical methodology to examine the relationship between administrative decisions and economic performance over time. We develop and explain a measure of competitive advantage that goes beyond comparisons of economic performance. This Bayesian methodology allows us to make meaningful probability statements about specific, individual firms and the effects of the administrative decisions examined in this study. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献
10.
This study examines the drivers of competitive advantage within the hospital industry. Specifically, we examine both the direct and joint effects of market structure, firm‐level competencies, and interorganizational relationships on organizational performance. The results of this approach indicated that managers, through their strategic actions related to the capabilities and relationships they develop and deploy, can establish advantageous competitive positions and influence the negative effects of market structure by developing important strategic competencies. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
11.
《战略管理杂志》2018,39(7):1990-2013
Research Summary: We use a formal model, motivated by a case study from the airline industry, to consider an industry structure wherein a firm may find that improving its competitiveness hurts its performance. Specifically, we examine the possibility that a superior incumbent may, by getting stronger, drive a weak rival from the market, and thereby allow a stronger rival to enter in its place. Such “adverse competitor replacement” reduces the profit of the superior incumbent and may even, in an extreme case, cause the superior incumbent to be driven from the market as well. We show that adverse competitor replacement can arise under a rational equilibrium and may become more likely if a firm improves its capability for self‐improvement. Managerial Summary: Managers are consistently advised to improve the competitiveness of their firms and beat the competition. We examine the possibility that beating out the competition may have adverse consequences. Specifically, a strong incumbent may, by getting stronger, outcompete a weaker rival to such an extent that the weaker rival exits the market, thereby creating an open market niche for a stronger rival to enter, in effect, a form of adverse competitor replacement. Competing with this stronger rival may in turn reduce the strong incumbent's profits below what they had been before driving the weak rival out. We illustrate adverse competitor replacement with a case study from the airline industry and discuss implications for a firm's investment in its own competitiveness. 相似文献
12.
We assess a recent paper by Durand and Vaara (2009) that advances causal graph modeling as a tool for inferring causes in strategy research. We focus on the Markov condition, a key assumption on which causal graph modeling is based, and show why this condition is invariably violated in strategic management in general and the resource‐based view of the firm in particular. We then introduce vector space modeling as a quantitative alternative to causal graph modeling, and consider how improved methods of causal inference might enhance our ability to test some of the central propositions of the resource‐based view. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
13.
In this study we revisit some fundamental questions that are increasingly at the heart of current strategic management discourse regarding the relative impact of industry and firm‐specific factors on sustainable competitive advantage. We explore this issue by referring to respective assertions of two major perspectives that dominate the literature over the last two decades: the Porter framework of competitive strategy and the more recent resource‐based view of the firm. A composite model is proposed which elaborates upon both perspectives' divergent causal logic with respect to the conditions relevant for firm success. Empirical findings suggest that industry and firm specific effects are both important but explain different dimensions of performance. Where industry forces influence market performance and profitability, firm assets act upon accomplishments in the market arena (i.e., market performance), and via the latter, to profitability. The paper concludes with directions for future research that will seek to integrate both content and process aspects of firm behavior. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献
14.
Henrich R. Greve 《战略管理杂志》2009,30(1):1-23
Research on the diffusion of technologies that give competitive advantage is needed to understand the role of technology in competition. Predictions on which firms first obtain useful technologies are made by cluster theory, which holds that the diffusion is geographically bounded, and network theory, which holds that adoption is more rapid in central network positions. These predictions can be evaluated using data on the diffusion of supplier innovations that give competitive advantage to firms in the buyer industry. Here, the diffusion of new ship types is studied using the heterogeneous diffusion model and data on shipping firm‐shipbuilder networks, showing that valuable innovations remain rare because they are not adopted by distant firms in geographical and network space. The strong influence of geographically dispersed interfirm networks on technology diffusion justifies a greater role of interorganizational networks in the theory of competitive advantage. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
15.
In a recent paper, Rouse and Daellenbach (1999) provide a five‐step methodological approach which they feel will cure alleged inadequacies in empirical resource‐based research. We suggest, however, that their methodology can provide only a useful aid for expanding our understanding of potential sustainable competitive advantages but will not allow researchers to effectively verify those hypothesized advantages. Specifically, we argue that Rouse and Daellenbach's methodology is plagued by three major shortcomings: (1) it confuses the important distinction between knowing‐how and knowing‐what; (2) it fails to recognize the importance of observable variables in verifying the sources of sustainable competitive advantage; and (3) it calls for sampling on the dependent variable. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
16.
Connor's commentary offers a series of thoughtful comments on the ideas presented in Hult, Ketchen, and Slater (2005). We focus on two of his contentions in our response. First, we argue that the theory underlying our study—the resource‐based view—is not tautological. This is because resources and performance are not directly related. Instead, realizing the potential value of resources depends on those resources being exploited through a firm's strategic actions. Second, we disagree with Connor's contention that market‐oriented and customer‐led firms lie along a continuum. We propose a richer conceptualization centered on a two‐by‐two matrix that contains market‐oriented firms, customer‐led firms, and two additional types. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
17.
Resource‐based theory (RBT) has emerged as a key perspective guiding inquiry into the determinants of organizational performance. Since the early 1990s, numerous studies have examined RBT's assertion that the extent to which organizations possess strategic resources is positively related to performance. Although many studies appear to support this assertion, there is no consensus regarding how strongly strategic resources relate to performance. To help resolve this issue, we meta‐analyze 125 studies of RBT that collectively encompass over 29,000 organizations. Our conservative estimate is that the effect size of the strategic resources–performance relationship is r?c = 0.22. Moderator tests suggest that the resources‐performance link is stronger (1) when resources meet the criteria laid out in RBT and (2) for those performance measures that are not affected by potential value appropriation. When resources meet RBT's criteria and when performance measures are not affected by potential appropriation, the strength of the relationship grows to r?c = 0.29. This suggests that the identification, development, and distribution of value from strategic resources should be a primary consideration for scholars, managers, and shareholders. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
18.
We explore whether pioneering advantages exist for early‐mover acquirers in industry acquisition waves by examining both combined (target and acquirer) and acquirer stock returns. Combined abnormal returns are higher for acquisitions that occur at the beginning of acquisition waves. However, for acquirers' returns, only strategic pioneers—those acting in manners consistent with having superior information—capture significant advantages. Specifically, early‐mover acquirers who realize superior stock returns are those that conduct acquisitions in related industries, during industry expansionary phases, and finance their acquisitions as financial theory suggests they should when they possess an informational advantage—with cash. Our findings extend the first‐mover literature to corporate practices and link these practices to acquisition returns. Copyright © 2004 John Wiley & Sons, Ltd. 相似文献
19.
Building on the resource‐based view (RBV) and competitive dynamics literatures, this paper proposes that considering resources or actions independently offers an incomplete understanding of the drivers of superior performance. Instead, we hypothesize that resources enable competitive actions and that when these actions leverage the firm's resources, superior performance results. We tested these hypotheses with panelized data on the technological resources and competitive actions of firms in the in‐vitro medical diagnostic substance manufacturing industry. The results provide substantial support for our hypotheses, specifically with respect to mediation. Our theory and results underscore how the integration of the competitive dynamics and RBV literatures can significantly improve our understanding of firm performance. Copyright © 2011 John Wiley & Sons, Ltd. 相似文献
20.
Christian Geisler Asmussen 《战略管理杂志》2015,36(12):1826-1844
This paper analyzes how scale free resources, which can be acquired by multiple firms simultaneously and deployed against one another in product market competition, will be priced in strategic factor markets, and what the consequences are for the acquiring firms' performance. Based on a game‐theoretic model, it shows how the impact of strategic factor markets on economic profits is influenced by product market rivalry, preexisting competitive (dis)advantages, and the interaction of acquired resources with those preexisting asymmetries. New insights include the result that resource suppliers will aim at (and largely succeed in) setting resource prices so that the acquiring firms earn negative strategic factor market profits—sacrificing some of their preexisting market power rents—by acquiring resources that they know to be overpriced. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献