The Resource-Based View (RBV)
The Resource-Based View (RBV) emerged as a major orientation in strategic management in the late 1980s and early 1990s.
While Jay Barney's 1991 article, "Firm Resources and Sustained Competitive Advantage," is considered the pivotal and most influential work in establishing and solidifying this perspective, there are earlier roots to similar ideas.
Some of the foundational ideas of RBV can be traced back to:
Early Economic Works:
Some scholars suggest that a fragmented resource-based theory existed as early as the 1930s, influenced by economists like Ricardo and Penrose, who pointed out that companies could achieve exceptional returns if they possessed superior, somewhat protected resources.
Birger Wernerfelt:
His 1984 work, "A Resource-Based View of the Firm," is considered a pioneering effort preceding Barney's work. Wernerfelt introduced the concept of "resource position barriers," which are akin to "barriers to entry" in the Positioning School.
Overall, RBV arose as a response to the Positioning School (most famously Michael Porter's Five Forces model), which dominated strategic thinking in the 1980s and focused primarily on external factors and industry structure as determinants of competitive advantage. RBV, in contrast, shifted the focus to a firm's unique internal resources and capabilities as the primary source of sustainable competitive advantage.
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In her study “A resource‐based view of the firm” @strategicmanagj, Wernerfelt (1984) explores the usefulness of analysing firms from the resource side rather than from the product side. This study became one of the #SMJmostcited: ow.ly/d0LT50zUNVZ
The brilliant Karel Cool, co-author of one of the absolute classics of the #ResourceBasedView
Dierickx, I., & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), 1504-1511.
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