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Type Journal Article
Scope Discipline-based scholarship
Title What makes a resource valuable? Identifying the drivers of firm-idiosyncratic resource value
Organization Unit
Authors
  • Jens Schmidt
  • Thomas Keil
Item Subtype Original Work
Refereed Yes
Status Published in final form
Language
  • English
Journal Title Academy of Management Review
Publisher Academy of Management
Geographical Reach international
ISSN 0363-7425
Volume 38
Number 2
Page Range 206 - 228
Date 2013
Abstract Text We fill a gap in the resource-based literature by identifying conditions and mechanisms that make a resource valuable to a firm ex ante-that is, before a decision on acquiring or building it is made. These conditions are (1) the firm's ex ante market position; (2) its ex ante resource base, which allows for complementarities; (3) its position in interorganizational networks, which gives it access to privileged information; and (4) the prior knowledge and experience of its managers, which allow superior judgment concerning the value-creating potential of the resource. These factors help explain why firms initially differ in how much value they attribute to a resource and, subsequently, why firms differ in their resource endowments. Our results also contribute to resource management theories by highlighting the role of managerial judgment in acquiring and accumulating resources and, thus, shaping firms' paths toward superior competitive positions. Furthermore, identifying firms' market positions and managerial judgment about demand-side value creation opportunities as resource value drivers highlights the importance of demand-side factors to strategic outcomes. We also discuss how our findings may open avenues for further studies and provide a basis for empirical tests of the resource-based view of strategic management.
Digital Object Identifier 10.5465/amr.2010.0404
Other Identification Number merlin-id:8130
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