ABSTRACT
In this chapter, a synthesis of the relevant literature in organisation theory, economics and strategic management is conducted with the objective of providing an integrated analysis of the origins, insights and current status of the resource-based view of the firm (RBV). The chapter opens by noting that the RBV is just one of a number of theories of the firm, and a review of its differences and similarities with a variety of competing perspectives is presented. The subsequent section, which is the core of the chapter, focuses in detail on the logic of, and the insights provided by, the resource-based view. It demonstrates that certain key resources combined with managerial choices play a central role in sustaining superior performance. To date, however, the majority of ‘resource-based’ contributions have been of a conceptual rather than empirical nature. The empirical work that has taken place is reviewed briefly and some outstanding research issues are identified. The chapter concludes by reaffirming the merits of the resource-based view of the firm as a theoretical framework for examining the issue of sustainable competitive advantage in a global environment.
