Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis
Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis explores the intersection of evolutionary theories of the firm with an emergent body of research in the field of strategic management that has been broadly referred to as the `resou
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Resource-Based and Evolutionary Theories of the Firm: Towards a Synthesis Edited by Cynthia A. Montgomery Harvard Business School
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Springer Science+Business Media, LLC
Library of Congress Cataloging-in-Publication Data Resource-based and evolutionary theories of the firm : towards a synthesis / edited by Cynthia A. Montgomery. p. cm. Papers presented at a colloquium in Snekkersten, Denmark in August, 1993. Includes bibliographical references and index. ISBN 978-1-4613-5923-4 ISBN 978-1-4615-2201-0 (eBook) DOI 10.1007/978-1-4615-2201-0 1. Industrial organization (Economic theory)--Congresses. 2. Strategic planning--Congresses. 1. Montgomery, Cynthia A., 1952HD2326.R47 1995 338.5--dc20 95-3537 CIP
Copyright
1995 Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1995 Softcover reprint ofthe hardcover 15t edition 1995
©
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
Contents
Preface
vii
1
1
An Exploration of Common Ground: Integrating Evolutionary and Strategic Theories of the Firm Nicolai J. Foss, Christian Knudsen, Cynthia A. Montgomery 2 Strategic Management and the Exploration of Diversity Daniel A. Levinthal
19
3 Competitive Advantage and Industry Capabilities
43
Nicolai Juul Foss and Bo Eriksen 4 Capabilities and Coherence in Firms and Markets Richard N. Langlois
71
5
101
Inertia and Transformation Richard P. Rumelt 6 Resource-Based Strategy in a Stochastic Model
133
Birger Wernerfelt
v
7
147
Four Rs of Profitability: Rents, Resources, Routines and Replication Sidney G. Winter 8 Theories of the Firm, Strategic Management, and Leadership Christian Knudsen
179
9
219
Business Strategy from the Population Level John Freeman
10 Of Diamonds and Rust A New Look at Resources Cynthia A. Montgomery
251
Index
269
vi
Preface
This volume is a collection of papers that explore the intersection of evolutionary theories of the firm and an emergent body of research in the field of strategic management that has been broadly referred to as the "resource-based view of the firm." The papers were first presented at a colloquium on the same theme that was held in Snekkersten, Denmark in August, 1993. The meeting was generously sponsored and jointly directed by the Danish Social Science Research Council and the Institute of Industrial Economics and Strategy at the Copenhagen Business School. The authors, and by association the papers, approach the task from different vantages. This was done by design, and reflects the belief that the respective fields will prosper from this kind of cross-fertilization. Thus, the views expressed in the papers are diverse: they invoke principles of economics, strategic management, and population ecology. Since the symposium, the papers have undergone f
