Strategic Management Theory: Concepts, Analysis and Critiques in Relation to Corporate Competitive Advantage from the Resource-based Philosophy
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Abstract
The concepts, theory and practice of strategic management have become prominent in modern management literature especially in this new millennium for one obvious reason: that is, because of the complex, nebulous and dynamic nature of contemporary corporate governance. This phenomenon has in turn become a matter of concern to academics and professionals alike on the field. Consequently, the main objective of this paper is to present an overview of strategic management with particular emphasis on its concepts, theory as well as its linkage with the resource-based philosophy of the firm’s competitive advantage. A review of the relevant literature was conducted and a connection between strategic management theory and competitive advantage from the recourse-based philosophy of the firm was identified. It was found that the resource-based model is one of the main strategic management theories applicable to explain organizational performance, and it is also a part of the larger management theory family which has evolved to suit the managerial requirements of the modern complex organizations and also the business environments within which the organizations operate. Examining organizational competitive advantage from this school of thought allows the organizations to measure the significance of its internal resources and capabilities in particular towards attaining a competitive advantage, and hence to provide further support and extension to the Philosophical approach.
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Dierickx, I. and Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, Vol. 35, No. 12, December 1989, 1504-1511.
DuBrin, A.J. (2006). Essentials of Management, 7th Edition. Thomson South-Western, U.S.A.
Fahy, J. (2000). The resource-based view of the firm: some stumbling-blocks on the road to understanding sustainable competitive advantage. Journal of European Industrial Training, 24/2/3/4 [2000] 94-104.
Fahy, J., Farrelly, F. and Quester, P. (2004). Competitive advantage through sponsorship: A conceptual model and research propositions. European Journal of Marketing, Vol. 38 No. 8, 2004, pp. 1013-1030.
Falshaw, J.R., Glaister, K.W. and Ekrem, T. (2006). Evidence on formal strategic planning and company performance. Management Decision, Vol. 44 No. 1, 2006, pp. 9-30.
Flint, G.D. and Van Fleet, D.D. (2005). A comparison and contrast of Strategic Management and Classical Economic concepts: Definitions, comparisons, and pursuit of advantages. Journal of Business Inquiry, 2005. Utah Valley State College, USA.
Foss, N.J. and Knudsen, T. (2003). The resource-based tangle: Towards a sustainable explanation of competitive advantage. Managerial and Decision Economics, Vol. 24, pp. 291-307.
Goerzen, A. and Beamish, P.W. (2003). Geographic scope and multinational enterprise performance. Strategic Management Journal, 24: 1289-1306 (2003).
Goh, A. (2004). Enhancing organizational performance through knowledge innovation: A proposed strategic management framework. Journal of Knowledge Management Practice, October 2004.
Gottschalg, O. and Zollo, M. (2007). Interest alignment and competitive advantage. Academy of Management Review, Vol. 32, No. 2, pp. 418-437.
Gupta, A. and McDaniel, J. (2002). Creating competitive advantage by effectively managing knowledge: A framework for knowledge management. Journal of Knowledge Management Practice, October 2002.
Haim Hilman Abdullah (2005). Pengurusan Strategik. McGraw-Hill (Malaysia) Sdn. Bhd., 2005.
Hambrick, D.C. and Chen, M.J. (2008). New academic fields as admittance-seeking social movements: The case of strategic management. Academy of Management Review, Vol. 33, No.1, pp. 32-54.
Hennart, J.F. (1991). The transaction costs theory of joint ventures: An empirical study of Japanese subsidiaries in the United States. Management Science, Vol. 37, No. 4, pp. 483-497.
Hitt, M.A., Ireland, R.D., Camp, S.M. and Sexton, D.L. (2001). Strategic Entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic Management Journal, 22: 479-491 (2001).
Hult, G.T.M. and Ketchen, D.J., Jr. (2001). Does market orientation matter?:A test of the relationship between positional advantage and performance. Strategic Management Journal, 22: pp. 899-906.
Johanson, J. and Vahlne, J.E. (1977). The internationalization process of the firm – A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, Vol. 8, pp. 23-32.
King, A. (2007a). Cooperation between corporations and environmental groups: A Transaction cost perspective. Academy of Management Review, Vol. 32, No. 3, pp. 889-900.
King, A.W. (2007b). Disentangling interfirm and intrafirm causal ambiguity: A conceptual model of causal ambiguity and sustainable competitive advantage. Academy of Management Review, Vol. 32, No.1, 156-178.
King, D.R., Covin, J.G. and Hegarty, W.H. (2003). Complementary resources and the exploitation of technological innovations. Journal of Management, Vol. 29, No. 4, pp. 589-606.European Journal of Social Sciences – Volume 11, Number 3 (2009) 416
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Kogut, B. and Zander, U. (2003). Knowledge of the firm and the evolutionary theory of the multinational corporation. Journal of International Business Studies, Vol. 34, pp. 516-529.
Kristandl, G. and Bontis, N. (2007). Constructing a definition for intangibles using the Resource based view of the firm. Management Decision, Vol. 45, No. 9, pp. 1510-1524.
Lado, A.A., Boyd, N.G., Wright, P. and Kroll, M. (2006). Paradox and theorizing within the resource-based view. Academy of Management Review, 2006, Vol.31, No.1, pp. 115-131.
Leiblein, M.J. (2003). The choice of organizational governance form and performance: Predictions from transaction cost, resource-based, and real options theories. Journal of Management, Vol. 29, No. 6, pp. 937-961.
Liao, S.H. and Hu, T.C. (2007). Knowledge transfer and competitive advantage on environmental uncertainty: An empirical study of the Taiwan semiconductor industry. Technovation, 27 (2007) 402-411.
Lin, B.W. (2003). Technology transfer as technological learning: a source of competitive advantage for firms with limited R&D resources. R&D Management, 33, 3, 2003. 327-341.
Ma, H. (1999a). Anatomy of competitive advantage: a SELECT framework. Management Decision, Vol. 37 No. 9, 1999, pp. 709-718.
Ma, H. (1999b). Creation and preemption for competitive advantage. Management Decision, Vol. 37 No. 3, 1999, pp. 259-267.
Ma, H. (2000). Competitive advantage and firm performance. Competitiveness Review, 2000, Vol. 10 Issue 2, p16, 17p.
Ma, H. (2004). Toward global competitive advantage: Creation, competition, cooperation and co-option. Management Decision, Vol. 42 No. 7, 2004, pp. 907-924.
Makadok, R. (2001). Toward a synthesis of the resource-based and dynamic-capability views of rent creation. Strategic Management Journal, 22: 387-401 (2001).
Mazzarol, T. and Soutar, G.N. (1999). Sustainable competitive advantage for educational institutions: a suggested model. International Journal of Educational Management, Vol. 13 No. 6, 1999, pp. 287-300.
Meyer, K.E. (2006). Asian management research needs more self-confidence. Asia Pacific Journal of Management, Vol. 23, pp. 119-137.
Miller, D. (2003). An asymmetry-based view of advantage: Towards an attainable sustainability. Strategic Management Journal, 24, pp. 961-976 (2003).
Mills, J., Platts, K. and Bourne, M. (2003). Competence and resource architectures. International Journal of Operations & Production Management, Vol. 23, No. 9, 2003, pp. 977- 994.
Mohd Khairuddin Hashim (2005). Strategic Management. Thomson Learning, Singapore. [59] Newbert, S.L. (2007). Empirical research on the resource-based view of the firm: An assessment and suggestions for future research. Strategic Management Journal, 28, pp. 121-146 (2007).
Oliver, C. (1997). Sustainable competitive advantage: Combining institutional and Resource-based views. Strategic Management Journal, 18:9, pp. 697-713 (1997).
O’Shaughnessy, N.J. (1996). Michael Porter’s Competitive Advantage revisited. Management Decision, Vol. 34 No. 6, 1996, pp. 12-20.
Pan, Y. and Chi, P. (1999). Financial performance and survival of Multinational Corporations in China. Strategic Management Journal, 20, 1999, pp. 359-374.
Peng, M.W., Lee, S.H. and Tan, J.J. (2001). The keiretsu in Asia: Implications for multilevel theories of competitive advantage. Journal of International Management, Vol. 7, pp. 253-276.
Peteraf, M.A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, Vol. 14, 1993, pp. 179-191.
Peteraf, M.A. and Barney, J.B. (2003). Unraveling the resource-based tangle. Managerial and Decision Economics, Vol. 24, pp. 309-323.
Peteraf, M.A. and Bergen, M.E. (2003). Scanning dynamic competitive landscapes: A Market-based and resource-based framework. Strategic Management Journal, Vol. 24, 2003, pp. 1027-1041.
Porter, M.E. (1981). The contributions of Industrial Organization to Strategic Management. Academy of Management Review. Vol. 6, No. 4, 1981, pp. 609-620.
Porter, M.E. (1985). Competitive Advantage. Free Press: New York.
Porter, M.E. (1991). Towards a dynamic theory of strategy. Strategic Management Journal, 12(8): 95-117, Winter 1991.
Porter, M.E. and Kramer, M.R. (2006). Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, December 2006.
Powell, T.C. (2003). Strategy without ontology. Strategic Management Journal. Vol. 24, pp. 285-291.
Prahalad, C.K. and Lieberthal, K. (1998). The end of corporate imperialism. Harvard Business Review, July-August 1998, pp. 69-79.
Priem, R.L. (2007). A consumer perspective on value creation. Academy of ManagementReview, Vol. 32, No. 1, pp. 219-235.
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