Firm Resources and Sustained Competitive Advantage

Summary The paper explores the usefulness of analysing firms from the resource side rather than from the product side. In analogy to entry barriers and growth-share matrices, the concepts of resource position barrier and resource-product matrices are suggested. These tools are then used to highlight the new strategic options which naturally emerge from the resource perspective.

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A Resource-Based View of the Firm

To date, the phenomenon of entrepreneurship has lacked a conceptual framework. In this note we draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field. With this framework we explain a set of empirical phenomena and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields.

The Promise of Entrepreneurship as a Field of Research

This paper elucidates the underlying economics of the resource-based view of competitive advantage and integrates existing perspectives into a parsimonious model of resources and firm performance. The essence of this model is that four conditions underlie sustained competitive advantage, all of which must be met. These include superior resources (heterogeneity within an industry), ex post limits to competition, imperfect resource mobility, and ex ante limits to competition. In the concluding section, applications of the model for both single business strategy and corporate strategy are discussed.

/pdf/the-cornerstones-of-competitive-advantage-a-resource-based-3e5kjm7wfk.pdf

The cornerstones of competitive advantage: A resource‐based view

On the basis of empirical research, a model of the internationalization process of the firm is developed. The model focuses on the gradual acquisition, integration and use of knowledge about foreign markets and operations, and on the incrementally increasing commitments to foreign markets. In particular, attention is concentrated on the increasing involvement in the individual foreign country.

/pdf/the-internationalization-process-of-the-firm-a-model-of-4aibougvsw.pdf

The Internationalization Process of the Firm - A Model of Knowledge Development and Increasing Foreign Market Commitments

The third edition of Multinational Enterprise and Economic Analysis surveys the contributions that economic analysis has made to our understanding of why multinational enterprises exist and what consequences they have for the workings of the national and international economies. It shows how economic analysis can explain multinationals' activity patterns and how economics can shed conceptual light on problems of business policies and managerial decisions arising in practice. It addresses the welfare problems arising from multinationals' activities and the logic of governments' preferences and choices in their dealings with multinationals. Suitable for researchers, graduates and upper-level undergraduates. The third edition of this highly accessible book incorporates the many additions to our knowledge of multinationals accumulated in research appearing in the past decade.

Multinational Enterprise and Economic Analysis

Multinational enterprise and economic analysis

As trade follows the flag, so does applied economics follow the newspapers. Urgent issues of public policy have in the past decade or so called forth a great deal of new factual evidence on the international corporation, as the chief conduit for foreign direct investment.2 It has been studied as a channel for the international transfer of technology, as a business organization serving more than one national sovereign master, and as a force influencing the international financial flows recorded in a country's balance of payments. Yet relatively little emphasis has fallen on what might seem the two principal economic features of direct investment by the international corporation: (1) it ordinarily effects a net transfer of real capital from one country to another; and (2) it represents entry into a national industry by a firm established in a foreign market. This neglect is unfortunate, because recognition of these features lets one bring to bear on the causes and consequences of direct investment two important bodies of economic analysis-the pure theory of international trade and the conceptual structure and evidence of market behaviour reposing in the field of industrial organization. Briefly, the argument of this paper is that foreign direct investment occurs mainly in industries characterized by certain market structures in both the "lending" (or home) and "borrowing" (or host) countries. In the parlance of industrial organization, oligopoly with product differentiation normally prevails where corporations make "horizontal" investments to.produce abroad the same lines of goods as they produce in the home market. Oligopoly, not necessarily differentiated, in the home market is typical in industries which undertake "vertical" direct investments to produce abroad a raw material or other input to their production process at home. Direct investment tends to involve market conduct that extends the recognition of mutual market dependence-the essence of oligopoly-beyond national boundaries. Likewise it tends broadly to equalize the rate of return on (equity) capital throughout a

https://www.jstor.org/stable/pdfplus/2551748.pdf

International Corporations: The Industrial Economics of Foreign Investment

Preface Introduction: Economic Properties of Creative Activities Part I: Supplying Simple Creative Goods 1. Artists as Apprentices 2. Artists, Dealers, and Deals 3. Artist and Gatekeeper: Trade Books, Popular Records, and Classical Music 4. Artists, Starving and Well-Fed Part II: Supplying Complex Creative Goods 5. The Hollywood Studios Disintegrate 6. Contracts for Creative Products: Films and Plays 7. Guilds, Unions, and Faulty Contracts 8. The Nurture of Ten-Ton Turkeys 9. Creative Products Go to Market: Books and Records 10. Creative Products Go to Market: Films Part III: Demand for Creative Goods 11. Buffs, Buzz, and Educated Tastes 12. Consumers, Critics, and Certifiers 13. Innovation, Fads, and Fashions Part IV: Cost Conundrums 14. Covering High Fixed Costs 15. Donor-Supported Nonprofit Organizations in the Performing Arts 16. Cost Disease and Its Analgesics Part V: The Test of Time 17. Durable Creative Goods: Rents Pursued through Time and Space 18. Payola 19. Organizing to Collect Rents: Music Copyrights 20. Entertainment Conglomerates and the Quest for Rents 21. Filtering and Storing Durable Creative Goods: Visual Arts 22. New versus Old Art: Boulez Meets Beethoven Epilogue Notes Index

Creative Industries: Contracts between Art and Commerce

I. Interdependence and conjecture in entry, 242.—II. Barriers to mobility, 249.—III. Diversification by established firms and intergroup mobility, 257.—IV. Conclusion, 261.

Richard E. Caves

Papers

Multinational Enterprise and Economic Analysis

Multinational enterprise and economic analysis

International Corporations: The Industrial Economics of Foreign Investment

Creative Industries: Contracts between Art and Commerce

From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition