1991 Vol. 17 No. 1 99-120
Firm Resources and Sustained
海'xas A&M University
Understanding sources of sustained competitive advantage has become a major area of research in strategic management, Building on the assumptions that strategic resources are heterogeneously distributed across firms and that these d，胡erences are stable over time, this article examines the link betweenfirm resources and sustained conψeti tive advantag，ι Four empirical indicators of t，加 potential of firm resources to generate sustained competitive advantage-value, rareness, imitabili.句 and substitutability--a re discussed. The model is appliedbyana抄'zing the potent，的 lofseveralfirm resourcesfor generating sustained competitive advantage，ι The artic /e concludes by ιmmining implications of this firm resource model of sustained competitive advantage for other business disc妙lines.
Understanding sources of sustained competitive advantage for firms has beof strategic management (porte~ 1985; Rumelt. 1984). Since the 1960's, a single organizing framework has been used to structure much of this research (Andrews, 1971; Ansoff. 1965; Hofer & Schendel, 1978). 明白 framework， summarized in Figure One, suggests that firms obtain sustained competitive advantages by implementing strategtesthat exploit their iriternal streng血s，也rough responding to environmenta1 opportUn1tie s. while neútiaIizing external 由reats and avoiding internal weaknesses. Most research on sources of sustained competitive advantage has focused either on isolating a firm 's opportunities and threats (Porter, 1980, 1985), describing its strengths and weaknesses (Hofer & Schendel, 1978; Penrose, 1958; S血chcombe， 1965), or analyzing how these are matched to choose strategies.
Although both internal analyses of organizational s甘'engths and weaknesses comeam吋or area of research 扭曲e field
Discussions with members of the
Stra鉛gic Management Group at 1垠的 A&M University, including Mike Barry BaysingeJ; and Abby McWìI1iams, have been helpful 扭曲e development oftheseid悅且The rudiments of the argument were presen飽d and discussed at the 鈴cond 缸mual Whar恤l Con Hitt， τbm 頂風，BobHos崗的。Dceive: óf
JOURNALOFMANAGEMEN1; VOL. 17, NQ 1, 1991
Copyright @ 2001 . AII Rights Reserved
Of course, not all 部pects of a firm's physical capita1, human capital, and organizational capita1訂e strategically relevant resources. Some of these firm attributes may prevent a frrm from conceiving of and implementing valuable strategies (B釘ney， 1986b). Others may lead a frrm to conceive of and implement strategies 血at reduce its effectiveness and efficiency. Still others may have no impact on a firm's strategizing processes. However, those attributes of a frrm's physical, hum姐， and organizational capital that do enable a frrm to conceive of and implement strategies that improve its efficiency and effectiveness are, for purposes of this discussion , frrm resources (Wernerfelt, 1984). The purpose of this article is to specify the conditions under which such frrm resources can be a source of sustained compe船ve advantage for a frrm.
Competitive Advantage and Sustained Competitive Advantage
In this article, a firm is said to have a competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any cuη'ent or potential competitors. A firm is said to have a sustained competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential competitors and when these other firms 缸'e unable to duplicate the benefits of this strategy. These two definitions require some discussion. First, these definitions do not focus exlusively on a firm's competitive position vis-a-vis firms that are already operating in its industry. Rathe~ following Baumol, Panzar, and Willig (l 982~ a frrm's competition is assumed to...
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