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| Author: | Hansen, M.H. Perry, L.T. Reese, C.S. |
| Title: | A Bayesian operationalization of the resource-based view |
| Journal: | Strategic Management Journal
2004 : DEC, VOL 25:13, p. 1279-1295 |
| Index terms: | Management Skills Performance appraisal Models Theories |
| Language: | eng |
| Abstract: | This paper argues that the gap btw. the theoretical utility and the practical utility of the resource-based view (RBV) may be narrowed by operationalizing (hereafter as: oper.) the theory more consistently with Penrose's original framework. The oper. proposed here is a twofold approach. First, the RBV may be enhanced by the explicit recognition of Penrose's two classes of resources. Second, it is argued that the RBV is a theory about extraordinary performers or outliers - not averages. Therefore, the statistical methods used in applying the theory must account for individual firm differences. A novel Bayesian hierarchical methodology is proposed to examine the relationship btw. administrative decisions and economic performance over time. A measure of competitive advantage going beyond comparisons of economic performance is developed and explained. This Bayesian methodology allows making meaningful probability statements about specific, individual firms and the effects of the administrative decisions. |
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