Barney

• 1986 - Strategic Factor Markets; Expectations, Luck, and Strategy

  Firms acquire resources via incomplete strategic factor markets, largely through luck

  • The greater the uncertainty of the firm is in this market, the greater part luck plays
  • Strategic factor markets are incomplete and imperfect

  1. Expected value
  2. Lack of separation
  3. Uniqueness
  4. Lack of entry
  5. Lack of understanding

  Resources must be acquired efficiently before they can be used: luck plays a role!
• 1991 - Firm Resources and sustained competitive advantage


  Strategic resources are heterogeneously distributed across firms

  empirical indicators of the potential of a resource to generate sustained competitive advantage: 

  • Valuable  
  • Rare
  • Imperfectly imitable (due to unique history, causal ambiguity, or social complexity) 
  • Non-substitutable
• 1996 - Gaining and Sustaining a competitive advantage


  Adapts VRIN to be VRIO, adding 'Organisation'

  Whether a firm's policies, procedures, and culture are aligned to exploit the full value of its resources
• 2001 - Is the resource based view a useful perspective for strategic management research? Yes

  Rebuttal to Priem and Butler (2001)

  1. Tautology and Testability: Ability to restate a theory as tautological does not diminish its empirical testability
  2. Product Markets: RBV considers strategic factor markets
  3. Value: Accepts the limits to RBV in understanding which resources are VRIN ex ante
• 1986 - Organisational Culture

  1. Valuable
  2. Rare
  3. Imperfectly Imitable