Toward a pecking order theory of strategic resource deployment

  • A premise of the capabilities perspective in strategy is that firm-specific capabilities allow some firms to be unusually adept at exploiting growth opportunities. Since few firms have the capacity to internally generate the quantity or variety of strategic resources needed to exploit growth opportunities, the ability to externally acquire complementary resources is critical to the acquisition of competitive advantage. However, the external sourcing of resources exposes the firm’s strategic resources to risks of expropriation. We argue this threat gives capable firms incentive to use internally generated strategic resources to pursue growth opportunities before turning to external sources. A pecking order theory of strategic resource deployment is implied. Data from a 22-year sample of cross-border investment partnership decisions made by U.S.-based venture capital firms lend support to our theory.

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Metadaten
Author:William Schulze, David Deeds, Robert Wuebker, Roman KräusslORCiDGND
URN:urn:nbn:de:hebis:30:3-386645
URL:https://ifk-cfs.de/fileadmin/downloads/publications/wp/2015/CFS_WP_523.pdf
Parent Title (English):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 523
Series (Serial Number):CFS working paper series (523)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Language:English
Year of Completion:2015
Year of first Publication:2015
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2015/12/08
Tag:Dynamic Capabilities; Resource Acquisition; Venture Capital
Page Number:41
HeBIS-PPN:368523292
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht

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