The Resource-Based View and The Concept of Value: The Role of Emergence in Value Creation

Luis Armando Luján Salazar

Resumen


This theoretical paper deals with the concept of value. It asserts that value is the only and necessary condition in the resource-based view (RBV). It also argues that no resource or strategy is valuable per se: it is related to a configuration of resources, routines, and embedded assets. For example, concerning the RBV attribute of imitation, we can ask to what extent a valuable resource is independent of the rest of resources, and by extension, to what extent a configuration of resources is rare by itself. This paper discusses the emergence of value and it is embeddedness in a configuration of resources. Revising the concept of value could challenge the other main conditions in the RBV: rarity and cost of imitation, impossibility to replace with strategic substitutes. If the relations of these attributes with the rest of the resources are taken into account, we might have a better understanding of how value emerges and how a firm’s resources and capabilities are related with the creation of value.


Palabras clave


strategy; resource-based view; value creation; emergence

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Referencias


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