Theory in RBVa) Penrose, 1959. "Theory of the Growth of the Firm".■Theme:1) The in ter nal resources of a firm ・ the productive services available to a firm from its own resources, particularly the productive services available from management with experienee within the firm.2) As management tries to make the best use of the resources available, a truly *dynamic interacting process occurs which encourages continuous growth but limits the rate of growth・•RQ: Assuming that some firms can grow, what prin ciples will go ver n their growth, and how fast and how long can they grow? Alter natively, assumi ng that there are opport un ities for expa nsion in an economy, what determines the kind of firm that will take advantage of them and to what extent?•What is a "firm":a) Economics: Price (p) and Output (q) 一〉Optimal size problem.(Size=output)b) The Firm as an administrative organization (central management)c) The Firm as a collect!on of productive resources・-Resources: physical resources and human resources・-Services yielded by resources-The size of a firm should be measured with respect to the present value of the total of its resources used for its own productive purposes.•The motivation of the firm:a) The profit motive: The finan cial and in vestme nt decisi ons of firms are con trolled by a desire to in crease total long-run profits.b) Growth and profits become equivalent as the criteria for the selection of jnvestment programs.•Inherited Resources and the Direction of Expansion1) Firm Growth: External and Internal inducement / obstacles-Internal obstacles arise when services (in particular the managerial capacity and the technical skills) required for expansion are not available in sufficient amounts within the firm.-Internal inducements arise largely from the existence of a pool of unused productive services, resources, and special knowledge.2) The continuing availability of unused services:强调人与资产的循环互动，相互推动，相互开 发.a) So long as any resources are not used fully in current operations, there is an incentive for a firm to find a way of using them more fully.b) No "equilibrium position"In divisibility of resources: Theres always unu sed servicesIn the process of utilizing unused services, new types of resources will always be added to the firms collect!on of resources.c)Idle* services and specialized1 services: Specializati on leads to higher com mon multiplies, higher common multiplies leads to greater specialization. — Specialization -> Divers讦ication -> Specialization c) New services will also become available from existing resources・In teraction betwee n pers onnel and material resources: Not only can the pers onnel of a firm render heterogeneous varieties of services, but also the material resources can be used in d iff ere nt ways, if the people who work with them get d iff ere nt ideas.d) The creation of new productive services・ The services that resources will yield depend on the capacities of the men using them, but the development of the capacities of men is partly shaped by the resources men deal with・3) Dema nd and ResourcesDema nd is a necessary condition of en trepreneurial interest in any product, but the origi nal incentive to a great deal of irrnovation can be found in a firrrVs desire to use its existing resources more efficiently.4) The Direction of ExpansionNew combi nations previously acquired or in herited resources and other resources which must be obtained from the market.to ♦ ♦ □窗□b) Wernerfelt, 1984. "A Resource-Based View of the firm ",Theme: to look at firms in terms of resources rather than products; & Sequential entry.■Resource: anything which could be thought of as a strength or weakness of a given firm・ Defi nition: Tan gible or in tangible assets which are tied semi-permane ntly to the firm.•1. Resource and profitability1) General effect: monopolistic bargaining power; substitution2) First Mover Advantage - Resource position barriers (VS・ entry barrier・ entry barrier 是令十对 incumbent 和 potential entrants,未考虑 diversifier.)3) Attractive resources (difficult for others to catch up)4) Mergers and Acquisitions: to trade otherwise non-marketable resources and to buy or sell resources in bun dies ・2. Dynamic resource management1) The resource-product matrix2) Sequential entry • to develop the resource in one market and then to enter other markets from a position of strength・3) Exploit and develop ・ a balance between exploitation of existing resources and development of new ones.4) Stepping stones • diversification step must be evaluated in terms of short-term balance effect and long-term function as stepping stones to further expansion.c) Barney, 1986. "Strategic factor markets: expectations, luck and business strategy".Theme: Above normal economic returns comes from more accurate expectations (originated from unjque skills and capabilities) or luck from the strategic fact。