Resource origins and search

• 成果类型: Article
• 署名作者: Felin, Teppo; Kauffman, Stuart; Zenger, Todd
• 署名单位: Utah System of Higher Education; Utah State University; University of Oxford; Institute for Systems Biology (ISB); Utah System of Higher Education; University of Utah
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.3350
• 发表日期: 2023
• 页码: 1514-1533
• 关键词: factor markets; perception; resource search; resource-based view

摘要

Research Summary The search for new resources is costly and difficult within the resource-based view. Because search is costly, a common prescription is for firms to focus on their endowments-the resources they already possess. However, is there a way for firms to somehow find value amongst the vast reservoirs of external resources? We review existing forms of resource search and then suggest an alternative. Extending arguments from biology, we develop the idea of a firm-specific search image and highlight how search images can reveal resources not obvious to others. The search image notion speaks to how firms might uniquely identify dormant resources, even in seemingly efficient factor markets. We conclude with a discussion of how our arguments pertain to the resource-based view and the origins of resources. Managerial Summary How do managers and entrepreneurs search, identify, and find assets and resources in relentlessly competitive markets? Existing arguments largely suggest that firms should not engage in costly and competitive external search-instead they should focus inside, leveraging the endowments and resources they already possess. We argue that vast reservoirs of dormant resources are available, and that a particular form of external resource search offers a powerful alternative to the prescription to look inside. Specifically, we highlight how a search image can enable entrepreneurs and managers to search and see resources and value that is not obvious to others. In particular, the search for a functional need-and solution to a formulated problem-can help firms recognize and find dormant resources and create value.