Managing Resources: Linking Unique Resources, Management and Wealth Creation in Family Firms

20 Pages Posted: 12 Feb 2009

See all articles by David G. Sirmon

David G. Sirmon

Texas A&M University

Michael A. Hitt

Texas A&M University - Department of Management; Texas Christian University

Date Written: June 1, 2003

Abstract

The appropriate resources are necessary but insufficient to achieve a competitive advantage. Resources must also be managed effectively. Herein, we develop a resource management process model composed of three components that can lead to a competitive advantage. These components include the resource inventory (evaluating, adding, and shedding), resource bundling, and resource leveraging. We examine resource management in family firms and thus explore the unique characteristics of five resources and attributes of family firms that provide potential advantages over nonfamily firms. The resources are human capital, social capital, patient capital, survivability capital, along with the governance structure attribute.

Keywords: Resource management, RBV, family firms

Suggested Citation

Sirmon, David G. and Hitt, Michael A., Managing Resources: Linking Unique Resources, Management and Wealth Creation in Family Firms (June 1, 2003). Entrepreneurship Theory and Practice, Vol. 27, No. 4, pp. 339-358, 2003, Available at SSRN: https://ssrn.com/abstract=1341636

David G. Sirmon (Contact Author)

Texas A&M University ( email )

430 Wehner
College Station, TX 77843-4218
United States

Michael A. Hitt

Texas A&M University - Department of Management ( email )

430 Wehner
College Station, TX 77843-4218
United States
979-458-3393 (Phone)

Texas Christian University ( email )

Fort Worth, TX 76129
United States

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