Managing Resources: Linking Unique Resources, Management and Wealth Creation in Family Firms
20 Pages Posted: 12 Feb 2009
Date Written: June 1, 2003
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
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