On Becoming a Strategic Partner: The Role of Human Resources in Gaining Competitive Advantage

Although managers cite human resources as a firm\u27s most important asset, many organizational decisions do not reflect this belief. This paper uses the VRIO (value, rareness, imitability, and organization) framework to examine the role that the Human Resource (HR) function plays in developing a sustainable competitive advantage. We discuss why some popularly cited sources of sustainable competitive advantage are not, and what aspects of a firm\u27s human resources can provide a source of sustainable competitive advantage. We also examine the role of the HR executive as a strategic partner in developing and maintaining competitive advantage within the firm

Stakeholder Theory at the Crossroads

The stakeholder perspective has provided a rich forum for a variety of debates at the intersection of business and society. Scholars gathered for two consecutive years, first in North American, and then in Europe, to discuss the major issues surrounding what has come to be known as stakeholder theory, to attempt to find common ground, and to uncover areas in need of further inquiry. Those meetings led to a list of “tensions” and a call for papers for this special issue to help address them. In this article we introduce the resulting articles and provide some brief commentary on their importance. We end with a few of our own observations about the stakeholder perspective and stakeholder research

[Introduction to] The Cambridge Handbook of Stakeholder Theory

In the decades since R. Edward Freeman first introduced stakeholder theory, which views firms in terms of their relationships to a broad set of partners, the stakeholder approach has drawn increasing attention as a model for ethical business. Edited by Freeman, alongside other leading scholars in stakeholder theory and strategic management, this handbook provides a comprehensive foundation for study in the field, with eighteen chapters covering some of the most important topics in stakeholder theory written by respected and highly cited experts. The chapters contain an overview of the topic, an examination of the most important research on the topic to date, an evaluation of that research, and suggestions for future directions. Given the pace of new scholarship in the field, this handbook will provide an essential reference on both foundational topics as well as new applications of stakeholder theory to entrepreneurship, sustainable business, corporate responsibility, and beyond.https://scholarship.richmond.edu/bookshelf/1374/thumbnail.jp

Firm‐specific human capital investments as a signal of general value: Revisiting assumptions about human capital and how it is managed

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/136278/1/smj2521.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/136278/2/smj2521_am.pd

The Use of Resources in Resource Acquisition

The author considers the processes through which a firm can acquire resources and argues that its current stock of resources create asymmetries in competition for new resources. Two simple models illustrate how this can work through linkages on the demand and/or cost side. The normative implication is that firms should expand their resource portfolios by building on their existing resources; different firms will then acquire different new resources, and small initial heterogeneities will amplify over time

Stimulating firm-specific investment through risk management

This article suggests a rationale for firm risk management that has been largely ignored in financial economics literature. It presents an argument for harnessing the influence of a company's stakeholders who, whether as employees, suppliers or customers, make a valuable investment specific to the company. Such investments are crucial for a firm's competitive advantage, yet because they are firm-specific and therefore cannot be transformed or transferred, stakeholders are often concerned about the risks involved in making them. A company's efforts to manage risk can therefore persuade stakeholders to make even greater firm-specific investments, bringing benefits to shareholders and stakeholders alike. (C) 2003 Elsevier Science Ltd. All rights reserved

Implications of Strategic Management Theory

Macroeconomic theory assumes that factors of production in the economy are homogeneous and fungible. As a result, it may be ill-suited for developing policy responses to the recent financial crisis. Theories of strategic management and organization, with their emphasis on heterogeneously distributed resources and capabilities, may be better positioned. Examples of where macroeconomic theory may lead policies astray, and where theories of strategic management may be more appropriate, are provided