Innovations and the Role of Complementarities in a Strategic Theory of the Firm

Innovations and the Role of Complementarities in a Strategic Theory of the Firm

In the resource-based view of strategy and in evolutionary economics, complementary assets play a crucial role in explaining sustainable competitive advantages and innovations. Despite the apparent importance of complementary assets for the understanding of corporate strategy, their creation and the...

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Veröffentlicht in:Strategic Management Journal. - John Wiley & Sons. - 28(2007), 1, Seite 1-15
1. Verfasser: Stieglitz, Nils (VerfasserIn)
Weitere Verfasser: Heine, Klaus
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2007
Zugriff auf das übergeordnete Werk:Strategic Management Journal
Schlagworte:complementary assets strategic theory of the firm appropriation of rents central coordination industry evolution Business Applied sciences Biological sciences Mathematics Economics
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520 |a In the resource-based view of strategy and in evolutionary economics, complementary assets play a crucial role in explaining sustainable competitive advantages and innovations. Despite the apparent importance of complementary assets for the understanding of corporate strategy, their creation and the associated managerial problems have been much less discussed. We believe this to be a major weakness in the strategic theory of the firm. Interestingly, problems of coordination and cooperation are center stage in the contract-based theories of the firm, and we try to integrate some of their insights into a resource-based perspective. Specifically, we show how complementary assets raise the need for strategic direction by a firm's top management. Moreover, complementary assets magnify internal incentive problems, and their management has an impact on the innovativeness of a firm. Lastly, complementary assets play a crucial role in the internal appropriation of innovative rents. We demonstrate the fruitfulness of our integrated framework by relating some of our findings to the literature on corporate strategy, industry evolution, and organizational structures. 
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