Strategic Management Journal Summary Nama : Carolina Yulianti Gultom NIM : 1106112113

An Overview Review of the Resource Based View (RBV) of the Firm, Drawing on Recent Spanish Management Research Author: Vincente A. Lopez, Irish Journal of Management, 2001 Powerfull for change are re-mapping the economic and the business environment. The fundamental drivers such as change comprise globalization, higher degree of complexity, new technology, intense competition, volatile customer demands and movements in the economic and political structure brings to competitive momentum in broader area. Firm are beginning to perceive that the conventional product based competitive advantage.The origins of ResourceBased View (RBV) is the system of production that number of researchers were appreciated to specific improvement and became the root of strategic advantage. Penrose ( 1962 ) published a major work that examined a central enigma in economic. This was first approach to propose definition of a firm as unique and organized collection resources. Grant and Barney (1991) brought up practical framework of a resource based approach to analyze and develop strategy; that are Resources (include all assets, org process, information, knowledge), Capabilities to pursue effective strategies of a firm, Competitive Advantage from potential resources as appropriability return, Strategy to maximize the firms resources and capabilities to measure gaps that should be filled. In Barney literature, 1991, he argues that strategic resources within RBV should meet several criteria; that are valuable resources it must have the capacity to improve the companys effectiveness and efficiently, rare resources that are highly demanding, imperfectly imitable resources that are difficult to replicate and substitutability its not strategic if competitors can find a substitute for what it can do. For the last decade, Spain has grown research synthesis of RBV that was outlined by Fernandez (1992) that focused on the cause of Spanish business competitiveness. Until the first empirical research by Montez et al (1996) used ANOVA to measure industry effect, most of those researches were influenced by the industry and economic focus. Galan and Vecino (1997) argue a descriptive model to define accounting profitability in a firm yearly basis in the industry that consist of constant value (average population), industry effects, company effects, year effects, interaction effect between industry yearly with additional factor of residual value. In 1998, the Spanish RBV research moved to specialized work approaches and improved the understanding of the theory of competitive advantage based on RBV such as examining the assumptions in the RBV (Fernandez) and consideration on stochastic model to explain resources market imperfections as the origin of the competitive advantage of firms (Guia, 1998). Aguirre (1996) found that Spanish executive is raising awareness that significantly contribute in the competitiveness of knowledge management and learning. Lopez and Madrid (1999) addressed a controversial gap within the RBV that need to develop resources and its relationship with business performance through examines various alternative forms. This research by Lopez (2001) conveyed an important prescription within RBV that the relationship between the resources owned and controlled by a firm as a source of competitive advantage and proposed drivers of business performance. He formulated a causal model that able to explain multiple relationship and variability of the dependent variable of the model. This research achieve conclusion that it is difficult for certain areas (such as marketing or finance) to perform empirical studies using the concepts and ideas developed by this perspective. Meanwhile, the implication of the resource seem to highly productive in strategic management, accounting and management.