The resource-based approach is an emerging framework that has stimulated discussion between scholars from three research perspectives. First , 1989) .

There is as yet limited empirical research on the internationalization processes, strategies and operations of Asian MNEs from countries at different levels of development. Drawing on primary data from matched case studies of emergin Taiwanese and Malaysian MNEs in the textiile and electronics industries, this paper examines and analyses their internationalization characteristics and strategies within the IDP perspective. The findings indicate that the emerging Taiwanese and Malaysian MNEs, while exhibiting characteristics such as that described in extant theories also suggest some differences. The empirical findings, limitations and areas fro further research are discussed.

᭹One of the more interesting issues in the strategic management field is the question of whether intra-industry performance differences exist, particularly across strategic groups. Most of the existing studies have used accounting measures of performance despite the documented weaknesses of such measures. This paper examines whether financial market-based measures of performance are superior to accounting-based measures in identifying performance differences across strategic groups. ᭹ Hypotheses are tested on data from an existing sample of firms in the US pharmaceutical industry.The empirical results indicate that performance differences are more likely to exist across strategic groups when financial market performance measures are used. Suggestions for further refinements are made and limitations of the study are discussed.

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PurposeThe paper aims to assess the impact of corporate strategy on shareholder value in decline and turnaround situations.Design/methodology/approachA sample of 45 turnaround firms was selected and matched against a control sample which did not face continuous decline over the time period studied. The impact of corporate strategy on shareholder value was tested using cumulative beta excess return measures to capture the long‐term basis of corporate strategy.FindingsThe paper finds that the beta excess return measures captured the hypothesized relationships between strategy and shareholder value for the sample firms studied.Practical implicationsBeta excess return measures are superior to case studies or event studies for identifying the long‐term effects of corporate strategy.Originality/valueRelatively few studies have compared the strategies of turnaround firms with a matched sample of non‐declining firms. The use of cumulative beta excess returns to assess long‐term valuation of corporate strategy is original.