Signaling theory is useful for describing behavior when two parties (individuals or organizations) have access to different information. Typically, one party, the sender, must choose whether and how to communicate (or signal) that information, and the other party, the receiver, must choose how to interpret the signal. Accordingly, signaling theory holds a prominent position in a variety of management literatures, including strategic management, entrepreneurship, and human resource management. While the use of signaling theory has gained momentum in recent years, its central tenets have become blurred as it has been applied to organizational concerns. The authors, therefore, provide a concise synthesis of the theory and its key concepts, review its use in the management literature, and put forward directions for future research that will encourage scholars to use signaling theory in new ways and to develop more complex formulations and nuanced variations of the theory.
We address current criticisms of the RBV (oversight of dynamism, environmental contingencies, and managers' role) by linking value creation in dynamic environmental contexts to the management of firm resources. Components of the resource management model include structuring the resource portfolio; bundling resources to build capabilities; and leveraging capabilities to provide value to customers, gain a competitive advantage, and create wealth for owners. Propositions linking resource management and value creation are offered to shape future research.
In this article, the authors discuss how an emerging research stream, which they term resource orchestration, has the potential to extend the understanding of resource-based theory (RBT) by explicitly addressing the role of managers' actions to effectively structure, bundle, and leverage firm resources. First, the authors review this emerging stream by comparing two related frameworks, resource management and asset orchestration. This comparison leads to their integration, which enables a more precise understanding of managers' roles within RBT. Then the authors discuss what is known and what remains to be known about resource orchestration. This leads to in-depth reviews of three areas where research on resource orchestration can be used to extend RBT. These areas are (1) breadth (resource orchestration across the scope of the firm), (2) life cycle (resource orchestration at various stages of firm maturity), and (3) depth (resource orchestration across levels of the firm). They close with a discussion of future research that will extend resource orchestration and contribute to a more robust RBT.
Strategic entrepreneurship (SE) involves simultaneous opportunity-seeking and advantageseeking behaviors and results in superior firm performance. On a relative basis, small, entrepreneurial ventures are effective in identifying opportunities but are less successful in developing competitive advantages needed to appropriate value from those opportunities. In contrast, large, established firms often are relatively more effective in establishing competitive advantages but are less able to identify new opportunities. We argue that SE is a unique, distinctive construct through which firms are able to create wealth. An entrepreneurial mindset, an entrepreneurial culture and entrepreneurial leadership, the strategic management of resources and applying creativity to develop innovations are important dimensions of SE. Herein we develop a model of SE that explains how these dimensions are integrated to create wealth.
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