Specificity and Opacity as Resource - Based Determinants of Capital Stucture : Evidence for Spanish Manufacturing Firms  

Oleh:

Vicente-Lorente, Jose David

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 22 no. 2 (2001), page 157-178.
Topik: MANUFACTURING; capital structure; financial restrictions; resource - based view; strategic resources

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In this work we develop an analytical framework to examine the effects of strategic investments on the financial policy of the firm. From the resource - based approach of the firm, nontradable and difficult - to - copy assets are the basis of a sustainable competitive advantage. However, imperfections in the resource markets can also be interpreted as sources of costs and / or restrictions form a financial point of view. Specificity and opacity are the features of strategic resources that enable us to identify the financial point of view. Specificity and opacity are the features of strategic resources that enable us to identify the financial implications of the resource - based strategy. We have tested our theoretical framework using a sample of spanish non financial firms. Our results show that highly specific and opaque resources limit the borrowing capacity of the firm, while other transparent strategic assets affect financial leverage positively. Our findings suggest two main implications for strategy formulation and implementation : 1. there are unobservable financial costs that must be considered for a correct evaluation of a sustainable competitive advantage based on strategic resources, and 2. the financial policy of a "resource - driven" firm is partially determined by the feature of its strategic resource bundle.

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