Resource‐Based View ( RBV )

Abstract The resource‐based view ( RBV ) sees the firm as a bundle of resources and capabilities, explaining the relationship between firm's internal characteristics (resources and capabilities) and its performance. It is built around two underlying assumptions on heterogeneity and immobility of resources across firms. The central point of the theory states that a firm competitive advantage results from the application of the resources holding specific characteristics that are at the firm's disposal. Resources that constitute the basis of a firm competitive advantage must be valuable, rare, inimitable and organized. If these conditions are fulfilled, the bundle of firm resources and capabilities can enhance a firm ability to achieve a sustained competitive advantage and in consequence above average returns. The RBV has given the rise to prominent, related perspectives: the knowledge‐based view, the natural‐resources‐based‐view, and dynamic capabilities view. Within international business field, its contribution is particularly visible in four areas: multinational management, strategic alliances, market entries (incl. emerging markets strategies) and international entrepreneurship.