Abstract
This article analyzes the role of top management as a key resource in obtaining sustained, competitive advantage for thefirm. The nature of managerial skills is examined and linked to isolating mechanisms and firm rents. The article aims to refocus attention on the importance of managerial expertise as a rent-generating firm resource and implies greater alignment of top management-shareholder interests than in many applications of agency theory to the firm.
Keywords
Economic rentBusinessIndustrial organizationAgency (philosophy)Competitive advantageResource (disambiguation)ShareholderKey (lock)Principal–agent problemTheory of the firmMicroeconomicsEconomicsMarketingFinanceCorporate governanceComputer science
Affiliated Institutions
Related Publications
The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage
In this article we offer a view that suggests that a firm's critical resources may span firm boundaries and may be embedded in interfirm resources and routines. We argue that an...
A Historical Comparison of Resource-Based Theory and Five Schools of Thought Within Industrial Organization Economics: Do We Have a New Theory of the Firm?
A resource-based approach to strategic management focuses on costly-to-copy attributes of the firm as sources of economic rents and, therefore, as the fundamental drivers of per...
Strategic assets and organizational rent
Abstract We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of ...
Agency costs of free cash flow, corporate finance, and takeovers
Corporate managers are the agents of shareholders; a relationship fraught with conflicting interests. Agency theory, the analysis of such conflicts, is now a major part of the e...
Firm Resources and Sustained Competitive Advantage
Understanding sources of sustained competitive advantage has become a major area of research in strategic management. Building on the assumptions that strategic resources are he...
Publication Info
- Year
- 1991
- Type
- article
- Volume
- 17
- Issue
- 1
- Pages
- 155-171
- Citations
- 1083
- Access
- Closed
External Links
Social Impact
Altmetric
PlumX Metrics
Social media, news, blog, policy document mentions
Citation Metrics
1083
OpenAlex
Cite This
Richard P. Castanias,
Constance E. Helfat
(1991).
Managerial Resources and Rents.
Journal of Management
, 17
(1)
, 155-171.
https://doi.org/10.1177/014920639101700110
Identifiers
- DOI
- 10.1177/014920639101700110