This article argues that resource-based logic can be extended by conceptualizing the firm in resource-investment terms. It establishes that investing in resources is essentially a bilateral process involving managers and the owners of capital and that all resource-investments are necessarily made within an institutional superstructure. As a result, the capital invested into the firm is necessarily highly structured. These ideas are developed in this article from a payments perspective because this perspective allows scholars to explore the ex ante investment decisions that allow firms to grow, and to focus on firmsÃ¢Â€Â™ resource payments, which can be considered a proxy for firmsÃ¢Â€Â™ ex post resource-investments. The article concludes with a discussion of the implications of these ideas,including the implications for performance, theory of the firm, and endogenous growth research.
Zubac, A., Hubbard, G., & Johnson, L. (2012). Extending Resource-Based Logic: Applying the Resource-Investment Concept to the Firm From a Payments Perspective. Journal of Management, 38(6), 1867-1891. https://doi.org/10.1177/0149206310383907