THE DEVELOPMENT OF THE RESOURCE BASED FIRM BETWEEN VALUE APPROPRIATION AND VALUE CREATION

Various authors have brought forth the idea that the increase in contextturbulence and the relentless change in today’s economic and competitiveenvironments have rendered it essential for an effective firm strategy tocombine both value appropriation and value creation (Porter, (1996);Moran & Ghoshal, (1999); Venkataraman & Sarasvathy, (2001); Hittet al., (2001b). Nonetheless, the methodological bases and the assumptionsthat characterize contributions concerning value appropriation andvalue creation are notably different and in many respects opposite to oneanother. These profound methodological differences hinder the possibilityof a combined consideration of value appropriation and value creationissues within a coherent interpretative framework. By reinterpreting moreconventional strategy studies in the light of the Austrian process view, thisarticle builds a process framework which is able to consider and rendermutually compatible both value appropriation and value creation within the unitary process of firm development. In addition, the use of the Austrianapproach as an interpretative lens enables an evolution and extensionof the resource-based theory that consents it, not only to grasp themechanisms behind value appropriation, but also to suggest new ways ofviewing post-industrial firm behavior that help to interpret its dynamicand proactive role in the value creation process.