TY  - UNPD
A1  - Schulze, William
A1  - Deeds, David
A1  - Wuebker, Robert
A1  - Kräussl, Roman
T1  - Toward a pecking order theory of strategic resource deployment
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 523
N2  - A premise of the capabilities perspective in strategy is that firm-specific capabilities allow some firms to be unusually adept at exploiting growth opportunities. Since few firms have the capacity to internally generate the quantity or variety of strategic resources needed to exploit growth opportunities, the ability to externally acquire complementary resources is critical to the acquisition of competitive advantage. However, the external sourcing of resources exposes the firm’s strategic resources to risks of expropriation. We argue this threat gives capable firms incentive to use internally generated strategic resources to pursue growth opportunities before turning to external sources. A pecking order theory of strategic resource deployment is implied. Data from a 22-year sample of cross-border investment partnership decisions made by U.S.-based venture capital firms lend support to our theory.
T3  - CFS working paper series - 523 
KW  - Resource Acquisition
KW  - Dynamic Capabilities
KW  - Venture Capital
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/38664
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-386645
UR  - https://ifk-cfs.de/fileadmin/downloads/publications/wp/2015/CFS_WP_523.pdf
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -