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IESE Research Papers,
IESE Business School

No D/666: Strategic factor markets: Bargaining, scarcity, and resource complementarity

Tunji Adegbesan ()
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Tunji Adegbesan: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN

Abstract: Strategic factor market theory suggests that without luck or asymmetric expectations, firms can't appropriate gains from acquired resources. Adopting the bargaining perspective on resource advantage, we hold that this is only true in the absence of resource complementarity. We extend factor market theory to account for resource complementarity, and we show that firms can profit when they exhibit superior complementarity to target resources, even in the absence of asymmetric expectations. Thus we provide an alternative interpretation of managers' recent emphasis on externally acquired resources.

Keywords: Complementarity; bargain perspective; value appropriation; resource acquisition; asymmetric expectation

23 pages, January 18, 2007

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