The paper argues that the principal components of the Resource- based view (R-BV) of the firm are not a sufficient basis for a complete and consistent theory of firm behaviour. Two important missing elements are governance arrangements and value theory. Whilst these missing elements have been...

The paper argues that the principal components of the Resource- Based View (R-BV) as a theory of sustained competitive advantage (SCA) are not a sufficient basis for a complete and consistent theory of firm behaviour. Two important missing elements are governance arrangements and value theory....