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Dynamic capabilities enable firms to create new products and processes and respond to changing market conditions. This empirical investigation of dynamic R&D capabilities deals with the role of complementary know-how and other assets in the context of changing conditions in the U.S. petroleum industry during the 1970s and early 1980s. The analysis suggests(More)
The question of whether corporations add value beyond that created by individual businesses has engendered much debate in recent years. Some of this debate has focused on the pros and cons of related vs. unrelated diversification. A standard explanation of the benefits of related diversification has to do with the ability to obtain intra-temporal economies(More)
Technological innovation sometimes requires industry incumbents to shift to a completely new core technology. To successfully navigate a technological transition, firms often face the ambidextrous challenge of “exploiting” existing complementary assets to support the new “exploratory” core technology. We argue that an industry incumbent attempting to make a(More)
S trategic renewal, although critical for the sustained success of organizations, has received relatively little attention as distinct from the more general phenomenon of strategic change. Like all strategic issues, strategic renewal presents both opportunities and challenges for organizations. In this article, we first define the term " strategic renewal "(More)
Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Abstract Tournaments are widely used in the economy to organize production and innovation. We study individual(More)
This study analyzes dynamic capabilities that support activities directed toward accessing resources and further developing resources to make them commercially usable. We develop theory and empirically investigate the impact of dynamic capabilities on the amount and success of these activities, and whether the impact of dynamic capabilities differs between(More)
SMJ welcomes papers that focus on theoretical contributions, empirical contributions (quantitative and/or qualitative), or combinations of these. The " Editorial Policy " statement on the SMJ website reflects this goal. The purpose of this editorial is to add clarity to what " theory " means in SMJ. It is intended to be useful to SMJ editors, referees, and(More)