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Asset Stock Accumulation and Sustainability of Competitive Advantage

Author

Listed:
  • Ingemar Dierickx

    (INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France)

  • Karel Cool

    (INSEAD, Boulevard de Constance, 77305 Fontainebleau Cedex, France)

Abstract

Given incomplete factor markets, appropriate time paths of flow variables must be chosen to build required stocks of assets. That is, critical resources are accumulated rather than acquired in "strategic factor markets" (Barney [Barney, J. 1986. Strategic factor markets: Expectations, luck, and business strategy. Management Sci. (October) 1231--1241.]). Sustainability of a firm's asset position hinges on how easily assets can be substituted or imitated. Imitability is linked to the characteristics of the asset accumulation process: time compression diseconomies, asset mass efficiencies, inter-connectedness, asset erosion and causal ambiguity.

Suggested Citation

  • Ingemar Dierickx & Karel Cool, 1989. "Asset Stock Accumulation and Sustainability of Competitive Advantage," Management Science, INFORMS, vol. 35(12), pages 1504-1511, December.
    • Handle: RePEc:inm:ormnsc:v:35:y:1989:i:12:p:1504-1511
    DOI: 10.1287/mnsc.35.12.1504
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