The RBV theory foundation of strategic HRM : critical flaws, problems for research and practice, and an alternative economics paradigm

Abstract

The resource‐based view (RBV) of the firm is a guiding paradigm for strategic HRM research. This article explores theRBV–strategicHRMintersection, identifies and critiquesRBVweaknesses and problem areas, develops new implications forRBV–strategicHRMtheory and empirical work, and develops an alternative economics‐based decision model for makingHRMchoices. The article focuses on fourRBV–strategicHRMdimensions:HRMperformance and the ‘no rules for riches’ proposition; alternative definitions of value and competitive advantage and implications for strategicHRM's dependent variable; neglect of marginal decision rules and consequent misprediction of optimalHRMadoption; and the impact on employee relations ofRBV‐guided rent‐capture practices. Numerous implications for theory and practice are developed; also suggested is a new paradigm approach for strategicHRMtheory.

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