Article1997

STRATEGIC ASSETS, CAPITAL STRUCTURE, AND FIRM PERFORMANCE

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Corporate Finance and Governance Financial Analysis and Corporate Governance Intellectual Capital and Performance Analysis

Abstract

Possession of strategic assets is a necessary condition for sustained competitive advantage. This condition is, however, not sufficient. Firms require financial management capability to realize the rents present in their strategic assets. The firm-specific nature of strategic assets implies that they be financed primarily through equity; other less specific assets should be financed through debt. Firms are likely to suffer increased costs and decreased performance if they do not adopt suitable governance structures in their transactions with potential suppliers of funds.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2004Firm resources and sustained competitive advantage 1984A resource‐based view of the firm 1987The Economic Institutions of Capitalism 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1995The Theory of the Growth of the Firm 1977Determinants of corporate borrowing 2006The Core Competence of the Corporation

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