Dissolving the Resource-Based View: Why Dynamic Capability Theory Fails to Account for Institutional Voids in Emerging Market Polycentrism
Keywords:
dynamic capability theory, resource-based view, institutional voids, emerging market polycentrism, strategic reconfiguration, relational governance, VRIN heterogeneity, corporate strategy formulation, structural equation modelingAbstract
The Resource-Based View (RBV) and its Dynamic Capability (DC) extension have dominated strategic management scholarship for over three decades, yet their applicability to polycentric emerging market configurations remains empirically contested. This study systematically interrogates the theoretical coherence of DC frameworks when applied to firms operating within institutional voids, drawing on a mixed-methods design encompassing 214 firm-level panel observations across six emerging economies (2018–2023) and 32 in-depth executive interviews. Our structural equation modeling reveals that VRIN-conditioned resource heterogeneity loses predictive salience under high institutional uncertainty, while relational governance mechanisms demonstrate superior explanatory power. These findings challenge the universal ontological claims of DC theory and advocate for a void-sensitive strategic reconfiguration paradigm, with direct implications for corporate strategy formulation in sub-Saharan Africa, South and Southeast Asia, and Latin America.
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