2.  Distinguished Professor of Management, Joe B. Foster Chair in Business Leadership, Mays Business School of Texas A&M University  His research actively incorporates and tests dimensions of the Resource Based View (RBV) of the firm, institutional theory and organizational learning theory  He is the author or co-author of over 200 journal articles and 26 books  Former editor of the Academy of Management Journal. He is currently the co-editor of the Strategic Entrepreneurship Journal  In 2001, he received the Irwin Outstanding Educator Award and the Distinguished Service Award from the Academy of Management

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5.  Industry  Institutions

6. The Resource Based View of the Firm D istinctive Competencies (Hrebiniak & Snow, 1982; Hitt & Ireland, 1985, 1986) R icardian Economics (Ricardo, 1817) P enrosian Economics (Penrose, 1959) Administrative Framework Coordinating Activities of Individuals and Groups Bundle of Productive Resources

7. Wernerfelt (1984) Rumelt (1984) Barney (1986)

8. Seminal Base of the RBV Barney (1991, 2001)

9. Barney (1991) Capabilities that either help a firm to exploit opportunities to create value for customers or to neutralize threats in the environment Capabilities that are possessed by few, if any, current or potential competitors Capabilities that other firms cannot develop easily, usually due to unique historical conditions, causal ambiguity or social complexity Capabilities that do not have strategic equivalents, such as firm- specific knowledge or trust-based relationships

11. Managing Resources Human Capital as a Source of Firm Strategy and Value Creation (Hitt, Bierman, Shimizu & Kochhar, 2001; Hitt, Bierman, Uhlenbruck & Shimizu, 2006) Barney and Arikan (2001) Suggest that Earlier Work Took a “Remarkably Naïve View” of Implementation Issues For the Value to be Realized, Resources Have to be Managed Effectively (Bundled and Leveraged) (Sirmon, Hitt & Ireland, 2007) Sirmon, Gove and Hitt (2008) Isolated Managerial Effects on the Outcomes of Dyadic Competitive Contests  Some Resources Are More Flexible  Resource Acquisition Is Critical for Inflexible Resources  Managerial Bundling Actions with Flexible Resources Are Critical to Competitive Success  Some Resources Are More Flexible  Resource Acquisition Is Critical for Inflexible Resources  Managerial Bundling Actions with Flexible Resources Are Critical to Competitive Success

12. Managing Resources (cont’d) Dynamic Managerial Resources Asset Orchestration Dynamic Managerial Resources Asset Orchestration Asset Orchestration: Integrating Resource Investments with Resource Deployments (Strategy) Firm Performance Suffers when Managers Resource Investment Decisions Vary from the Norms of Rivals However, When the Resource Investments Support the Strategy Chosen, Deviation from Rivals Enhance Firm Performance

13. So, When Firms Enter New Markets, They Search for and Try to Achieve Legitimacy (Dowling & Pfeffer, 1975; Tolbert & Zucker, 1983)

16. One of the Most Profound Business Phenomena of the 20 th Century Was the International Expansion of Business Activities (Sapienza, Autio, George & Zahra, 2006) Arregle, Miller, Hitt and Beamish (2009) Found that Country and Region’s Institutional Environments Affect the Amount and Type of Foreign Direct Investments Made by Firms Zhu, Hitt, Eden and Tihanyi (2009) Found that a Country’s Formal Institutions Affect the Performance of Cross-Border Acquisitions Miller, Hitt, Webb, Batjargal and Tsui (2009) Found that a Country’s Formal Institutions Influence the Type of Social Networks Developed by Entrepreneurial Firms and the Extent to which they Achieve Growth

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