A Chronological Review of Resource-Based Theory and Future Research Directions

Abstract

The resource-based theory (RBT) has become a dominant framework in strategic management, offering a firm-centered explanation of competitive advantage through the strategic use of internal resources. Since its emergence in the 1980s, RBT has evolved significantly through theoretical refinement, spinoffs, empirical application, and integration with complementary perspectives. While widely adopted across disciplines, the theory has also faced ongoing critiques related to static assumptions, limited consideration of the environment, conceptual clarity and measurability. Despite its influence in management studies, few studies have traced RBT’s intellectual evolution in a time-ordered and issue-driven manner. This paper provides a chronological overview of the theory’s evolution and ongoing debates. It maps the theory’s development from its emergence to its expansion, maturity and recent advancements, identifying unresolved issues and offering directions for future extensions of the theory. In doing so, it contributes to ongoing scholarly efforts to refine and extend the theory in response to changing strategic challenges.