Application of the “Resource-Based Theory of the Firm” and its Relevance in the Creative Industries: A Developing Country Perspective

Abstract

This study, by way of contributing to contemporary understanding of the heterogeneity and immobility arguments of the resource-based view, offers insights into how the resources of creative industries present a nuanced but relevant ground for exploring the theory of the firm. In its discussion, this paper highlights the idiosyncratic characteristics of the creative industry and through the lens of intellectual capital and entrepreneurship, identifies the valuable, rare, inimitable, and non-substitutable (VRIN) resources that underlie the creation of heterogeneous cultural and economically viable creative works by actors in the industry. The paper finally discusses resources that explain the state of the creative industry in developing contexts. In terms of theoretical contribution, this study leads and contributes immensely to understanding how the resource-based theory of the firm could be relevant in unleashing the economic potentials of the creative industry.

Keywords: resource-based view, creative industries, developing country, theory of the firm

DOI: 10.54941/ahfe1002159