Speaker: Professor Philip Bromiley
Title: A Practice Based View of Strategy
Bio: Philip Bromiley joined the Merage faculty in fall 2005 after holding the Curtis L. Carlson Chair in Strategic Management and chairing the department of Strategic Management and Organization at the University of Minnesota’s Carlson School of Management.
Professor Bromiley is the author of over 70 journal articles and book chapters as well as two books - Behavioral Foundations of Strategic Management and Corporate Capital Investment: A Behavioral Approach. He serves on the editorial boards of Strategic Management Journal, Journal of Management Studies, and Journal of Management & Strategy. He previously served on the editorial boards of Strategic Organization, Organization Science, Journal of Management, and Academy of Management Journal.
His research takes a behavioral approach to a variety of strategic management topics. His articles address subjects that include risk assessment, firm temporal orientations, pricing in commercial lending, corporate risk-taking, R&D policy, trust in organizations, corporate capital investment, accounting misrepresentation, product recalls, and strategic decision processes.
Professor Bromiley’s commentaries have appeared in the National Association for Corporate Director’s blog, Minneapolis Star-Tribune and St. Paul Pioneer-Press. His work has been discussed in outlets that include the Wall Street Journal and the New Yorker. He has been frequently quoted in newspapers and has appeared on television and radio.
In addition to his PhD from Carnegie-Mellon University, he holds a BA from Johns Hopkins University.
Abstract: The resource based view (RBV) emphasizes the importance of imitable factors in influencing firm performance and attempts to explain the difference between most firms and those with sustained competitive advantage. However, this omits the fact that use of imitable techniques and practices explains part of the variation in firm performance, and that firm performance varies systematically across the entire distribution of firm performance. We propose a practice based view (PBV) of strategy scholarship to address this gap. We define a practice as a defined activity or set of activities that a variety of firms might execute. In contrast with the RBV emphasis on things that other firms cannot imitate, the PBV examines publicly known, imitable activities, or practices amenable to transfer across firms. In contrast to the RBV’s emphasis on sustained superior performance, the PBV recommends explaining the entire distribution of firm performance.