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2.6 Underpinning Theories

2.6.1 Resource-Based View of the Firm (RBV)

up with organisational goals, but also to make sure that those goals are communicated in an understandable and effective manner to all of the various stakeholders in the business (Guillaume and Austin, 2016).

into many categories: its fixed assets, the knowledge and abilities of its employees, its brand name, and its standing in the sector (Barney 1991). According to RBV, the major criteria that define the sustainable competitive advantage that a firm has over its rivals are the resources that the company has. These intangible strategic resources are one of a kind, very valuable, and almost hard to copy; they are also what create and keep a company at the forefront of its industry. Since of these one-of-a-kind resources, the company is in a position to differentiate itself in the industry because it now has the necessary ability to produce and provide innovative and high-quality products and services, which allows it to stand out from its competitors. In addition, the RBV brings together the capabilities of the organisation with the opportunities that are now available. This avoids the uncritical reproduction of organisational techniques, which, if it were allowed to happen, would ultimately result in the dissolution of the organisation.

According to Haseeb et al. (2019), the fundamental goal of RBV is to maximise the utilisation of organisational resources in an effort to establish one-of-a-kind core competencies for the aim of creating a competitive advantage. Developing one's core abilities is one way to go about establishing oneself in a strategic position of competitive advantage. The cultivation of people skills, internal organisational goals and norms, and essential information sources are some of the ways in which this goal might be attained. The RBV focuses an emphasis, when it comes to the ramifications, on the relevance of resources for the establishment and preservation of a competitive advantage. As a consequence of this, businesses and other types of organisations need to be capable of identifying the particular resources at their disposal and making efficient use of those resources. Furthermore, Liu, S., and Deng (2015) emphasised the

role of both the internal and the exterior settings in their research. As a consequence of this, companies were compelled to acquire the most latest information that is relevant to their competitors, markets, and customers. The third and last consequence that RBV has on the performance of an organisation is connected to the capacities of the organisation, although this one is certainly not the least important. Capabilities of an organisation comprise certain people skill sets and experiences, information, and procedures, which, when fully used, are capable of producing creative and high-quality results that surpass the expectations of customers. In a similar line, it is common knowledge that the capabilities of an organisation may raise the value of the resources already at its disposal, allowing for those resources to be used more efficiently.

According to Schilke et al. (2018), the process of creating a competitive advantage should be dynamic in order to enable the development and survival of enterprises in an environment that is both highly competitive and dynamic in terms of the business environment. This is necessary in order to enable enterprises to develop in an environment that is both highly competitive and dynamic in terms of the business environment. In addition, it has been suggested that the creation of dynamic capacity plans need to be founded on the gathering of information in combination with continuing activities of organisational learning. This is an additional proposition.

In addition to the points that were brought up above, the company's resource-based perspective identifies instances of corporate entrepreneurship as being extremely rare, unrepeatable, incredibly useful, and impossible to replace for the purpose of improving overall business performance. This is because these instances cannot be replicated. In addition to this, the RBV recognises the possibility that resources may contribute to value throughout the process of developing and preserving a competitive advantage

(Makadok & Ross, 2018). Therefore, in order for businesses to improve their overall company performance, they need to develop their own own methods, such as corporate entrepreneurship, for selecting resources that are not only unique but also have a high potential for expansion. The RBV has an extra influence on the performance of the company as a result of the capabilities of the organisation. Organizational capabilities consist of human resources that are skilled, talented, and experienced; information;

and specific processes that can be used to produce superior outcomes such as improved business performance and other innovations. These organisational capabilities can be used to produce superior outcomes such as improved business performance and other innovations. According to Schilke et al. (2018), there is a considerable relationship between corporate entrepreneurship and human resources, both of which enable improvements in the performance of organisations. Both of these factors may be found in both large and small firms. In addition, organisational skills may raise the value of previously existing resources by helping to coordinate the effective use of those resources, which in turn helps to increase the value of the existing resources. As a consequence of this, the RBV firm theory makes a contribution to the endeavour of understanding the relationship that exists between successful corporate entrepreneurship and the accomplishments of an organisation.

The fundamental purpose of the current study is to explore the effect that may be had by the interaction between the performance of a firm, the culture of the organisation, and the entrepreneurialism of the corporate leadership. In addition, the RBV firm theory, which can be shown by the research that is pertinent, provides support for these components. The RBV has become one of the most prominent theories in management as a result of the manner in which organisations may make use of the resources at their

disposal in order to produce and maintain a competitive advantage. This is due to the fact that the RBV explains how organisations can use these resources to produce and maintain a competitive advantage. These materials have to be wholly original, and it must be very difficult for other companies to copy them. In spite of the fact that the RBV is widely acknowledged, it is difficult to come at a single definition that is accepted by the majority of people. This makes it difficult to exchange resources, but it does make it difficult to arrive at a single definition. According to Camisón et al.

(2016), firm resources are organisational assets that are owned and managed by the organisations, while capabilities are the ability of the organisations to use the resources in a way that is both efficient and effective for the benefit of the organisations. Because of this, the resources of the company should be used as a lever to provide them with a distinct benefit, which will ultimately lead to an improvement in the performance of the organisation as a whole. This will result in an increase in the profitability of the company. A huge number of scholars have sorted these resources into a variety of different categories using their own individual approaches. There are two basic types of resources, namely tangible and immaterial, according to the classification system that was devised by Lemelin et al. (2015). These categories are as follows: In contrast to physical resources, intangible resources consist of things like networks, inventions, human resources, and goodwill. Examples of tangible resources include currency, structures, and other items that can be seen or touched. Money, buildings, and other things that can be physically seen and touched are examples of tangible resources.

According to Schilke et al. (2018), human resources can be broken down into two distinct categories: an individual's competences, which include their knowledge, skills, and talents; and an individual's individual characteristics, which include their level of productivity and the positive behaviours they exhibit while working for the

organisation. Both of these categories can be subdivided even further into additional subcategories.

The RBV model, which outlines the link that exists between the various organisational resources that will lead to greater performance over the long term, serves as the foundation for the present research. This model outlines the link that exists between the various organisational resources that will lead to greater performance over the long term. The theory will place a significant emphasis on the remuneration-based value (RBVintangible )'s component. This component consists of intangible assets like as invention and reputation, as well as managerial skills such as strategic improvisation and total quality management (TQM), which are used by organisations in order to acquire a long-term advantage in the market competition. These are in-house capabilities that, once turbulence does come, will allow firms to respond more efficiently and with more agility. Other traditional resources, such as technology and infrastructures, are also easy to replicate and will not survive for an extended period of time due to the nature of the environment. As a consequence, RBV highlighted human resources as being critical to ensuring value and the effectiveness of the organisation. In order to continue to remain relevant within this volatile environment, the organisation will rely on its capabilities and advantages to develop new strategies, such as improvisation and behavior-based total quality management (TQM), and to modify existing ones. The fundamental premises of the RBV theory have been expressed by a significant number of researchers, and they are concerned with the effectiveness as well as the resources of organisations. Schilke et al. (2018) state that in order to improve the long-term viability of organisations and their overall performance, vital resources are required. Companies that participate in corporate

entrepreneurship (CE) may discover that it is simpler to innovate, revitalise, and increase their total production. In addition to this, it functions as a new knowledge resource that makes a contribution to the development of capabilities that are essential for entering new markets and attaining larger levels of growth. The implementation of corporate entrepreneurship (CE) has the ability to stimulate new business ideas, revitalise existing companies, and increase overall productivity. In addition to this, it creates a new knowledge source, which prepares the way for the building of skills that can be utilised to pursue new markets and achieve additional growth. This is a significant benefit.