This paper reviews the theory of competitive advantages of the firm from the capability-based perspective. This perspective is originated from the resource-based one. It inherits the resource-based perspective in the respect that it focuses on the exploitation of firm-specific assets (core competence) that are difficult if not impossible to imitate, but complements the explanation of how firms renew competences to response to shifts in business environment. | Capability based perspective to competitive advantages of the firm: Theoretical review and empirical evidences from US and Japanese corporate firms
