The Definition of Strategic Liabilities, and their Impact on Firm Performance*
定义了战略负债为企业特有的、在特定情境下造成竞争劣势的流程与有形无形持有，并说明其来源与战略资产互补，提醒战略文献常忽略的这一面。
abstract Strategic Liabilities are processes and tangible and intangible holdings that are firm‐specific, context‐specific and create competitive disadvantage. They are scarce, inconvertible, costly, and appropriated. The concept of Strategic Liabilities contrasts and complements the resource‐based view's Strategic Assets. A firm is likely to possess Strategic Liabilities at some time because these liabilities can originate from endowments, from bad luck, from Strategic Assets, from rival actions, and from unfavourable changes in context. They represent the other side of the firm's ledger often implicitly ignored in the strategy literature. Thus, the formal definition and analysis of Strategic Liabilities is warranted.