Contingencies within dynamic managerial capabilities: interdependent effects of resource investment and deployment on firm performance
基于银行样本，研究发现管理者资源投资偏离同行会损害绩效，但若部署决策支持投资，则高或低偏离均能提升绩效，表明资源投资与部署需协调一致。
Abstract Dynamic managerial capabilities focus on managers' resource‐related decisions. Asset orchestration, a central component of dynamic managerial capabilities and of resource management, highlights the importance of integrating (matching) resource investment and deployment decisions. Building on these recent theoretical advances, we examine the contingent nature of resource investment and deployment decisions. The results, based on a sample of banking firms, indicate that firm performance suffers when managers' investment decisions deviate from the norms of rivals for both human and physical capital. However, when deployment decisions support investment decisions, greater investment deviation, both high and low, generally enhances performance. Specifically, firm performance is optimized by making congruent resource investment and deployment decisions as opposed to maximizing or economizing either decision independently. Therefore, resource management via asset orchestration is vital for superior performance. Copyright © 2009 John Wiley & Sons, Ltd.