SPECIFICITY AND OPACITY AS RESOURCE-BASED DETERMINANTS OF CAPITAL STRUCTURE: EVIDENCE FOR SPANISH MANUFACTURING FIRMS

摘要

In this work we develop an analytical framework to examine the effects of strategic investments on the financial policy of the firm. From the resource-based approach of the firm, nontradable and difficult-to-copy assets are the basis of a sustainable competitive advantage. However, imperfections in the resource markets can also be interpreted as sources of costs and/or restrictions from a financial point of view. Specificity and opacity are the features of strategic resources that enable us to identify the financial implications of the resource-based strategy.