#5105. Tangible?Intangible resource composition and firm success

July 2026publication date
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Journal’s subject area:
Management of Technology and Innovation;
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Abstract:
Firm resources are important drivers of firm success, and both tangible and intangible resources have been suggested to have a positive linear effect on firm success when studied independently. In this study, we focus on a firms entire resource portfolio composition, and posit that bundling dissimilar types of resources is a complex process that involves trade-offs. Drawing on complexity theory, we propose that firm success may be influenced by resource composition, as represented by relative intangibility. Curvilinear hypotheses with environmental moderators are developed and tested using Computer-Assisted-Text-Analysis (CATA) methodology on a 5-year longitudinal sample of 2,245 S&P 500 firms. The results suggest that relative intangibility exhibits a U-shaped relationship with productivity, a key indicator of firm success. However, shape-flips are observed when environmental moderators are introduced, as the relationship becomes inverted U-shaped in less complex environments characterized by low instability and high munificence.
Keywords:
Complexity theory; Curvilinear relationships; Firm success; Relative intangibility; Resource composition; Tangible and intangible resources

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