The resource-based view (RBV) presents itself as a more comprehensive theory than the neoclassical theory in order to explain value creation in the capitalist system. RBV emphasizes the role of strategic resources to the company. A theme hardly touched on by RBV is the role played by risk and uncertainly. The theory adopts the standpoint that the stock of strategic resources is important in the determination of the level of profitability of the company. The aim of this work is to present an alternative concept for risk based on the concept of resource. The work is divided into four sections: in the first we present two methodologies to deal with risk in RBV: the perspective of discounted cash flow and the perspective of real options. In the second we present an alternative risk concept (including the means of measuring it), which takes into account the level (sum) of resources essential to the company, as well as the volatility of this level (we will apply the concept including a measure of risk for a sector where the innovative activity is essential). In the third we present a model based on behavioral finance for the behavior of the manager toward risk. Finally, the Conclusion, in the fourth section.
Resource-based view; Risk; Idiosyncratic risk; Innovation; Ability to innovate
