Strategic factor markets: a critical review, insights and future directions

Ipek Koparan

Organization Management Journal, 2025, vol. 23, issue 1, 5-33

Abstract: PurposeThis study aims to synthesize the fragmented strategic factor markets (SFM) literature and propose a coherent conceptual framework highlighting key theoretical extensions and practical implications. It identifies conceptual tensions, underexplored intersections, and emerging challenges related to capabilities, resource valuation and pricing, and managerial cognition within SFMs, emphasizing the growing impact of artificial intelligence (AI).Design/methodology/approachThe study adopts an integrative review methodology, synthesizing insights from 46 core papers explicitly engaging with SFM theory. These studies were systematically analyzed through a thematic framework consisting of three analytical dimensions: capabilities, valuation and pricing, and cognition. This approach enabled identification of conceptual gaps, emerging themes, and future research opportunities.FindingsCapabilities within SFMs are dynamic processes evolving through continuous market interactions, rather than static internal attributes. A critical analytical distinction between valuation and pricing is essential, valuation reflects firm-specific, capability-driven judgments, while pricing captures external market dynamics. Cognitive processes, particularly when combined with AI, significantly influence resource acquisition decisions. This integration raises questions about whether AI-driven analytics might equalize or amplify competitive differentiation through enhanced managerial insight.Originality/valueThis paper uniquely synthesizes four decades of fragmented literature on SFMs and extends existing theory through novel conceptual distinctions, especially regarding the dynamic role of capabilities, the analytical separation of valuation from pricing, and the integration of cognitive perspectives. Additionally, by highlighting AI’s emerging but complementary role within managerial cognition, the review revitalizes SFM theory, providing insights relevant to contemporary strategic challenges in resource acquisition.

Keywords: Strategic factor markets; Capabilities; Valuation and pricing; Cognition; Artificial intelligence (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:omjpps:omj-11-2024-2347

DOI: 10.1108/OMJ-11-2024-2347

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