Decoupling Institutional Isomorphism from Competitive Heterogeneity: A Re-examination of Resource-Based Logic Under Stakeholder Capitalism Regimes

Abstract

The resource-based view (RBV) has long anchored strategic management theory by positing that sustained competitive advantage derives from firm-specific, inimitable resources. However, the ascendance of stakeholder capitalism and polycentric governance structures in post-pandemic economies fundamentally challenges this orthodoxy. This study employs a mixed-methods triangulation design across 312 multinational enterprises operating in OECD jurisdictions to empirically interrogate whether institutional isomorphic pressures systematically erode the heterogeneity assumptions underpinning RBV logic. Structural equation modelling and configurational analysis via fuzzy-set qualitative comparative analysis (fsQCA) reveal that coercive and normative isomorphism significantly mediates the resource–performance relationship, particularly in ESG-mandated regulatory environments. The findings necessitate a recalibration of canonical RBV propositions, offering a hybrid integrative framework that reconciles institutional theory with dynamic capability development under contemporary stakeholder governance architectures.