The model of profit appropriation in resource-based theory has assumed that shareholders
have a unique claim on the profits generated by a firm. shows that if this is the case,
access to all of a firm’s other resources will occur through fixed claim/complete contingent
claims contracts, and that the resources acquired through these contracts cannot be expected
to be a source of economic profits for a firm. In this setting, it is not clear where the profits that
are supposed to be distributed to shareholders come from. All this suggests that resourcebased
theory needs to adopt models of profit creation and appropriation that recognize the
possibility of multiple claimants on a firm’s profits, i.e., some sort of stakeholder perspective.
The elements of this stakeholder resource-based theory are described, together with the
implications of this theory for traditional resource-based theory and some current stakeholder
theories (Professor Jay Barney, University of Utah).