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We address current criticisms of the RBV (oversight of dynamism, environmental contingencies, and managers' role) by linking value creation in dynamic environmental contexts to the management of firm resources. Components of the resource management model include structuring the resource portfolio; bundling resources to build capabilities; and leveraging capabilities to provide value to customers, gain a competitive advantage, and create wealth for owners. Propositions linking resource management and value creation are offered to shape future research.

Theories of knowledge-based competition emphasize the firm's ability both to explore and to exploit knowledge as the source of value creation. We attempt to bring human resource management directly into this forum by introducing a framework of relational archetypes--entrepreneurial and cooperative--that are derived from unique configurations of three dimensions (structural, affective, and cognitive) of social relations within and across firm boundaries. We identify how human resource configurations can be linked to the strategic management of these relational archetypes.

I show how company strategies that focus on improving consumer benefits can create value by increasing consumer payments to an entire value system. This \"consumer benefit experienced\" viewpoint on value creation complements the value capture orientations of the firm positioning, transaction cost, and resource-based approaches. It helps to clarify often-blurred distinctions between value creation and value capture and offers an additional tool for addressing intractable issues in strategic management.

At what level is new value created, or, put differently, what is the locus of knowledge? While knowledge and capabilities-based researchers argue that the locus of new value and knowledge lies at the firm level, we challenge this conceptualization and theoretically build toward more individualist foundations. We explicate the underlying philosophical assumptions of extant knowledge and capabilities-based work and discuss attributional problems. Nested (individual-level, a priori) heterogeneity may provide a better explanation of collective heterogeneity.

We develop a real options perspective to explore how an entrepreneur-friendly bankruptcy law can encourage entrepreneurship development at the societal level. If bankrupt entreprenuers are excessively punished for failure, they may let inherently high-risk but potentially high-return opportunities pass. We suggest that a more entrepreneur-friendly bankruptcy law, informed by a real options logic, can encourage more active and vibrant entrepreneurship development. We also discuss the implications of the role of venture capital and stigma in the effectiveness of an entrepreneur-friendly bankruptcy law.

As an introduction to the special issue topic of value creation, we define value creation in terms of use value and exchange value and discuss some of the key issues related to its study, including the topic of value capture. Although the definition of value creation is common across levels of analysis, the process of value creation will differ based on whether value is created by an individual, an organization, or society. We use the concepts of competition and isolating mechanisms to explain how value can be captured at different levels of analysis.

With ongoing privatization efforts in emerging economies, governments have supported developmental financial institutions (DFIs) to spur entrepreneurial activity. We use stakeholder theory to suggest that postprivatization stakeholders differ in their preference to seek DFI support. We then posit that national developmental priorities influence the DFI's willingness to be involved in the governance of the privatized firm, and we discuss implications of DFI involvement for value creation and entrepreneurship in emerging economies.