Where strategy meets culture: The neglected role of cultural and symbolic resources in strategy research

In this paper, we discuss how ‘‘cultural capital’’ and ‘‘symbolic capital,’’ understood as specialized subsets of intangible resources and capabilities, enable firms to achieve valuable strategic positions in ways that are currently underexplored by mainstream strategy literature. We articulate the similarities and differences between cultural and symbolic capitals and the intangible capitals that have been the focus of mainstream strategy researchers, such as intellectual, social, and reputational capital. Our theoretical arguments build on insights from a number of studies conducted primarily in non-North American settings that have highlighted how symbolic properties of products create value. We conclude by delineating future avenues of research that strategy scholarship should consider in order to develop a more comprehensive understanding of the relationships between intangible resources and capabilities, and value creation.