Given that the possession of abundant resources does not always guarantee superior firm performance, this study proposes a dynamic approach to enhancing firm value. Building on the resource orchestration thesis, we investigate how firms facing resource constraints enhance their capabilities over time by orchestrating resources and how this resource orchestration can play a role in improving firm performance. Using the dynamic perspective, this study identifies four resource orchestration modes, which are specified based on how a given firm dynamically allocates its resources to technology (enacted by R&D activities) and marketing (enacted by advertising activities). Accordingly, we claim that firms with resource constraints can enhance their performance by escalating or altering their resources over time. To test our hypotheses, we used a sample of 4078 small and medium-sized enterprises in manufacturing industries between 1984 and 2018. We found that focus escalation for technology positively affects firm performance, captured by Tobin's q, and that focus alternation toward either technology or market is positively related to firm performance. Finally, we discuss the theoretical and practical implications of our findings.

鉴于拥有丰富的资源并不总能保证卓越的公司绩效，本研究提出了一种提高公司价值的动态方法。在资源编排论文的基础上，我们研究了面临资源约束的公司如何通过编排资源随着时间的推移增强其能力，以及这种资源编排如何在提高公司绩效方面发挥作用。使用动态视角，本研究确定了四种资源编排模式，根据给定公司如何将其资源动态分配给技术（由研发活动制定）和营销（由广告活动制定）进行指定。因此，我们声称资源受限的公司可以通过随着时间的推移升级或改变其资源来提高其绩效。为了检验我们的假设，我们使用了 1984 年至 2018 年间 4078 家制造业中小型企业的样本。我们发现，对技术的关注升级对企业绩效产生积极影响，由 Tobin's q 捕获，并且对技术或市场的关注交替与公司业绩。最后，我们讨论了我们发现的理论和实践意义。