Firm resources are important drivers of firm success, and both tangible and intangible resources have been suggested to have a positive linear effect on firm success when studied independently. In this study, we focus on a firm's entire resource portfolio composition, and posit that bundling dissimilar types of resources is a complex process that involves trade-offs. Drawing on complexity theory, we propose that firm success may be influenced by resource composition, as represented by relative intangibility—that is, a firm's share of intangible resources relative to the sum of both types of resources. Curvilinear hypotheses with environmental moderators are developed and tested using Computer-Assisted-Text-Analysis (CATA) methodology on a 5-year longitudinal sample of 2,245 S&P 500 firms. The results suggest that relative intangibility exhibits a U-shaped relationship with productivity, a key indicator of firm success. However, shape-flips are observed when environmental moderators are introduced, as the relationship becomes inverted U-shaped in less complex environments characterized by low instability and high munificence.

企业资源是企业成功的重要驱动力，有形和无形资源在独立研究时都被认为对企业成功具有积极的线性影响。在本研究中，我们关注公司的整个资源组合构成，并假设捆绑不同类型的资源是一个涉及权衡的复杂过程。借鉴复杂性理论，我们提出企业的成功可能受资源构成的影响，以相对无形性为代表，即企业在无形资源中所占的份额相对于两种类型资源的总和。使用计算机辅助文本分析 (CATA) 方法对 2,245 家标准普尔 500 指数公司的 5 年纵向样本开发和测试了带有环境调节因子的曲线假设。结果表明，相对无形性与生产力呈 U 型关系，生产力是企业成功的关键指标。然而，当引入环境调节剂时，会观察到形状翻转，因为在不太复杂的环境中，这种关系会变成倒 U 形，其特征是低不稳定性和高丰富性。