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Richard Makadok

Richard Makadok

Professor of Management
Brock Family Chair in Strategic Management
Strategic Management


Ph.D. in Strategic Management, Wharton School of Business, University of Pennsylvania, 1994
M.B.A. in Management, Wharton School of Business, University of Pennsylvania, 1991
M.A. in Economics, Yale University, 1988
B.A. in Economics and Mathematics (summa cum laude), Yale University, 1988



Rich Makadok is a thought leader in strategic management research. Using his "Four Theories of Profit" framework, he focuses on developing a comprehensive overall understanding of the four main mechanisms that determine the profitability of a business (competitive advantage, rivalry restraint, information asymmetry, and commitment timing) and how those mechanisms affect each other.

He has also developed an innovative theory of hybrid governance forms that merge elements of both an organizational hierarchy and a market transaction. His empirical work focuses on developing indirect measures for the elusive concept of organizational capability and using these measures to predict the performance and strategic decisions of firms, in order to test theories of competitive advantage.

Rich's research has been honored with the Academy of Management Review's Best Paper Award in 2009, and with three awards from the Academy of Management's Business Policy and Strategy division -- the Glueck Best Paper Award in both 1997 and 2007, and Distinguished Paper Award in 2006.

Prior to his academic career, Rich worked as Manager of Software Development for Century Management Consultants, Inc., where he designed and wrote The Century Promotion Manager, a software package to help consumer product companies manage their retail trade promotions more effectively.

Before joining the Purdue faculty in 2015, Rich served on the faculties of Emory University's Goizueta Business School and Tulane University's A.B. Freeman School of Business, where he won numerous teaching awards. Rich has taught courses on Strategic Management, International Strategy, Industry and Competitive Analysis, and Introduction to Management.

Rich is the founder of the Atlanta Competitive Advantage Conference. He serves as Associate Editor for Academy of Management Review (AMR), and on the editorial board of Strategic Management Journal (SMJ), and he also served as Guest Editor for the June 2018 SMJ special issue on "New Theory in Strategic Management" and for the October 2019 AMR special issue on "Sociocognitive Perspectives in Strategy and Strategic Management."


Journal Articles

  • Jongsoo Kim & Richard Makadok (2022). Where the Stars Still Shine: Some Effects of Star-Performers-Turned-Managers on Organizational Performance. Strategic Management Journal (conditionally accepted),
  • Jongsoo Kim & Richard Makadok (2022). Unpacking the “O” in VRIO: The role of workflow interdependence in the loss and replacement of strategic human capital. Strategic Management Journal (forthcoming),
  • Kubilay Cirik and Richard Makadok (2022). First-Mover Advantages Versus First-Mover Benefits: What’s the Difference and Why Does It Matter?. Academy of Management Review (forthcoming), | Related Website |
  • Lenos G. Trigeorgis, Francesco Baldi, and Richard Makadok (2022). Compete, Cooperate, or Both? Integrating the Demand Side into Patent Deployment Strategies for the Commercialization and Licensing of Technology. Academy of Management Review (forthcoming), | Related Website |
  • Pfarrer, Michael, Cynthia Devers, Kevin Corley, Joep Cornelissen, Donald Lange, Richard Makadok, Kyle Mayer, & Libby Weber. (2019). “Sociocognitive Perspectives in Strategic Management.”. Academy of Management Review., vol. 44 (4), 767-774. | Related Website |
  • Makadok, Richard & David Gaddis Ross (2018). Losing By Winning: The Danger Zone of Adverse Competitor Replacement. Strategic Management Journal, vol. 39 (7), 1990-2013. | Related Website |
  • Makadok, Richard, Richard Burton, & Jay Barney (2018). A Practical Guide for Making Theory Contributions in Strategic Management. Strategic Management Journal, vol. 39 (6), 1530-1545. | Related Website |
  • Schmidt, Jens, Richard Makadok, & Thomas Keil (2016). Customer-Specific Synergies and Market Convergence. Strategic Management Journal, vol. 37 (5), 870-895. | Related Website |
  • Makadok, Richard and Ross, David Gaddis (2013). Taking Industry Structuring Seriously: A Strategic Perspective on Product Differentiation. Strategic Management Journal, vol. 34 (5), 509-532. | Related Website |
  • Makadok, Richard (2011). The Four Theories of Profit and Their Joint Effects. Journal of Management, vol. 37 (5), 1316-1334. | Related Website |
  • Makadok, Richard (2010). The Interaction Effect of Rivalry Restraint and Competitive Advantage on Profit: Why the Whole Is Less Than the Sum of the Parts. Management Science, vol. 56 (2), 356-372. | Related Website |
  • Makadok, Richard, & Coff, Russell (2009). Both Market and Hierarchy: An Incentive-Systems Theory of Hybrid Governance Forms. Academy of Management Review, vol. 34 (2), 297-319. | Related Website |
  • Makadok, Richard (2003). Doing the Right Thing and Knowing the Right Thing to Do: Why the Whole Is Greater Than the Sum of the Parts. Strategic Management Journal, vol. 24 (10), 1043-1055. | Related Website |
  • Makadok, Richard (2002). A Rational-Expectations Revision of Makadok's Resource/Capability Synthesis. Strategic Management Journal, vol. 23 (11), 1051-1057. | Related Website |
  • Makadok, Richard (2001). Toward a Synthesis of the Resource-Based and Dynamic-Capability Views of Rent Creation. Strategic Management Journal, vol. 22 (5), 387-402. | Related Website |
  • Makadok, Richard, & Barney, Jay (2001). Strategic Factor Market Intelligence: An Application of Information Economics to Strategy Formulation and Competitor Intelligence. Management Science, vol. 47 (12), 1621-1638. | Related Website |
  • Makadok, Richard & Walker, Gordon (2000). Identifying a Distinctive Competence: Forecasting Ability in the Money Fund Industry. Strategic Management Journal, vol. 21 (8), 853-864. | Related Website |
  • Makadok, Richard (1999). Inter-Firm Differences in Scale Economies and the Evolution of Market Shares. Strategic Management Journal, vol. 20 (10), 935-952. | Related Website |
  • Makadok, Richard (1998). Can First-Mover and Early-Mover Advantages Be Sustained in an Industry with Low Barriers to Entry/Imitation?. Strategic Management Journal, vol. 19 (7), 683-696. | Related Website |
  • Makadok, Richard & Walker, Gordon (1996). Search and Selection in the Money Market Fund Industry. Strategic Management Journal, vol. 17 (summer), 39-54. | Related Website |
  • Smith, Kenwyn K., Kaminstein, Dana, & Makadok, Richard (1995). The Health of the Corporate Body: Illness and Organizational Dynamics. Journal of Applied Behavioral Science, vol. 31 (3), 328-351. | Related Website |
  • Animated whiteboard to maximize discussion

    Krannert Dean David Hummels speaks with two award-winning teachers about methods to share knowledge with their students. Economics Professor Kelly Blanchard uses technology to help deliver material to large lecture sections; Rich Makadok, the Brock Family Chair in Strategic Management, utilizes online animated whiteboard lectures to maximize face-to-face discussion during class periods.

  • Purdue trustees approve distinguished, named and chaired faculty

    The Purdue University Board of Trustees on Thursday (June 11) ratified four distinguished professors and approved the appointments of a named professor and a chaired professor, among other actions. These include the ratification of Herman C. Krannert Distinguished Professor of Management Mike Campion and the appointment of Professor Richard Makadok as the Brock Family Chair in Strategic Management.

    Full story: Purdue trustees approve distinguished, named and chaired faculty

Phone: (765) 494-4271
Office: RAWL 4005

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Area(s) of Expertise

Economic theory of profit, Competitive advantage, Competitive rivalry, Timing of strategic moves, Information asymmetry, and Applications of economic modeling to strategy