Lockett and Thompson argue that the interplay between the RBV and agency theory has
been most important in the literature on corporate restructuring, where the two approaches
are both substitutes and complements. Their review of corporate refocusing studies provides
support for both strategy and governance hypotheses in explaining the phenomenon, including
support for strategy-governance interaction effects. Lockett and Thompson’s arguments
parallels work by Combs and Ketchen (1999) who argue that transaction cost economics
(TCE) and the positive theory of agency have important implications for the RBV.