To make further progress it is necessary to go beyond the financial model. - Joseph L. Bower

Our findings support many of the conclusions of the resource dependence theorists, who contend that a firm's scope for strategic change is strongly bounded by the interests of external entities (customers, in this study) who provide the resources the firm needs to survive.

Different types of technological innovations affect performance trajectories in different ways. On the one hand, sustaining technologies tend to maintain a rate of improvement; that is, they give customers something more or better in the attributes they already value... On the other hand, disruptive technologies introduce a very different package of attributes from the one mainstream customers historically value, and they often perform far worse along one or two dimensions that are particularly important to those customers.

While evidence reveals the relative unimportance of a particular technique of financial analysis and limited usefulness of the [theoretical] financial model, it also indicates that management can control the investment process.