IntroductionPenrose's (1959) view of a corporation as a pool of has since been developed into Wernerfelt's (1984) resource-based view (RBV) of firms. Similarly, in Japanese business management research around the time of formulation of RBV theory, studies based on Penrose (1959) were launched (Yoshihara, Sakuma, Itami, & Kagono, 1981), and subsequent studies on management have been developed (Itami, 1984; Itami & Karube, 2004; Itami & Roehl, 1987, etc.).Compared with RBV theory as it developed in North America and Europe, a series of studies beginning with Yoshihara et al. (1981) was unique in focusing on information-based resources. Information-based resources is a term that includes technology, consumer trust, brand image, control of distribution, corporate culture, and management skills (Itami & Roehl, 1987). The 1980s were a period of great international competitiveness for Japanese manufacturers. Japanese companies' strength at the time owed to factors such as their advanced manufacturing technologies; reliable quality; the integrated approach to development, manufacturing, and sales; and the corporate culture. Thus, Itami and Roehl's view that information-based resources-from which spring competitive advantage and inimitability-themselves are critical is an extraordinarily convincing one.However, since the 1990s, the international competitiveness of home appliance makers and other Japanese manufacturers has been called into question. Doubts have also been raised regarding the notion that information-based give rise to competitive advantage and inimitability.As many people have pointed out, one reason Japanese home appliance makers have lost competitiveness is because equipment manufacturers absorbed core technologies; consequently, this technology and expertise became embodied in the manufacturing equipment itself. This equipment was then sold to semiconductor manufacturers in emerging countries, causing Japanese companies to lose their technological advantage. Others claim that engineers who retired or were laid offduring the post-bubble recession were subsequently hired by companies in emerging countries, leading to a spillover of technology.Looking at North American and European companies, we can see that, as was noted by Chesbrough (2003), many companies are gaining competitiveness through open innovation that is not making technology and expertise specific to any one company. As can be seen in IBM's sale of its PC business to Lenovo, companies are buying and selling entire brands, as well as development and production technologies.The thinking that information-based are company-specific and sources of competitive advantage and inimitability is not convincing in the aforementioned cases. Itami and Roehl's (1987) assertion depends on two environmental factors: Japan and the 1980s.This paper reviews the discussion on the characteristics of information-based and their significance to business management and then considers the problems to resolve in order to adapt to today's business environment. To this end, Section 2 defines what information-based are, based on Itami and Roehl (1987), and how they contribute to business management. Building on that, Section 3 suggests some points that need to be corrected, specifically, (1) the fact that distinctions between and capabilities are ambiguous; (2) because different types of things are lumped together as information-based resources, classification of information-based should be refined further; and (3) although it is argued that information-based are difficult to trade and imitate because of their stickiness to people and organizations, but it is necessary to consider stickiness of people and goods to companies separately. Section 4 discusses management for gaining competitive advantage through information-based resources.2. …