The procurement of external resources is an important tenet of both the strategic and tactical management of any company. Nevertheless, a theory of the consequences of this importance was not formalized until the 1970s, with the publication of The External Control of Organizations: A Resource Dependence Perspective (Pfeffer and Salancik 1978). Resource Dependence Theory (RDT) has implications regarding the optimal divisional structure of organizations, recruitment of board members and employees, production strategies, contract structure, external organizational links, and many other aspects of organizational strategy.
Resource Dependence Theory is one of many theories of Organizational studies regarding the behavior of organizations. In many ways, the predictions of Resource Dependence Theory are similar to those of Transaction cost economics, but it also shares some aspects with Institutional theory.