ISSN:0143-2095    

DOI:10.1002/smj.4250090702

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

ISSN:0143-2095    

DOI:10.1002/smj.4250090703

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper explores the question of when (or if) a market leader firm is best off with a strategy of product cannibalism: introducing a new product designed to supersede and hence destroy its own current bestseller before a rival does. Particular attention is given to the payoffs of various superseding product strategies and, given these strategies, whether the leading firm can be expected to invest at least as much in innovation as a challenger. A patent‐race game with a stochastic invention process is presented. The result is that when the leading firm deliberately decides to forgo being first‐mover in the new market, developing and then ‘shelving’ its new product until the current bestseller is challenged successfully by the rival, the leading firm may spend more than its challengers on R&D, thereby retaining a competitive advantage in innovation of new‐generation products. The paper concludes with a discussion of the practical implications of

ISSN:0143-2095    

DOI:10.1002/smj.4250090704

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractA framework is presented that helps managers systematically evaluate strategic alternatives. We empirically illustrate how to use the framework, and show how changes in beliefs about environmental factors affect the payoffs of specified strategic alternatives.

ISSN:0143-2095    

DOI:10.1002/smj.4250090705

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis article surveys the theoretical and empirical literature on mechanisms that confer advantages and disadvantages on first‐mover firms. Major conceptual issues are addressed, and recommendations are given for future research. Managerial implications are also discusse

ISSN:0143-2095    

DOI:10.1002/smj.4250090706

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractIn this paper it is argued that failures of the competitive market are necessary conditions for supranormal profitability. Three fundamental causes of these market failures—production economies and sunk costs, transactions costs, and imperfect information—are developed from the theory of competitive markets and discussed in terms of their impact on profitability. The identification of these ‘impediments to economic activity’ is useful for determining successful strategies to exploit market f

ISSN:0143-2095    

DOI:10.1002/smj.4250090707

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractRecent work has suggested that mergers or acquisitions between strategically related firms will generate abnormal returns for shareholders of bidding firms. Empirical evidence on this hypothesis has been mixed. The relatedness hypothesis is refined by arguing that relatedness is not a sufficient condition for acquiring firms to earn abnormal returns. Rather, only when bidding firms enjoy private and uniquely valuable synergistic cash flows with targets, inimitable and uniquely valuable synergistic cash flows with targets, or unexpected synergistic cash flows, will acquiring a related firm result in abnormal returns for the shareholders of bidding firms.

ISSN:0143-2095    

DOI:10.1002/smj.4250090708

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper highlights the significance of escalating commitment to strategy formulation, briefly examines behavioral explanations of escalating commitment to a losing course of action, and finally proposes an economic theory of the escalating commitment phenomenon. An example of escalating commitment to an outdated technology is presented. It is shown mathematically that there are economic justifications for escalating commitment to a failing strategy. Strategic implications for the first move advantage and for the U.S. steel, auto and semiconductor industries are discussed.

ISSN:0143-2095    

DOI:10.1002/smj.4250090709

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractThis paper constructs a transaction cost model that provides an explanation for the transition between two distinct governance modes for serving a foreign market; a wholly owned subsidiary and licensing. The paper initially outlines a single‐period model of the factors that influence a firm's choice of governance mode. The model is then extended, first to incorporate a temporal perspective and then a dynamic perspective. The completed model identifies organizational and environmental contingencies that shape dynamic multi‐period decision‐making for the choice of governance

ISSN:0143-2095    

DOI:10.1002/smj.4250090710

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY

摘要:

AbstractOne consequence of vertical integration is increased firm size with the related problem of monitoring employees in a large enterprise. Writers on the theory of the firm suggest that this phenomenon is part of the entrepreneurial capacity problem. This paper argues that quasi‐vertical integration via franchising can circumvent the problem and lead to larger‐scale retail outlets. Using U.S. Census data from the eating place and motel industries, the empirical evidence in this paper suggests that physical dispersion of outlets and the value of brand name capital increase the entrepreneurial capacity problem, but that franchising offsets these forces and permits somewhat larger local outlets than using nonfranchised operati

ISSN:0143-2095    

DOI:10.1002/smj.4250090711

出版商:John Wiley&Sons, Ltd.    

年代:1988

数据来源: WILEY