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1.
    
While most insider trading is routine and legal, investors still treat it as new information about the firm's prospects—they assume that trades reflect managers' attempts to profit from their private information. This article explores insider trading as a mechanism to appropriate rent from R&D advances. We analyze stock price reactions to over 134,000 insider‐trading events and find that insider purchases generate larger positive stock price reactions for R&D‐intensive firms. Investors seem to assume that managers use insider trading to appropriate rent from R&D breakthroughs. We discuss how shareholders may prefer this rent appropriation mechanism over other forms of compensation that directly reduce the firm's income. Copyright © 2002 John Wiley & Sons, Ltd.  相似文献   

2.
Developing technological applications, entering exploitation alliances, and choosing between research‐ or service‐focused strategic orientations are decisions that high‐tech firms must manage concurrently. This article explores systematically the contrasting effects of these strategic determinants on rent generation and rent appropriation using the entire population of French biotech firms (1994–2002). Findings indicate that science and money do not unconditionally go together–the direct relationship between rent‐accruing resources (e.g., patents or articles) and rent appropriation varies depending on the type of resources and the strategic orientation. Moreover, the effects of strategic determinants differ for rent generation vs. rent appropriation: 1) technological application diversity undermines a firm's capacity to appropriate rents–in particular for research‐oriented firms; 2) exploitation alliances favor rent generation but hinder rent appropriation; 3) service‐oriented firms exhibit significantly better performance than research‐oriented firms. Such evidence challenges the emergence in the biotechnology industry of a ‘one‐best’ strategic trajectory, as represented by research‐intensive start‐ups funded by private money engaged in publishing and patenting races. Copyright © 2008 John Wiley & Sons, Ltd.  相似文献   

3.
This study examines whether first-mover and early-mover advantages can be sustained in an industry where the barriers to entry are generally low and new product innovations can be easily imitated—namely, the money market mutual fund industry. Using a simultaneous-equation supply-and-demand model of panel data from a variety of money market fund product categories, the study finds that first-movers and early-movers enjoy both a highly sustainable pricing advantage and a moderately sustainable market share advantage. These counterintuitive results are interpreted in terms of the structural characteristics of demand in the industry. Implications of these results for the ongoing debate between the ‘sustainability’ and ‘hypercompetition’ perspectives are discussed. © 1998 John Wiley & Sons, Ltd.  相似文献   

4.
价值链(value chain)的名称是由美国哈佛大学商学院教授迈克尔·波特于1985年在其《竞争优势》一书中提出来的。作为一种强有力的战略分析框架,它已被许多领域广泛融入和吸收。本文简要介绍了价值链理论,并结合医药行业的实际情况,对价值链在行业研究中的应用进行阐述,包括行业价值链分析的主要思路、过程和方法,以及如何在价值链分析的基础上为医药企业确定能够争取竞争优势的竞争战略。  相似文献   

5.
    
While much is understood about the general pattern of industry dynamics, a critical element underlying these dynamics, the rate of the expansion of individual firms, has been largely overlooked. We argue that the rate at which firms can reliably increase their scale of operations is a critical factor in understanding the structure of industries. Further, success at scaling‐up the firm's operations provides a dynamic‐isolating mechanism that insulates established firms from new competition. We show that the bases of profitability in the industry (monopoly‐like profits stemming from the restriction of output, efficiency rents based on firm‐specific productivity differences, or transitory Schumpeterian profits) can be traced to the scale adjustment process. We explore these issues in a computational model of industry dynamics. Copyright © 2013 John Wiley & Sons, Ltd.  相似文献   

6.
    
How does employer status benefit firms in the market for general human capital? On the one hand, high status employers are better able to attract workers, who value the signal of ability that employment at those firms provides. On the other hand, that same signal can help workers bid up wages and capture the value of employers' status. Exploring this tension, we argue that high status firms are able to hire higher ability workers than other firms, and do not need to pay them the full value of their ability early in the career, but must raise wages more rapidly than other firms as those workers accrue experience. We test our arguments using unique survey data on careers in investment banking. Copyright © 2014 John Wiley & Sons, Ltd.  相似文献   

7.
    
Research summary: Juxtaposing competing theories of whether superior profits endure, this article investigates differences in the rates at which firms' profit advantages persist following a significant regulatory change in the rules governing industry competition. Such a change creates two cohorts of firms, Entrants that lack experience in the industry and Incumbents that competed in the industry before the regulatory shift. The findings show that both cohorts' profit advantages persist, but at different rates: Superior performing Incumbents sustain an advantage longer than superior performing Entrants. This result is counterintuitive since Entrants are not constrained by a legacy of competing under the prior regime. Overall, the findings indicate that stages of a firm's development and of an industry's evolution are critical to understanding how long superior profits persist. Managerial summary: State and federal institutions employ regulations in an attempt to address market failures and to create a stable set of market and nonmarket relationships among relevant actors. A byproduct of this stability is decreased competition, and in turn, reduced incentives for firms to develop efficient operations. One might expect then that deregulation would fundamentally disrupt incumbent firms' abilities to develop and sustain a profit advantage. We find the reverse: Over time, some firms in the Incumbent cohort develop persistent, albeit temporary, profit advantages despite an onslaught of Entrants. Thus, while deregulation shakes out inefficient firms, it may strengthen, rather than threaten the profit trajectories of incumbent firms over time. Advantages developed by superior performing Entrants also endure, but for a shorter duration relative to Incumbents. Copyright © 2015 John Wiley & Sons, Ltd.  相似文献   

8.
    
Who reaps the fruits of a dynamic capability? We argue that while social capital is essential for the acquisition, integration, and release of resources at the core of a dynamic capability, actors can also use social capital for personal gain. Thus, social capital may be a key to understanding both rent generation and rent appropriation. Even when causal ambiguity obscures individual contributions, they may use their social capital to establish credible claims on the rent. Specifically, employees who occupy structural holes, span organizational boundaries, or who are highly central may be most able to appropriate rent because their social capital grants credibility to their claims. Rent that is appropriated in this way may be unobservable in performance measures that fail to distinguish normal compensation from rent. We contribute by identifying the specific role of social capital in a dynamic capability and linking social capital to rent appropriation patterns. Copyright © 2003 John Wiley & Sons, Ltd.  相似文献   

9.
    
Research summary : Prior scholarship has assumed that firm‐specific and general human capital can be analyzed separately. This article argues that, in some settings, this is not the case because prior firm‐specific human capital investments can be a market signal of an individual's willingness and ability to make such investments in the future. As such, the willingness and ability to make firm‐specific investments is a type of general human capital that links firm‐specific and general human capital in important ways. The article develops theory about these investments, market signals, and value appropriation. Then, the article examines implications for human resource management and several important questions in the field of strategic management, including theories of the firm and microfoundations of competitive advantage. Managerial summary : While managers don't often use the terms firm‐specific and general skills, they certainly recognize that investments employees make in their skill sets are more or less relevant to a specific firm. For instance, investing in specific relationships within a firm or learning a firm's proprietary software would be considered firm‐specific investments. While such skills may seem relevant only to the particular firm in which they were invested, these investments may also send valuable signals to competing firms that such employees are willing and able to make similar investments elsewhere. Hence, managers should be interested in determining if a potential hire has made prior firm‐specific investments to help them know whether that person might be likely to make such investments in his or her future place of employment. Copyright © 2016 John Wiley & Sons, Ltd.  相似文献   

10.
经过多年的积累和发展,青岛已经成为中国服装的重要出口城市和世界男装的重要生产基地,青岛服装产业现处于“多元化整合期”向“量——值转变期”转型过程中。因此很有必要站在产业可持续发展的高度上,结合山东半岛地区服装产业的具体情况,对青岛服装产业的竞争力做系统的研究。本文用一种新的研究方法来对青岛服装产业的竞争力现状进行一个定量的研究,以使人们看清现在、找出差距,谋求青岛服装产业的更大发展。  相似文献   

11.
产业聚集度是衡量某一区域产业集聚程度的重要指标,分析某一区域产业的聚集度,对于正确把握该区域的优势产业,促进区域产业的优化升级,提高区域产业的竞争优势具有重要作用。在此从区位商的角度对河北省产业聚集度进行深入分析,以期对河北省产业的聚集发展提供依据。  相似文献   

12.
近年来,随着互联网、物联网、云计算等IT与通讯技术的迅猛发展,经济社会已经进入大数据时代,数据快速增长成了许多行业共同面临的机遇和挑战。大数据的涌现不仅影响着国家管理模式、企业管理决策,而且也改变着人们的生活和工作方式,甚至引起了科研模式的根本性变革。基于此,本文借鉴迈克尔?波特“钻石模型”理论思想,运用修正的“钻石模型”理论,从高级生产要素、市场需求、相关产业和支持产业、技术研发、机遇、政府等6个方面,深入剖析我国大数据产业发展竞争优势问题。  相似文献   

13.
企业的竞争优势来源及其战略选择   总被引:65,自引:12,他引:65  
本文在综合产业分析理论与核心能力理论的基础上,提出了一个分析企业竞争优势来源的动态架构,即“产业景气-战略群组-核心能力”这样一个一般分析范式。同时刻画了企业所处的“竞争优势空间”,分析了在位企业和潜在进入者如何根据这一范式制定有效的竞争战略。  相似文献   

14.
东北地区优势产业在经济转型升级、提高竞争能力过程中,面临着自主创新能力薄弱、缺乏有效创新机制和自主创新品牌等问题.不仅阻碍了区域优势产业的后续发展、老工业基地的振兴,而且还影响人民生活水平的提高.造成这种状况的原因在于:经济增长方式粗放、自主创新投入不足、创新人才缺乏和体制机制障碍.因此,调整政府创新扶持策略、增加企业研发经费投入、完善创新人才激励机制、转变企业自主创新实现方式,是提升东北地区优势产业竞争能力的关键所在.  相似文献   

15.
主体休闲产业可分为第一方休闲、第二方休闲和第三方休闲。当休闲产业发展进入休闲创意阶段后,有效的休闲治理组织形式是有管理的休闲集聚区,它能带来“政府部门监管与支持”、“第二方休闲成长”和“休闲消费者偏好”三方面的效应。在此基础上,本文构建了一个基于效应的休闲集聚区竞争优势模型。  相似文献   

16.
集群竞争力的动力机制以及实证分析   总被引:118,自引:2,他引:118  
集群由于持续创新而显现的竞争优势,已经成为工业政策制定者的研究内容和模仿手段。为了揭示集群竞争优势背后的动力机制以及加强实施的可操作性,本文首先详细分析了集群的动力机制:基于社会资本的地域分工,外部经济,合作效率,技术创新与扩散,并分析其对应的竞争优势。然后,以嵊州领带产业集群为例,具体分析其动力机制,以及嵊州领带集群存在的问题,并提出相应的对策措施。  相似文献   

17.
东北老工业基地产业自生竞争力研究   总被引:12,自引:0,他引:12  
本文在将比较优势理论和竞争优势理论结合的基础上,提出了产业自生竞争力的概念,并通过对产业自生竞争力的进一步理论分析,应用于对东北三省老工业基地的实证研究,得出东北老工业基地的整体工业基础和若干制造业具备自生竞争力的相关结论。同时,本文认为,将培育具备自生竞争力的产业作为核心,以此促进老工业基地优势的充分发挥,在新的国际和国内环境下获得新生,进而对国家经济社会的发展做出更大的贡献。  相似文献   

18.
In this study we revisit some fundamental questions that are increasingly at the heart of current strategic management discourse regarding the relative impact of industry and firm‐specific factors on sustainable competitive advantage. We explore this issue by referring to respective assertions of two major perspectives that dominate the literature over the last two decades: the Porter framework of competitive strategy and the more recent resource‐based view of the firm. A composite model is proposed which elaborates upon both perspectives' divergent causal logic with respect to the conditions relevant for firm success. Empirical findings suggest that industry and firm specific effects are both important but explain different dimensions of performance. Where industry forces influence market performance and profitability, firm assets act upon accomplishments in the market arena (i.e., market performance), and via the latter, to profitability. The paper concludes with directions for future research that will seek to integrate both content and process aspects of firm behavior. Copyright © 2001 John Wiley & Sons, Ltd.  相似文献   

19.
    
Given legal impediments to consolidation and collusion, firms often resort to product differentiation to attain market power. This paper provides a formal analysis of product differentiation as a tool for such industry structuring at both the firm and industry level. We examine: how industry structure differs when firms collaborate on their differentiation decisions, and when the profitability of such collaboration is greatest; how an individual firm's differentiation decisions affect subsequent market outcomes under price competition, such as margin, market share, and profit; how mere differentiation differs from a ‘differentiation advantage’; and how changing a firm's differentiation affects its rivals through both positive externalities (by restraining rivalry) and negative externalities (by shifting competitive advantage). Our results have implications for empirical research, strategy theory, and pedagogy.  相似文献   

20.
    
Firms seek to imitate innovations that yield competitive advantage, but imitation can presage disappointment when the innovation value is below expectations. Empirical research has only rarely examined the diffusion of such disappointing innovations, and it is not known whether negative information from past adopters will halt the diffusion process. Likewise, the effect of heterogeneity in the innovation value on its spread has not been systematically investigated. Here, a unique dataset on a disappointing innovation is used to examine how adoption decisions are imitated, but actual use and subsequent abandonment can yield information that reduces the likelihood that others will adopt. The findings show imitation of the adoptions of other firms, but avoidance of the innovation once these firms start using the innovation or abandon it. Copyright © 2011 John Wiley & Sons, Ltd.  相似文献   

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