An empirical analysis of strategic competition and firm values - The case of R&D competition

• 成果类型: Article
• 署名作者: Sundaram, AK; John, TA; John, K
• 署名单位: New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(95)00853-7
• 发表日期: 1996
• 页码: 459-486
• 关键词: strategic substitutes; Strategic complements; competitive strategy; R&D; event study

摘要

We operalionalize a firm's competitive strategy through a new empirical measure, and develop a framework for empirical analysis of the market value of strategic behavior. Using this framework, we study announcement effects of R&D spending. The announcing firm's stock prices are positively influenced by a change in spending, and negatively by our competitive strategy measure (CSM). Competitors' stock prices are positively influenced by the interaction between the market's reaction to the announcing firm and the CSM. Our results are consistent with positive effects of 'accommodating' competition with strategic substitutes, and nonpositive effects of 'tough' competition with strategic complements.