Resolving the commitment versus flexibility trade-off: The role of resource accumulation lags

• 成果类型: Article
• 署名作者: Pacheco-De-Almeida, Goncalo; Henderson, James E.; Cool, Karel O.
• 署名单位: New York University; International Institute for Management Development (IMD); INSEAD Business School
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2008
• 页码: 517-536
• 关键词: WORLDWIDE PETROCHEMICAL INDUSTRY; Real options; Competitive advantage; strategic investment; USEFUL PERSPECTIVE; view; capacity; GROWTH; sustainability; capabilities

摘要

We examine how time-consuming resource accumulation influences the classic strategy trade-off between commitment and flexibility. In particular, using 1975-95 data from the worldwide petrochemical industry, we study the impact of new plants' time-to-build on firms' decisions to invest under uncertainty. Our results suggest a nontrivial positive effect of resource accumulation lags on investment. Contradicting conventional wisdom, we show that competition may be fiercer in industries in which Arms accumulate resources more slowly and that uncertainty is not always a disincentive for investment. The robustness of these results is only diminished for extremely long resource accumulation lags.