FIRST-MOVER ADVANTAGES VERSUS FIRST-MOVER BENEFITS: WHAT'S THE DIFFERENCE AND WHY DOES IT MATTER?

• 成果类型: Article
• 署名作者: Cirik, Kubilay; Makadok, Richard
• 署名单位: Louisiana State University System; Louisiana State University; University System of Ohio; Ohio State University
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/amr.2017.0499
• 发表日期: 2023
• 页码: 409-431
• 关键词: MARKET PIONEER ADVANTAGES; ENTRY ORDER; Competitive advantage; FORECASTING ABILITY; technology adoption; FIRM RESOURCES; joint ventures; profit; INVESTMENT; strategy

摘要

We present a theoretical framework to address the inherent endogeneity problem in entry-timing research by distinguishing the concept of first-mover benefits (FMB) from first-mover advantages (FMA)-the former being a counterfactual and (usually) unob-served pure treatment effect, and the latter being an actual observed combination of treatment and selection effects. They differ in the baseline to which the first mover's performance is compared-either to the follower's actual performance (for FMA) or to the first mover's hypothetical performance if it had been a follower (for FMB). We consider the implications of this distinction for entry-order choices, and our formal economic model analyzes this distinction to make predictions about biases arising from using FMA as a proxy to estimate FMB, and also about how FMA, FMB, and their difference are affected by interfirm asymmetries in resources and information.