Bottleneck Resources, Market Relatedness, and the Dynamics of Organizational Growth

• 成果类型: Article
• 署名作者: Chang, Sungyong; Eggers, J. P.; Keum, D. Daniel
• 署名单位: University of London; London Business School; New York University; Columbia University
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.2021.1479
• 发表日期: 2022
• 页码: 1049-1067
• 关键词: product market entry; diversification; resource-based view; demand-side strategy; markets for technology

摘要

Entering a new product market requires assembling a bundle of resources. Because missing a single resource can foil the entire entry effort, we argue that bottleneck resources-those most difficult to obtain or sell externally-anchor the direction of firm growth. We characterize market resources as bottlenecks to product market entry, because they are (on average) more challenging to obtain and sell than technological resources, and we articulate why the importance of market resources varies with the strength of external markets for technology. Using cross-industry data linking firms' product portfolios with patents, we find resource dynamics whereby market resources drive the strategic decision to enter, and firms fill technological gaps using both internal research and development and external acquisitions (joint ventures and alliances). Our study underscores the importance of resources for firm growth dynamics and specifically highlights market resources as the bottleneck that constrains and directs the direction of product market entry.