Estimating Value Creation from Revealed Preferences: Application to Value-based Strategies

• 成果类型: Article
• 署名作者: Chatain, Olivier; Mindruta, Denisa
• 署名单位: Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2633
• 发表日期: 2017
• 页码: 1964-1985
• 关键词: buyer supplier relationships; client-specific economies of scope; Cooperative game theory; revealed preferences: value based strategy

摘要

We develop and apply a new set of empirical tools consistent with the tenets of value-based business strategies, leveraging the principle that no good deal comes undone and the methods of revealed preferences, to empirically estimate drivers of value creation. We demonstrate how to use these tools in an analysis of value creation in buyer supplier relationships in the UK corporate legal market. We show that our approach can uncover evidence of subtle mechanisms that traditional methods cannot easily distinguish from each other Furthermore, we show how the estimates can be used as parameters of blform Danes for out-of-sample analyses of strategic decisions. With readily available data on relationships between firms, this approach can be applied to many other contexts of interest to strategy researchers. Managerial summary: Managers need to understand the drivers of value creation for customers in order to make competitive positioning decisions and understand when they can capture value under competition. However, estimates of the relative importance of each driver are typically difficult to obtain. In this article, we help remedy this problem by demonstrating a novel method that obtains estimates of the contribution of various drivers of value creation from commonly available data of buyer supplier relationships. These estimates can then be used to inform the strategy-making process. Copyright (C) 2017 John Wiley & Sons, Ltd.