THE RIGHT SPEED AND ITS VALUE

• 成果类型: Article
• 署名作者: Pacheco-de-Almeida, Goncalo; Hawk, Ashton; Yeung, Bernard
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; University System of Ohio; Ohio State University; National University of Singapore
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2213
• 发表日期: 2015
• 页码: 159-176
• 关键词: time-based competition; speed capabilities; strategy dynamics; random parameters model; firm-specific coefficients

摘要

Slow investments cause substantial revenue losses, yet acceleration increases costs. This tradeoff implies that an optimal investment speed usually exists; it is faster the higher a firm's intrinsic speed capability. We hypothesize that it is a firm's intrinsic speed capability, rather than its speed relative to industry competitors per se, that boosts firm value. Using data on oil and gas facilities (1996-2005), we find that intrinsic speed capabilities augment firm value in a varied way: their value is larger with better corporate governance, lower cost of capital, and higher ability to draw value from R&D investment. Our work elevates the discussion of speed from a project-level consideration to a firm-level competitive advantage issue and raises the need to further explore its strategic value. Copyright (c) 2013 John Wiley & Sons, Ltd.