HIDDEN BUT IN PLAIN SIGHT: THE ROLE OF SCALE ADJUSTMENT IN INDUSTRY DYNAMICS

• 成果类型: Article
• 署名作者: Knudsen, Thorbjorn; Levinthal, Daniel A.; Winter, Sidney G.
• 署名单位: University of Southern Denmark; University of Pennsylvania
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2197
• 发表日期: 2014
• 页码: 1569-1584
• 关键词: industry evolution; firm growth; Competitive advantage; adaptation; NK model

摘要

While much is understood about the general pattern of industry dynamics, a critical element underlying these dynamics, the rate of the expansion of individual firms, has been largely overlooked. We argue that the rate at which firms can reliably increase their scale of operations is a critical factor in understanding the structure of industries. Further, success at scaling-up the firm's operations provides a dynamic-isolating mechanism that insulates established firms from new competition. We show that the bases of profitability in the industry (monopoly-like profits stemming from the restriction of output, efficiency rents based on firm-specific productivity differences, or transitory Schumpeterian profits) can be traced to the scale adjustment process. We explore these issues in a computational model of industry dynamics. Copyright (c) 2013 John Wiley & Sons, Ltd.