VALUE CREATION AND VALUE CAPTURE WITH FRICTIONS

• 成果类型: Article
• 署名作者: Chatain, Olivier; Zemsky, Peter
• 署名单位: University of Pennsylvania; INSEAD Business School
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.939
• 发表日期: 2011
• 页码: 1206-1231
• 关键词: value-based strategy; biform games; industry analysis; Rivalry; sustainable competitive advantage

摘要

We use a formal value-based model to study how frictions-incomplete linkages in the industry value chain that keep some parties from meeting and transacting-affect value creation and value capture. Frictions arise from search and switching costs and moderate the intensity of industry rivalry and the efficiency of the market. We find that firms with a competitive advantage prefer industries with less, but not zero, frictions. We show that rivalry interacts nontrivially with other competitive forces to affect industry attractiveness. Firm heterogeneity emerges naturally when we introduce resource development. Heterogeneity falls with frictions, but the sustainability of competitive advantage increases. Overall, we show that introducing frictions makes value-based models very effective at integrating analyses at the industry, firm, and resource levels. Copyright (C) 2011 John Wiley & Sons, Ltd.