Can first-mover and early-mover advantages be sustained in an industry with low barriers to entry/imitation?

• 成果类型: Article
• 署名作者: Makadok, R
• 署名单位: Emory University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199807)19:7<683::AID-SMJ965>3.0.CO;2-T
• 发表日期: 1998
• 页码: 683-696
• 关键词: COMPETITIVE ADVANTAGE; sustainability; Product innovation; first-mover advantage; early-mover advantage

摘要

This study examines whether first-mover and early-mover advantages can be sustained in an industry where the barriers to entry are generally low and new product innovations can be easily imitated-namely the money market mutual fund industry. Using a simultaneous-equation supply-and-demand model of panel data from a variety of money market fund product categories, the study finds that first-movers and early-movers enjoy both a highly sustainable pricing advantage and a moderately sustainable market share advantage. These counterintuitive results are interpreted in terms of the structural characteristics of demand in the industry. implications of these results for the ongoing debate between the 'sustainability' and 'hypercompetition' perspectives are discussed. (C) 1998 John Wiley & Sons, Ltd. Strat. Mgmt. J. Vol. 19, 683-696 (1998).