INSTITUTIONAL BARRIERS AND INDUSTRY DYNAMICS

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This study demonstrates that new entrants exhibit higher productivity but also higher exit hazard than incumbents in post-liberalization China. We argue this seemingly paradoxical relationship is attributable to institutional barriers, defined as the hindrance in the institutional environment that prevents market selection forces to function. New entrants require higher productivity to compensate for those institutional barriers, which in turn implies a higher exit hazard after controlling for productivity. Our empirical findings support this argument and further show that the differences in productivity and exit hazard between new entrants and incumbents become smaller where and when institutional barriers recede. By integrating economic and institutional perspectives, we highlight the importance of institutional factors in shaping industry evolution.
Publisher
WILEY-BLACKWELL
Issue Date
2014-08
Language
English
Article Type
Article
Keywords

RESEARCH-AND-DEVELOPMENT; LIFE-CYCLE; ORGANIZATIONAL DYNAMICS; ECONOMIC-PERFORMANCE; FIRM PERFORMANCE; EMERGING MARKET; CHINA; ENTRY; PRODUCTIVITY; TRANSITION

Citation

STRATEGIC MANAGEMENT JOURNAL, v.35, no.8, pp.1103 - 1123

ISSN
0143-2095
DOI
10.1002/smj.2152
URI
http://hdl.handle.net/10203/192692
Appears in Collection
MT-Journal Papers(저널논문)
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