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Performance persistence in the presence of higher-order resources

机译:存在高阶资源时的性能持久性

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Research Summary This paper presents a formal model of how higher-order resources affect profit persistence. Higher-order resources provide an abstract representation of dynamic capabilities, and are defined as resources that do not affect profit directly, but can affect other resources that in turn affect profit over time. The model shows that higher-order resources lead to persistence not only in the level of profit, but also in its growth. Estimation of the model using empirical profit data of more than 4,000 U.S. firms over 30 years implies an average duration of competitive advantage of about 18 years, which is almost four times as long as implied by traditionally used autoregressive models that exclude the effect of higher-order resources. Managerial Summary If firms want to make more profit than their competitors for prolonged periods of time, they must have access to resources that competitors cannot effectively obtain, such as brands, patents, captive customers, or specialized plants. This paper shows that not only these "operating resources" drive long-term profit differences across firms, but also "higher-order resources," such as strategic planning, M&A capabilities, and superior forecasts. Such higher-order resources do not affect profits directly, but allow firms to obtain superior operating resources over time. A mathematical model incorporating higher-order resources suggests an average duration of competitive advantage of about 18 years, almost four times as long as implied by traditionally used models.
机译:研究摘要本文提出了一个高阶资源如何影响利润持久性的正式模型。高阶资源提供了动态能力的抽象表示,被定义为不会直接影响利润的资源,但是会影响其他资源,这些资源又会随着时间的推移影响利润。该模型表明,高阶资源不仅导致利润水平的持久性,而且导致其增长的持久性。使用30年来4,000多家美国公司的经验利润数据对模型进行估算,意味着平均竞争优势持续时间约为18年,这几乎是传统使用的自回归模型所隐含的四倍,而传统的自回归模型排除了较高收益的影响。订购资源。管理摘要如果企业要在长时间内获得比竞争对手更多的利润,则它们必须能够获得竞争对手无法有效获得的资源,例如品牌,专利,专属客户或专业工厂。本文表明,不仅这些“经营资源”驱动了公司之间的长期利润差异,而且还“战略性计划,并购能力和出色的预测”等“高阶资源”。这样的高阶资源不会直接影响利润,但是可以使企业随着时间的流逝获得更好的运营资源。包含高阶资源的数学模型表明平均竞争优势持续时间约为18年,几乎是传统模型所隐含的四倍。

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