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The European guilds : an economic analysis
\"Guilds ruled many crafts and trades from the Middle Ages to the Industrial Revolution, and have always attracted debate and controversy. They were sometimes viewed as efficient institutions that guaranteed quality and skills. But they also excluded competitors, manipulated markets, and blocked innovations. Did the benefits of guilds outweigh their costs? Analyzing thousands of guilds that dominated European economies from 1000 to 1880, The European Guilds uses vivid examples and clear economic reasoning to answer that question. Sheilagh Ogilvie's book features the voices of honorable guild masters, underpaid journeymen, exploited apprentices, shady officials, and outraged customers, and follows the stories of the \"vile encroachers\"--Women, migrants, Jews, gypsies, bastards, and many others--desperate to work but hunted down by the guilds as illicit competitors. She investigates the benefits of guilds but also shines a light on their dark side. Guilds sometimes provided important services, but they also manipulated markets to profit their members. They regulated quality but prevented poor consumers from buying goods cheaply. They fostered work skills but denied apprenticeships to outsiders. They transmitted useful techniques but blocked innovations that posed a threat. Guilds existed widely not because they corrected market failures or served the common good but because they benefited two powerful groups--guild members and political elites.\"--Jacket.
Book
How firms navigate cooperation and competition in nascent ecosystems
Research Summary Despite a wealth of research on competitive and cooperative strategy, gaps remain with respect to how firms successfully navigate cooperation and competition over time. This is especially true in ecosystems, in which firms depend on one another to collectively provide components and create value for consumers. Through an in‐depth multiple case study of five firms in the U.S. residential solar industry from 2007 to 2014, we induct a theoretical framework that explains how firms navigate nascent ecosystems over time. We identify three strategies, each with a distinct balance of cooperation and competition, as well as unique advantages, disadvantages, and required capabilities. Overall, we contribute to research on ecosystem strategy, crystallize the pivotal role of bottlenecks, and shed light on the dynamic interplay of cooperation and competition. Managerial Summary Competition and cooperation are fundamental to strategy, and often closely intertwined. But how firms navigate and balance cooperation and competition over time, especially in ecosystems where firms depend on one another to deliver value to consumers, is unclear. In this article, we conduct an in‐depth multiple‐case study of five firms in the U.S. residential solar industry to examine how firms can successfully navigate nascent ecosystems over time. We identify three distinct strategies, each with a distinct balance of cooperation and competition, and examine the unique advantages, disadvantages, and required capabilities of each. In doing so, we also contribute novel insights into the evolution of ecosystems and bottlenecks.
Journal Article
The interplay of competition and cooperation
Research streams on competition and cooperation are central to the field of strategic management but have evolved independently. The emerging literature on coopetition has brought attention to the phenomenon of simultaneous competition and cooperation, yet the interplay between the two has remained under-researched. We offer a roadmap for studying this interplay, which identifies some of its antecedents and consequences, highlights debates concerning the nature of competition and cooperation and the association between the two, and directs attention to the tension between competition and cooperation and the alternative approaches for managing this tension. We discuss the broader implications of the interplay, note some intriguing open questions, offer directions for future research, and present an organizing framework for the interplay of competition and cooperation.
Journal Article
Big steel : technology, trade, and survival in a global market
From publisher's description: Big Steel explores how the integrated steel industry is adapting to trade and international competition. These arise from the industry's diffusion beyond its historical core in North America and Europe. To show this occurred, Big Steel applies Paul Krugman's Nobel Prize winning explanation of industrial location and trade. The industry's technology and economic structure and the pricing strategies available, produce fateful competition and incentives to consolidate internationally. Examining the industry's survival options, including close cooperation with its primary customers, the automakers, this book anticipates a cosmopolitan future. It is a straight forward account of a complicated process, the development of a new phase in the global steel business, that will appeal to scholars and policy makers interested in trade, competition, globalization, and industrial policy.
Book
The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness
We examine how the interplay between executive temporal depth (time horizons that executives consider when contemplating past and future events) and industry velocity (the rate at which new opportunities emerge and disappear in an industry) shapes competitive aggressiveness (a firm's propensity to challenge rivals directly and intensely in order to maintain or improve its market position) and firm performance. Based on panel data (from 1995 to 2000) from 258 firms in 23 industries, we found that executive temporal depth exhibited different patterns of relationships with competitive aggressiveness in low-and high-velocity industries. Moreover, competitive aggressiveness had a positive main effect on firm performance, but this effect was stronger in high-velocity industries than in low-velocity industries.
Journal Article
Testing by Competitors in Enforcement of Product Standards
Firms have an incentive to test competitors' products to reveal violations of safety and environmental standards, in order to have competitors' products blocked from sale. This paper shows that testing by a regulator crowds out testing by competitors, and can reduce firms' efforts to comply with the product standard. Relying on competitor testing (i.e., having the regulator test only to verify evidence of violations provided by competitors) is most effective in large or concentrated markets in which firms have strong brands and high quality, and for standards that are highly valued by consumers. Under those conditions, firms tend to test competitors' products and exert high compliance effort. Conversely, unless compliance is highly valued by consumers, a firm with low quality does not draw testing from competitors, and so does not comply. Enforcing a product standard through competitor testing encourages entry by such low-quality, noncompliant firms and can reduce quality investment by incumbents. Stripping offending products of labels (such as \"Energy Star\"), instead of blocking them from the market, eliminates the problem of entry by low-quality, noncompliant firms, but may reduce incumbents' compliance efforts.
Journal Article
INTERNATIONAL PRICES AND ENDOGENOUS QUALITY
The unit values of internationally traded goods are heavily influenced by quality. We model this in an extended monopolistic competition framework where, in addition to choosing price, firms simultaneously choose quality subject to nonhomothetic demand. We estimate quality and quality-adjusted price indexes for 185 countries over 1984–2011. Our estimates are less sensitive to assumptions about the extensive margin of firms than are purely ‘‘demand-side’’ estimates. We find that quality-adjusted prices vary much less across countries than do unit values and, surprisingly, the quality-adjusted terms of trade are negatively related to countries’ level of income.
Journal Article
High-Frequency Trading Competition
Theory on high-frequency traders (HFTs) predicts that market liquidity for a security decreases in the number of HFTs trading the security. We test this prediction by studying a new Canadian stock exchange, Alpha, that experienced the entry of 11 HFTs over 4 years. We find that bid–ask spreads on Alpha converge to those at the Toronto Stock Exchange as more HFTs trade on Alpha. Effective and realized spreads for non-HFTs improve as HFTs enter the market. To explain the contrast with theory, which models the HFT as a price competitor, we provide evidence more consistent with HFTs fitting a quantity-competitor framework.
Journal Article
A new angle on SMEs' competitiveness. How do agility capabilities affect a firm's competitive position?
PurposeThe paper aims to explain how agility capabilities (competence, flexibility, responsiveness and speed) influence the chance of improving a small and medium-sized enterprise's (SME's) competitive position, measured by market share and profit.Design/methodology/approachCombining organisational agility with competitiveness, the authors analysed how an SME's activities in the field of agility capabilities – competence, flexibility, responsiveness and speed – influence the chance of improving their competitive position. Data were collected from 1,286 SMEs from Poland using the computer-assisted personal interviews method (CAPI). To analyse the data, the authors used logistic regression and odds ratios.FindingsThe study provides empirical evidence of the relationship between agility capabilities and an SME's competitive position. First, the results suggest that all the studied agility capabilities positively impact SMEs' competitive position. Second, the study shows that seeking to increase market share requires particular attention to flexibility, the impact of which is slightly higher than that of the other variables. Third, the findings suggest that the drive to increase profitability requires an appreciation of responsiveness and competence.Originality/valueThe literature contains much discussion about the relationship between agility capabilities and a company's competitive position. However, these studies refer to large companies, whilst the question of the relationship between agility capabilities and competitive position amongst SMEs remains mainly unanswered, which given SMEs' contribution to the creation of economic growth, seems difficult to understand. Although small companies are by nature highly flexible, due to the size of the companies' operations and flattened and decentralised structure, companies' competitive potential is limited as a result of the limited resources that can be devoted to developing procedures for change.
Journal Article