The Competitive Advantage Period and the Industry Advantage Period A
Competitive advantages and superior performance can be interpreted as two sides of the same coin. With respect to management research, the first is mainly driven by strategic management whereas the second is a focal point in financial management. At the s
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GABLER EDITION WISSENSCHAFT
Thomas Fritz
The Competitive Advantage Period and the Industry Advantage Period Assessing the Sustainability and Determinants of Superior Economic Performance
With a foreword by Prof. Dr. Andreas Bausch
GABLER EDITION WISSENSCHAFT
Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de.
Dissertation Jacobs University Bremen, 2008
1st Edition 2008 All rights reserved © Gabler | GWV Fachverlage GmbH, Wiesbaden 2008 Editorial Office: Frauke Schindler / Anita Wilke Gabler is part of the specialist publishing group Springer Science+Business Media. www.gabler.de No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. Registered and/or industrial names, trade names, trade descriptions etc. cited in this publication are part of the law for trade-mark protection and may not be used free in any form or by any means even if this is not specifically marked. Cover design: Regine Zimmer, Dipl.-Designerin, Frankfurt/Main Printed on acid-free paper Printed in Germany ISBN 978-3-8349-1138-4
Foreword One of the major goals in strategic management research is to identify firm-related and industry-related sources and determinants of profitability differences among firms. Accordingly, essential theoretical views explaining superior economic performance of firms include (1) competitive advantages realized by firms compared to their rivals and (2) industry structural characteristics. Both became prominent in strategic management research by the seminal work of Michael Porter who originally distinguished two corresponding performance effects, the positioning effect and the industry effect. Many empirical studies have already been conducted on these issues. The majority considered market entry barriers and industry concentration (as external factors), competitive strategies and resources/ capabilities (as internal factors) and strategic group membership (as an intermediate factor). From a strategic and long-term perspective, the sustainability of superior economic performance is of particular interest. Considerably less empirical studies have been conducted with respect to this topic. And there is no empirical study to date existing that has quantified for different industries the time span over which firms had been able to attain superior economic performance. Thomas Fritz bridges this research gap with his PhD thesis by determining the competitive advantage period (CAP) and the industry advantage period (IAP). He gives insights concerning the sustainability of performance differences at both the intra-industry and inter-industry level. Thomas Fritz significantly contributes with his thesis to a holistic understanding of the dri
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