OECD 이동통신시장에서의 선발기업이득과 기업성과
First-Mover Advantage and Operator Performance in OECD Mobile Telephone Markets
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초록
선발기업이 시장점유율과 수익성 측면에서 갖는 선발기업이득(first-mover advantage)은 경쟁이 진행되면서 점차 축소된다는 사실은 많은 실증연구에 의해 입증된 바 있다. 그런데 이동통신시장과 같은 과점시장에서 이 선발기업이득은 보다 장기간 강하게 지속될 수 있다. 본 연구는 OECD 회원국 이동통신시장에서 선발기업이득이 시장점유율과 EBITDA 마진에 미친 영향을 분석한다. 선발기업이득은 사업자 간 시장경험 또는 조업기간 상대비율에 의해 결정된다고 가정한다. 1998년～2004년 기간에 걸친 27개 OECD 회원국의 이동통신사업자 패널자료를 사용해 시장점유율과 EBITDA 마진 회귀방정식을 추정한 결과, 조업기간 상대비율이 시장점유율과 EBITDA 마진에 통계적으로 매우 유의한 양의 효과를 미쳤다는 사실이 확인되었다. 즉 OECD 회원국 이동통신시장에서 선발사업자는 최근까지 강한 선발기업이득을 여전히 향유하고 있다고 하겠다.
Abstract
First-movers often develop sustainable market share advantage by moving first. This phenomenon may be more remarkable in mobile markets which had been monopolistic or duopolistic for several years from the beginning. This study examines the impact of first- mover advantage and competition on market share and EBITDA margin for OECD Member State mobile operators. First-mover advantages are assumed to be influenced by market experience or relative time in the market. Regression equations for market share and EBITDA margin are estimated on a panel of mobile operator data from 27 OECD Member States for the period 1998～2004. Estimation results indicate that relative time in the market had a clear positive effect on market share and EBITDA margin with other factors being controlled for. That is, it appears that incumbents in OECD mobile markets have received an enduring first-mover advantage.
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