The Effect of Customer Co-development on Firm Value
1
조회
0
다운로드
3
인용
0
참고문헌
키워드
초록
Customer participation is a strategic tool to facilitate the process of developing new products. This study distinguishes between two types of customer participation – customer codevelopment and contract development, and examines the benefits of customer codevelopment relative to contract development for firm value through an event study. The analysis of customer participation announcements in the biotechnology and pharmaceutical industries shows that the benefits of customer codevelopment relative to contract development on firm value are contingent upon firm- and relationship- level factors. Specifically, this study finds that the announcement of customer codveloplment contributes better to abnormal stock returns of a firm when the firm has a higher level of R&D relationship experience or when the customer codevelpment is complemented by formal contract terms, such as equity investment. The findings of this study provide important theoretical and managerial implications by revealing the boundary conditions for the benefits of customer codevelopment relative to contract development.
Abstract
Customer participation is a strategic tool to facilitate the process of developing new products. This study distinguishes between two types of customer participation – customer codevelopment and contract development, and examines the benefits of customer codevelopment relative to contract development for firm value through an event study. The analysis of customer participation announcements in the biotechnology and pharmaceutical industries shows that the benefits of customer codevelopment relative to contract development on firm value are contingent upon firm- and relationship- level factors. Specifically, this study finds that the announcement of customer codveloplment contributes better to abnormal stock returns of a firm when the firm has a higher level of R&D relationship experience or when the customer codevelpment is complemented by formal contract terms, such as equity investment. The findings of this study provide important theoretical and managerial implications by revealing the boundary conditions for the benefits of customer codevelopment relative to contract development.
참고문헌 (37)
- Ahuja, Gautam, "The Duality of Collaboration: Inducements and Opportunities in the Formation of Interfirm Linkages", Strategic Management Journal, 21(3), pp.317~343 (2000)
- Anand, Bharat N., "Do Firms Learn to Create Value: The Case of Alliances", Strategic Management Journal, 21(3), pp.295~315 (2000)
- Anderson, Erin, "The Dark Side of Close Relationships", MIT Sloan Management Review, 46(3), pp.75~82 (2005)
- Bonner, Joseph M., "Selecting Influential Business-to-Business Customers in New Product Development: Relational Embeddedness and Knowledge Heterogeneity Considerations", Journal of Product Innovation Management, 21(3), pp.155~169 (2004)
- Brown, S.J., "Using Daily Stock Returns", Journal of financial economics, 14, pp.3~31 (1985)
- Cohen, Wesley M., "Absorptive Capacity: A New Perspective on Learning and Innovation", Administrative Science Quarterly, 35(1), pp.128~152 (1990)
- Dussauge, Pierre, "Asymmetric Performance: The Market Share Impact of Scale and Link Alliances in the Global Auto Industry", Strategic Management Journal, 25(7), pp.701~711 (2004)
- Dyer, Jeffrey H., "The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage", The Academy of Management Review, 23(4), pp.660~679 (1998)
- Fang, Eric, "Customer Participation and the Trade-Off between New Product Innovativeness and Speed to Market", Journal of Marketing, 72(4), pp.90~ (2008)
- Gulati, R., "Alliances and Networks", Strategic Management Journal, 19(4), pp.293~317 (1998)
- Gulati, Ranjay, "Strategic Networks", Strategic Management Journal, 21(3), pp.203~215 (2000)
- Gulati, Ranjay, "The Architecture of Cooperation: Managing Coordination Costs and Appropriation Concerns in Strategic Alliances", Administrative Science Quarterly, 43(4), pp.781~814 (1998)
- Hansen, Morten T., "The Search-Transfer Problem: The Role of Weak Ties in Sharing Knowledge across Organization Subunits", Administrative Science Quarterly, 44(1), pp.82~111 (1999)
- Houston, Mark B., "Buyer-Supplier Contracts Versus Joint Ventures: Determinants and Consequences of Transaction Structure", Journal of Marketing Research (JMR), 37(1), pp.1~15 (2000)
- Jap, Sandy D., "'Pie-Expansion' Efforts: Collaboration Processes in Buyer-Supplier Relationships", Journal of Marketing Research, 36(4), pp.461~475 (1999)
- Kalaignanam, Kartik, "Asymmetric New Product Development Alliances: Win-Win or Win-Lose Partnerships?", Management Science, 53(3), pp.357~374 (2007)
- Kale, Prashant, "Alliance Capability, Stock Market Response, and Long Term Alliance Success: The Role of the Alliance Function", Strategic Management Journal, 23(8), pp.747~767 (2002)
- Killing, J.P., "Understanding Alliances: The Role of Task and Organizational Complexity. in: Cooperative Strategies in International Business" (1988), Lexington Books
- Lavie, Dovev, "Alliance Portfolio Internationalization and Firm Performance", Organization Science, 19(4), pp.623~646 (2008)
- Lee, Choonwoo, "Internal Capabilities, External Networks, and Performance: A Study on Technology- Based Ventures", Strategic Management Journal, 22, pp.615~640 (2001)
- Li, Ning, "General Alliance Experience, Uncertainty, and Marketing Alliance Governance Mode Choice", Journal of the Academy of Marketing Science, 38(2), pp.141~158 (2010)
- Nickerson, Jack A., "A Knowledge-Based Theory of the Firm-the Problem-Solving Perspective", Organization Science, 15(6), pp.617~632 (2004)
- Oxley, Joanne E., "Appropriability Hazards and Governance in Strategic Alliances: A Transaction Cost Approach", Journal of Law, Economics, & Organization, 13(2), pp.387~409 (1997)
- Park, Seung Ho, "When Competition Eclipses Cooperation: An Event History Analysis of Joint Venture Failure", Management Science, 42(6), pp.875~890 (1996)
- Pisano, Gary P., "Using Equity Participation to Support Exchange: Evidence from the Biotechnology Industry", Journal of Law, Economics & Organization, 5(1), pp.109~126 (1989)
- Powell, Walter W., "Interorganizational Collaboration and the Locus of Innovation: Networks of Learning in Biotechnology", Administrative Science Quarterly, 41, pp.116~145 (1996)
- Rindfleisch, Aric, "The Acquisition and Utilization of Information in New Product Alliances: A Strength-of-Ties Perspective", Journal of Marketing, 65(2), pp.1~18 (2001)
- Rogers, William, "Regression Standard Errors in Clustered Samples", Stata Technical bulletin, 13, pp.19~23 (1993)
- Rothaermel, Frank T., "The Nanotech Versus the Biotech Revolution: Sources of Productivity in Incumbent Firm Research", Research Policy, 36(6), pp.832~849 (2007)
- Sampson, Rachelle C., "Organizational Choice in R&D Alliances: Knowledge-Based and Transaction Cost Perspective", Managerial & Decision Economics, 25, pp.421~436 (2004)
- Sivadas, Eugene, "An Examination of Organizational Factors Influencing New Product Success in Internal and Alliance-Based Processes", Journal of Marketing, 64, pp.31~49 (2000)
- Swaminathan, Vanitha, "Marketing Alliances, Firm Networks, and Firm Value Creation", Journal of Marketing, 73(5), pp.52~69 (2009)
- Teece, David J., "Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy", Research Policy, 15(6), pp.285~305 (1986)
- Westney, E., "Domestic and Foreign Learning Curves in Managing International Cooperative Strategies. in: Cooperative Strategies in International Business" (1988), Lexington Books
- Winter, Sidney G., "Knowledge and Competence as Strategic Assets. in: The Competitive Challenge" (1987), Ballinger
- Wuyts, Stefan, "Portfolios of Interfirm Agreements in Technology- Intensive Markets: Consequences for Innovation and Profitability", Journal of Marketing, 68, pp.88~100 (2004)
- Zander, Udo, "Knowledge and the Speed of the Transfer and Imitation of Organizational Capabilities: An Empirical Test", Organization Science, 6, pp.76~92 (1995)