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Institutions, Inertia, and Changing Industrial Leadership

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  • Paul L. Robertson

    (University College, University of New South Wales)

  • Richard N. Langlois

    (The University of Connecticut)

Abstract

Institutional factors, especially those embodied in capabilities and routines, can both improve the ability of a firm to exploit an existing technology and make it more difficult to innovate by generating an inertia that is hard to overcome. As a result, periods of technological change are often relatively short and dynamic in comparison to lengthy periods of consolidation in which firms gain full mastery over innovations. Not all organizations are equally well equipped to adapt to change, however, and firms that are adept at using an existing technology may have fewer of the capabilities required to cope with innovation than a new entrant or a firm that was less successful under the old regime. When this is true, a change in industrial leadership is probable, with the hitherto dominant firms becoming either followers or leaving the industry altogether because they are no longer competitive.

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Bibliographic Info

Paper provided by EconWPA in its series Industrial Organization with number 9406005.

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Length: 34 pages
Date of creation: 30 Jun 1994
Date of revision:
Handle: RePEc:wpa:wuwpio:9406005

Note: 34 pages. Forthcoming in Industrial and Corporate Change
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Cited by:
  1. Somma, Ernesto, 1999. "The effect of incomplete information about future technological opportunities on pre-emption," International Journal of Industrial Organization, Elsevier, vol. 17(6), pages 765-799, August.
  2. Robertson, Paul L. & Langlois, Richard N., 1995. "Innovation, networks, and vertical integration," Research Policy, Elsevier, vol. 24(4), pages 543-562, July.
  3. Pacala Anca, 2012. "Recent Theories Of The Firm: A Critical Approach," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 562-567, July.
  4. Paul L. Robertson & David Jacobson & Richard N. Langlois, 2008. "Innovation Processes and Industrial Districts," Working papers 2008-03, University of Connecticut, Department of Economics.
  5. Karantininis, Kostas & Sauer, Johannes & Furtan, William Hartley, 2010. "Innovation and integration in the agri-food industry," Food Policy, Elsevier, vol. 35(2), pages 112-120, April.
  6. John Finch, 2000. "Is post-Marshallian economics an evolutionary research tradition?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(3), pages 377-406.
  7. Kazuhiro Asakawa & Ashok Som, 2008. "Internationalization of R&D in China and India: Conventional wisdom versus reality," Asia Pacific Journal of Management, Springer, vol. 25(3), pages 375-394, September.
  8. Geels, Frank W., 2014. "Reconceptualising the co-evolution of firms-in-industries and their environments: Developing an inter-disciplinary Triple Embeddedness Framework," Research Policy, Elsevier, vol. 43(2), pages 261-277.

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