Intrinsic speed capabilities and alliance partner attractiveness

This study focuses on the role of intrinsic speed capabilities, which refer to the ability to execute investment projects faster than competitors, in the attractiveness and selection of alliance partners. We predict that intrinsically faster firms have a higher likelihood of being selected as alliance partners due to the potential of accelerating the realization of future revenue streams of an alliance project as well as of preempting slower competitors. We also expect that intrinsic speed capabilities substitute for deficiencies in alliance experience and firm innovativeness. Using data on construction projects in the global Liquefied Natural Gas industry, we find empirical support for our theoretical expectations. Our results suggest that firm speed plays an important role in alliance partner selection and has the potential to facilitate the generation of future growth options for firms due to greater partner attractiveness in the market for alliance partners

Concert recording 2018-10-22

[Track 1]. Ballade / Frank Martin -- [Track 2]. Suite for four trombones, op. 82. I. Entrata [Track 3]. II. Lied [Track 4]. III. Dans / Flor Peeters -- [Track 5]. America the beautiful / Samuel Ward arranged by Robert Elkjer -- [Track 6]. Elegy for Mippy II / Leonard Bernstein -- [Track 7]. In memorium / Raymond Premru -- [Track 8]. Anything goes / Cole Porter arranged by Al Cobine -- [Track 9]. Suite for four trombones. I. Moderato maestoso [Track 10]. II. Andantino [Track 11]. III. Choral [Track 12]. IV. Scherzo / Desire Dondeyne -- [Track 13]. That\u27s a plenty / Lew Pollack arranged by Jack Gale

Concert recording 2019-02-07b

[Track 1]. Après un rêve from Trois melodies, op. 7 / Gabriel Fauré -- [Track 2]. The little horses / Aaron Copland -- [Track 3]. Denn es genet den Menschen wie dem Vieh from Four serious songs, op. 121 / Johannes Brahms -- [Track 4]. War song no. 2 / Charles Ives -- [Track 5]. Song to the moon from Rusalka / Antonin Dvořák -- [Track 6]. Prison / Gabriel Fauré -- [Track 7]. O Tod, wie bitter bist du from Four serious songs, op. 121 / Johannes Brahms -- [Track 8]. Dreams / Charles Ives -- [Track 9]. Der Erkönig / Schubert

Concert recording 2019-10-23

[Track 1]. Morgenmusik. I. Massig bewegt [Track 2]. II. Langsame viertel [Track 3]. III. Bewegt / Paul Hindemith -- [Track 4]. Joshua fit de Battle of Jericho / traditional, arranged by Chris Woods -- [Track 5]. Fantasy for trombone / Elizabeth Raum -- [Track 6]. Suite. I. Passepied [Track 7]. II. Arietta [Track 8]. III. March / Johann Adolphe Hesse, ed. William Glover -- [Track 9]. Suite for four trombones. I. Poco maestoso [Track 10]. II. Sarabanda [Track 11]. III. Alla marcia [Track 12]. IV. Spirituale [Track 13]. V. Finale alla fuga / Gordon Jacob -- [Track 14]. Concertino. II. Aria: Andante sostenuto [Track 15]. III. Finale: Allegro giocoso / Lars-Erik Larsson -- [Track 16]. Andante et allegro / Joseph Edouard Barat -- [Track 17]. Horizon of the Aten / Anthony Barfield -- [Track 18]. Round midnight / Thelonious Monk, arranged by Slide Hampton

Fast-Mover Advantages: Speed Capabilities and Entry into the Emerging Submarket of Atlantic Basin LNG

Studies on market entry focus on the tradeoff between commitment and flexibility: early entrants face less competition but risk costly mistakes due to limited information, whereas late entrants can benefit from information revelation and learning opportunities but risk high costs from preemption. These entry timing benefits and costs typically vary with firms’ capabilities. In this study, we empirically examine the relationship between firms’ intrinsic speed capabilities and entry timing. Speed capabilities refer to firms’ ability to execute the process of entering a new market faster than competitors when market entry is time-consuming. Since firms with intrinsic speed capabilities can complete entry faster, they face low preemption risks. The implication is that faster firms can afford to wait longer for uncertainty resolution before deciding to enter new markets than slower firms. This hypothesis is more applicable when investment is associated with higher levels of commitment and thus greater option value of waiting. A related implication is that late entrants with intrinsic speed capabilities should have greater expected post-entry performance. We find support for these hypotheses by examining the entry timing and entry performance of firms in the Atlantic Basin liquefied natural gas (LNG) industry from 1996 to 2007

The right speed and its value

10.1002/smj.2213Strategic Management Journal362159-17

Speed and Tobin's Q

Firms that are slow in the execution of investment projects often incur substantial revenue losses. However, accelerating investments generally results in higher investment costs. In this paper, we integrate this investment speed tradeoff in a reduced-form model of project development to create an empirical proxy for firm speed. We examine how deviations from industry-average speed in the execution of large investments in oil and gas facilities worldwide from 1996 to 2005 impact firm value, as measured by Tobin's q. We find that there is substantial variation in investment speed among firms in the oil and gas industry. Using a linear correlated random parameter model to account for unobserved firm heterogeneity, we show that faster firms have higher firm value when speed results from firms' dynamic capabilities. On average, accelerating a firm's investments by 5% (or 1 month) below the industry norm due to dynamic capabilities increases market value by $214.3 million. Additionally, we show that the effect of speed on firm value varies widely among firms and is amplified by good corporate governance but often mitigated by the level of firms' debt

Resource idling and capability erosion

Why would some firms persist with continued operations when facing unfavorable economic conditions? Although prior studies have investigated the roles of uncertainty and sunk costs as sources of inertia, an unacknowledged type of sunk cost associated with temporary suspensions of operations is related to the erosion of existing capabilities. Building on the resource-based view and real options theory, we argue that resource idling contributes to capability erosion and that the anticipated capability loss motivates firms to refrain from idling their resources under demand uncertainty in the first place. The negative effects of uncertainty on resource idling are likely to be particularly strong for firms with superior capabilities and for those having a greater reliance on human capital. Using data on oil-drilling contractors in Texas, the empirical evidence lends support to our theoretical arguments. Our insights suggest that resource idling shapes the development path of capabilities and risks jeopardizing firms’ competitive advantages. The seemingly operational decision of temporarily idling resources can therefore be quite strategic for a firm, and hysteresis, or inertia in continuing operations, can preserve firms’ capabilities

Applying Random Coefficient Models to Strategy Research: Testing for Firm Heterogeneity, Predicting Firm-Specific Coefficients, and Estimating Strategy Trade-Offs

Although Strategy research aims to understand how firm actions have differential effects on performance, most empirical research estimates the average effects of these actions across firms. This paper promotes Random Coefficients Models (RCMs) as an ideal empirical methodology to study firm heterogeneity in Strategy research. Specifically, we highlight and illustrate three main benefits that RCMs offer to Strategy researchers — testing firm heterogeneity, predicting firm-specific effects, and estimating trade-offs in strategy — using both synthetic and actual data-sets. These examples showcase the potential uses of RCMs to test and build theory in Strategy, as well as to perform exploratory and definitive analyses of fir