Publication:
A bird in the hand is worth two in the bush: Technology search strategies and competition due to import penetration

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorMorandi Stagni, Raffaele
dc.contributor.authorFosfuri, Andrea
dc.contributor.authorSantaló, Juan
dc.contributor.funderComunidad de Madrides
dc.contributor.funderMinisterio de Ciencia e Innovación (España)es
dc.contributor.funderFondo Europeo de Desarrollo Regionales
dc.date.accessioned2022-05-20T14:34:52Z
dc.date.available2023-03-17T00:00:05Z
dc.date.issued2021-03-17
dc.description.abstractResearch Summary Do firms respond to tougher competition by searching for completely new technological solutions (exploration), or do they work to defend their position by improving current technologies (exploitation)? Considering the different times to fruition for exploration versus exploitation, in the presence of heightened competition, we argue that firms might not be able to wait for the benefits of technological exploration to materialize. With a panel data set of U.S. manufacturing firms, we show that tougher competition, due to import penetration, leads to a decrease in technological exploration and an increase in technological exploitation. These effects are heterogeneous across industries, firms, and time. To obtain exogenous variation in competition we rely on both instrumental variable regressions and a difference-in-differences design exploiting large changes in import tariffs. Managerial Summary A firm's R&D strategy is one of the fundamental determinants of success or failure when responding to competitive threats. In this study, we examine how firms change the knowledge sources used in their R&D efforts in response to substantial increases in import penetration in their domestic market. We find that in the years that immediately follow an increase in import penetration, firms tend to rely more on familiar knowledge in the development of innovations and less on knowledge sources that were not previously used. This switch in R&D strategy also appears to be temporary (reversed in later years), and it is positively associated with an increased likelihood of survival.en
dc.description.sponsorshipJuan Santaló acknowledges financial supportfrom the Spanish Ministerio de Ciencia, Innovación y Universidades and the Agencia Estatal deInvestigación (AEI: 10.13039/501100011033; project grant: PID2019-111422GB-I00). RaffaeleMorandi Stagni acknowledges support from the Spanish Ministerio de Ciencia, Innovación yUniversidades (grants: PGC2018-096316-B-I00, RTI2018-097033-B-I00), from FEDER (UNC315-EE-3636), and from Comunidad de Madrid (Programa Excelencia para el ProfesoradoUniversitario, convenio con Universidad Carlos III de Madrid, V Plan Regional de InvestigaciónCientífica e Innovación Tecnológica).en
dc.identifier.bibliographicCitationMorandi Stagni, R., Fosfuri, A., & Santaló, J. (2021). A bird in the hand is worth two in the bush: Technology search strategies and competition due to import penetration. Strategic Management Journal, 42 (8), pp. 1516-1544.es
dc.identifier.doihttps://doi.org/10.1002/smj.3277
dc.identifier.issn1097-0266
dc.identifier.publicationfirstpage1516es
dc.identifier.publicationissue8es
dc.identifier.publicationlastpage1544es
dc.identifier.publicationtitleStrategic Management Journalen
dc.identifier.publicationvolume42es
dc.identifier.urihttps://hdl.handle.net/10016/34871
dc.identifier.uxxiAR/0000028781
dc.language.isoenges
dc.publisherWileyes
dc.relation.projectIDGobierno de España. UNC315-EE-3636es
dc.relation.projectIDGobierno de España. PGC2018-096316-B-I00es
dc.relation.projectIDGobierno de España. RTI2018-097033-B-I00es
dc.relation.projectIDGobierno de España. PID2019-111422GB-I00es
dc.rights© 2021 John Wiley & Sons, Ltd.es
dc.rights.accessRightsopen accessen
dc.subject.ecienciaEmpresaes
dc.subject.otherCompetitionen
dc.subject.otherExploitationen
dc.subject.otherExplorationen
dc.subject.otherPatentsen
dc.subject.otherTechnologyen
dc.titleA bird in the hand is worth two in the bush: Technology search strategies and competition due to import penetrationen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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