Inferring Sustained Competitive Advantage from the Firm's Heterogeneity and Performance Persistence
|關鍵字:||貝氏認識論;績效持續性;異質能力;持續性競爭優勢;Bayesian Epistemology;Performance Persistence;Heterogeneous Capabilities;Sustained Competitive Advantage|
Sustained competitive advantage of a firm, which is an abiding research topic in strategic management, has been studied by scholars in the recent two decades. A firm’s superior performance is affected by many driving forces. There are arguments between different schools. Starting from random walk proposition in the beginning, scholars said heterogeneity of superior performance were constituted by chance events, noises, or a series of purely random process. However, an emphasis on key resources or heterogeneous capabilities in many traditional theories of competitive advantage. This study use the key financial indicator to construct models for conducting empirical studies. One of purposes in this study is to discuss if there are any differences related to competitive advantage in different industries based on firms’ superior performance, or if the impact caused by uncertainties and randomness is larger. Moreover, to test the persistence of superior performance and further discuss whether or not there are heterogeneous capabilities that are able to affect firm’s performances. Finally, inferring a firm achieves sustained competitive advantage based on the Bayesian epistemology. The empirical results showed that the randomness indeed exists and affect firms’ performances. Only a few companies have a persistent superior performance, and we identify the existence of heterogeneous capabilities. Under the probabilistic reasoning, we infer that the longer a firm’s superior performance persist, more possible the firm can achieve sustained competitive advantage.