the first rule of strategy - college of business：战略的第一条规则：商学院

Know-HowandAssetComplementarityandDynamicCapabilityAccumulation:TheCaseofR&D

ConstanceE.Helfat(1997):SMJ,18(5),339-360Preparedby:Enrique,Lihong,John,Jongkuk1SomeConceptsAssetStock:thecumulativeresultofadheringtoasetofconsistentpoliciesofchoosingappropriatetimepathsofassetflowsoveraperiodoftime(Dierickx&Cool,1989)DynamicCapability:asubsetofthecompetences/capabilitieswhichallowsthefirmtocreatenewproductsandprocessesandrespondtochangingmarketcircumstances(TeeceandPisano,1994:541)2ConceptualIntegrationLookatthecomplementaritybetweenassetstockanddynamiccapabilitiesaccumulationUseR&DasanexampleofnewknowledgeaccumulationEmbedthiscomplementaryrelationshipintoachangingmarket3ResearchSetting26largestU.S.energyfirms(primarilypetroleumcompanies)R&Dexpendituresfrom1976to1981Historicalcontext:increasingoilpriceanddecreasingsupplycalledforalternativecost-effectivefuelstechnologiesCoalconversiontechnologyasanexampleofR&D4

ComplementarityandCoalConversionTechnologicalcomplementarityleadstolargeramountofcoalconversionR&D:H1a:FirmsthathadlargerstocksofknowledgefrompastrefiningR&Dwerelikelytohaveundertakenlargeramountofcoalgasification/liquefactionR&D.H1b:Firmsthathadlargeraccumulatedrefineryassetswerelikelytohaveundertakenlargeramountofcoalgasification/liquefactionR&D.H1c:FirmsthathadlargerstocksofknowledgefrompastR&Donothersyntheticfuelswerelikelytohaveundertakenlargeramountofcoalgasification/liquefactionR&D.5

ComplementarityandCoalConversionAssetcomplementarityfacilitatescommercializationofR&DoutcomeH2:Firmsthathadlargeraccumulatedcoalassetswerelikelytohaveundertakenlargeramountofcoalgasification/liquefactionR&D6EmpiricalModelDV:IVs:7TobitRegressionandResultsR&D=f(complementaryknowledge,complementaryphysicalassets,otherknowledgeandresources,controlvariables)H1aissupportedstatistically,andsubstantially,refiningR&DcapitalstockintensityispositivelyrelatedtocoalconversionR&DH2issupportedstatistically,andsubstantially,coalassetispositivelyrelatedtocoalconversionR&DH1bandH1carenotsupportedstatistically8DiscussionandConclusionsSignificanceofknow-howwithcomplementarity,andinsignificanceofassetswithfewcomplementaritieslendsupporttothegeneralpropositionthat“know-howandassetcomplementaritiesfacilitatedynamiccapabilitiesaccumulation.”