Resumen de Incumbents and institutions: how the value of resources varies across markets
Lucio Fuentelsaz Lamata, Elisabet Garrido, Juan Pablo Maicas López
Recent history is full of incumbent failures when confronting a radical technological change. In this article, we investigate the influence of complementary resources on incumbents� success in a context of radical technological disruption. We study how the value of these complementary resources can vary across markets with different level of institutional development. We test our hypotheses in the context of the world mobile telecommunications industry (46 countries and 157 mobile service providers).
Our findings show that these resources are more valuable for incumbents in markets with low formal institutional development because complementary assets allow incumbents to maintain the previous social relationships to counteract the institutional disadvantages, such as asymmetric information, uncertainty and lack of protection of property rights.
