CREDIBLE RETALIATORY ENTRY AND STRATEGIC TOE‐HOLDS*
研究了老牌企业进入新市场时，现有企业可能通过报复性进入其本土市场来阻止进入的条件，并探讨了当这种威胁不可信时，企业如何通过在其他市场建立立足点投资来增强可信度。
The anticipated profits from entry by an established firm into a new market will depend on how incumbents in that market are expected to respond. One possibility, suggested by cases and the literature, is that an incumbent may respond with ‘retaliatory entry’ into the first entrant's ‘home’ market. The model presented here describes conditions under which this can be a credible threat that deters the first entry. When the conditions are such that it is not credible, the paper shows how firms can provide credibility through the establishment of toe‐hold investments in other markets.