Post-Entry Diversification in a Shifting Institutional Environment: How Strategy Patterns Differ for De Novo and Corporate Spin-Off Ventures
研究了在制药行业规则重大变化背景下，新创企业和公司分拆企业在进入市场后的多元化战略差异，发现新创企业更倾向于选择与过去决策关联较小的市场选项，并避免直接竞争。
In this study, we contend that the corporate spin-off's entrance into a market is strongly conditioned by a strategic logic tied to its legacy history. Unencumbered by this logic, de novo entrants have at least two potential advantages. They learn differently, and they do not face the challenge of unlearning. We test our hypotheses in the context of a major shift in rules for drug approval in the pharmaceutical industry. The results show de novo entrants choose market options that were less connected to past decisions, while entrants with a tie to legacy firms shift less from their initial position. In addition, de novo entrants entered market areas that were less densely populated, as compared to corporate spin-off entrants, which is evidence of a tendency for de novo entrants to avoid direct competition while corporate spin-offs seek legitimacy through mimicry.