Specializing in Generality: Firm Strategies When Intermediate Markets Work
研究企业是否将上游资源通用化并作为中间产品供应商（而非直接进入下游市场）的战略选择，发现两者相互依赖并产生组织互补性，利用美国激光行业数据验证了供需条件如何催生这种“专精于通用性”策略。
This paper studies the relationship between two decisions shaping the organizational configuration of a firm: whether to make the upstream resources more general and deployable to more markets (versus keeping them tailored to a few markets) and whether to trade with downstream firms as an upstream supplier of intermediate products and services (versus directly entering downstream markets). Although the literature has looked at these two decisions separately, we argue that they depend on each other. This has the important implication that they can generate organizational complementarities, inducing firms to implement them jointly. We are motivated in particular by the observation that an increasing number of firms invest in general upstream resources and exploit them as upstream suppliers of intermediate services or products—a strategy that we refer to as specialization in generality. Interestingly, prior literature has mostly highlighted the use of general upstream resources to enter new downstream markets. We identify the supply and demand conditions under which specialization in generality is instead more likely to emerge: lack of prior downstream assets on the supply side and a roughly equal distribution of buyers across intermediate markets (a “broad” demand) on the demand side. We test our predictions using a sample of firms in the U.S. laser industry between 1993 and 2001. A regulatory shock that increases the value of trading relative to downstream entry provides the setting for a quasi-natural experiment, which corroborates our theoretical predictions.