Value creation and value capture with frictions
研究产业价值链中的摩擦（如搜索和转换成本）如何影响企业价值创造与价值获取，发现竞争优势企业偏好摩擦较小但非零的行业，且摩擦增加时企业异质性下降但竞争优势可持续性上升。
Abstract We use a formal value‐based model to study how frictions—incomplete linkages in the industry value chain that keep some parties from meeting and transacting—affect value creation and value capture. Frictions arise from search and switching costs and moderate the intensity of industry rivalry and the efficiency of the market. We find that firms with a competitive advantage prefer industries with less, but not zero, frictions. We show that rivalry interacts nontrivially with other competitive forces to affect industry attractiveness. Firm heterogeneity emerges naturally when we introduce resource development. Heterogeneity falls with frictions, but the sustainability of competitive advantage increases. Overall, we show that introducing frictions makes value‐based models very effective at integrating analyses at the industry, firm, and resource levels. Copyright © 2011 John Wiley & Sons, Ltd.