Double‐edged stars: Michelin stars, reactivity, and restaurant exits in New York City
研究第三方评价（如米其林星级）如何通过影响市场参与者的信念和行为，既促进又阻碍企业价值创造与获取，以纽约市高端餐厅为例发现获得星级反而增加关闭风险。
Abstract Research Summary This article develops a theoretical framework to explicate how third parties, who are not transactionally involved in a given exchange relationship, can promote or impede the creation and capture of value by influencing market actor beliefs and behaviors. I investigate these issues empirically through an abductive mixed‐method case study of the Michelin Guide's entry into New York City. An examination of two decades of the openings and closings of New York City's elite restaurants indicates that receiving a Michelin star corresponded to an increased likelihood of restaurant exit. Michelin stars appear to have fostered disruptions at recipients' upstream and downstream interfaces, which inhibited their ability to capture value. This ultimately underscores how value network reactivity to third‐party evaluations may lead to unintended consequences for firms. Managerial Summary This article explains how third‐party evaluators' reviews, ratings, and rankings can promote or impede the creation and capture of value. This occurs because third‐party evaluations engender reactions by those being evaluated, as well as reactions by other market actors such as competitors and exchange partners. I study these issues within the context of the Michelin Guide's entry into New York City, and my findings indicate that restaurants that received a Michelin star were more likely to close in subsequent years. Evidence suggests that intensified bargaining problems with landlords, suppliers, and employees, along with heightened consumer expectations, created new challenges for these Michelin‐starred restaurants, which ultimately made it more difficult for them to stay in business.