ENTRY ORDER, PERFORMANCE, AND GEOGRAPHY: THE CASE OF THE CONVENIENCE‐STORE INDUSTRY IN JAPAN
利用日本便利店行业面板数据，采用结构方法估计进入顺序对收入和成本的影响，发现早期进入者收入更高，但后来者成本更低，且延迟进入的初始优势可能随时间消散。
Abstract Entry‐order effects on economic profits have not been extensively studied due to data limitations. This article empirically examines these effects on revenues and costs using a structural approach without requiring information on accounting profits and costs. Utilizing panel data from Japan's convenience‐store industry, I apply a two‐step estimator for many geographic markets. The results reveal that whereas early entrants gain 4.8% more revenue at the outlet level, subsequent entrants benefit from a 7.6% and 5.8% reduction in variable and expansion costs. Simulations suggest initial benefits from delayed entry, but these may dissipate over time, particularly in rapidly growing markets.