Risky business or strategic advantage? The varying effects of vertical coopetition on firm risk
研究纵向竞合（与客户既合作又竞争）对供应商企业系统性风险和特质风险的影响，发现其降低系统性风险，但与特质风险呈倒U型关系，为B2B管理者提供风险管理的战略启示。
This study explores the under-researched area of vertical coopetition in business-to-business markets. Drawing on the resource-based view of the firm and signaling theory, we develop a conceptual model linking vertical coopetition to a supplier firm's systematic risk (SR) and idiosyncratic risk (IR) profile and incorporating coopetition-specific attributes as the boundary conditions. Using a dataset of over 20,000 observations from more than 4000 firms spanning 29 years, employing a novel measure of vertical coopetition and a robust analytical method, we document that vertical coopetition with customers reduces a firm's SR. Additionally, we uncover an inverted U-shaped relationship between vertical coopetition and IR, suggesting that moderate levels of coopetition heighten firm-specific risks due to competitive tensions, while higher levels mitigate risk through improved resource coordination. We also identify that the length of the coopetitive relationship amplifies the risk-reducing effects on SR. In contrast, competition intensity within the relationship increases SR but has a non-monotonic effect on IR. The support for the results is further validated with several additional measures of the key variables, ensuring the robustness of our results. These insights contribute to the theoretical understanding of vertical coopetition and offer practical implications for B2B managers in strategic risk management, emphasizing the importance of balancing cooperation and competition to achieve long-term stability and competitive advantage.