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PurposeThis paper examines the framing of digital transformation. The research questions are specified as follows: what are the different types of framing strategies in response to digital transformation? How do the strategies differ across organizations? Theoretically, the authors draw on the framing perspective to emphasize the use of linguistic frames in shaping innovation and change processes. Empirically, the authors choose to study the Taiwanese sectors, including publicly governed entities, traditional private business or technology-based ventures.Design/methodology/approachThe authors’ approach combines topic modeling and qualitative analysis. Using data collected from newspaper and magazine articles, the authors employ topic modeling to generate a set of distinctive framings that Taiwanese actors typically adopt to motivate and justify their digital move. The authors also conduct personal interviews to qualitatively complement the authors’ topic modeling analysis and to identify the rationale behind the linguistic framings and the strategic differences brought about by the various organizations.FindingsThe authors identify five topics that the Taiwanese actors commonly used in the framing of digital transformation. These topics or frames are labeled as cross-domain coordination, market demand, intelligent technology, global trend and competition and digital innovation. The practical use of the framings is contingent on organizational characteristics. Furthermore, the authors show how the framings can be classified as either positive framing (e.g. winning the next war) or negative framing (e.g. innovate or die), generally applicable to organizations around the world struggling to cope with digital disruption.Research limitations/implicationsThe authors’ study has two research implications. First, the authors extend the appreciation of the digital transformation from the usual concern with technological and business model innovations to linguistic or framing practices. Second, the authors enrich the framing analysis by emphasizing a practice or contingency perspective based on sector difference. The findings are subject to the limitations of the choice of only established and reputable media outlets, the diatextual reading and filtering of useful articles for topic modeling analysis and the use of world frequency to account for frame significance.Practical implicationsThe authors shift actors' attention from improving technical efficiency to acquiring linguistic resources in the pursuit of digitalization. For example, framing the digital transformation in terms of creating a market orientation calls for not only real consumer power but also strategic discursive competence that enables the move to change. The findings also point out that practitioners can enlarge the scope of their agency rather than being trapped in the habituated routine of practices. Despite social embeddedness, organizations are more often widely connected and built enough to call for more of the cognitive frames to appeal to heterogeneous stakeholders.Originality/valueThe authors study contributes to the literature by developing a linguistic or socio-cognitive view of digital transformation strategy that is capable of expanding organizational attention toward change and innovation. The authors explore menus of strategic frames employed by actors in response to digital transformation. We also address the application of a machine-learning tool such as topic modeling to explore the socio-cognitive dimensions of digital transformation. Furthermore, the analysis leads us to identify the outcomes or effects – either positive or negative – that move beyond the particular Taiwanese case to explain the framing of digital transformation in general.

This study examines how returnee board members influence new venture performance. By analyzing data from 103 new ventures in China, the study finds that there is an inverse U-shaped relationship between the proportion of returnee board members and new venture performance. It also finds that foreign ownership negatively moderates and that slack resources positively moderate the effect of the proportion of returnee board members on new venture performance. In addition, a significant three-way interaction shows that slack resources weaken the negative effect of foreign ownership on the relationship of returnee board members to new venture performance. This study enriches the body of knowledge in new venture and emerging economics literature.

This article examines the effects of joint venture’s exploitative knowledge acquisition on its innovation performance under the contexts of joint venture-parent similarity in technology, industry and country. We suggest that there is an inverse U-shaped relationship between joint venture’s exploitative knowledge acquisition and innovation performance. Moreover, the moderating role of joint venture-parent similarity in technology and country are recognized and are hypothesized as positively moderate the effect of exploitative knowledge acquisition on innovation performance, but industrial similarity is recognized and hypothesized as negative moderator. Negative binomial regression was used to test the hypotheses in a panel data of 183 joint venture cases and the findings support our prediction. The results of this study can help reconciling contradictory findings from previous studies by demonstrating the potential impact of exploitative knowledge acquisition on innovation performance.

This study investigates the performance effect of scientific knowledge in the context of highly science‐dependent industry. Given the popularity of sourcing scientific knowledge from science community, the purpose of this study is to investigate which firms gain greater benefits from scientific knowledge. From the perspective of absorptive capacity and combinative capability, we argue that both knowledge accumulation and knowledge combination moderate a firm's ability to capture value from scientific knowledge. Empirical data come from paper and patent citations and financial information in biotechnology and pharmaceutical firms. Results show that scientific knowledge alone has a positive effect on firms' financial performance. A firm's tendency to combination familiar and older technological knowledge amplifies the positive effect of scientific knowledge. However, knowledge accumulation, including R&D investment and patent stock, does not boost the positive effect.

Purpose The purpose of this paper is to investigate the impacts of strategic control and operational control on new venture performance in the China context. Design/methodology/approach This study tests the hypotheses in a sample of 83 new ventures that have equity investment by established firms and are founded between 1993 and 2007 that issued initial public offerings while not more than eight years old. Findings The results of this study show that: strategic control has a significantly negative relationship with new venture performance; operational control has a significantly positive relationship with new venture performance; industry relatedness between the corporate investor and the new venture and the new venture’s political ties moderate the relationships between the two types of control and new venture performance. The results are robust to alternative measurements of new venture performance. Practical implications The management control that the corporate investor exercises over the new venture is a significant determinant of the new venture success. Managers have to distinguish between strategic control and operational control and understand their impacts on new ventures. Originality/value This study highlights the issue of management of corporate venturing capital relationships from the new venture’s perspective. In addition, this study separates strategic and operational control within management control and examines how they influence new venture performance.

This paper examines the role, patterns, and characteristics of knowledge co-creation in a cross-border context and develops a theoretical framework to guide empirical exploration of the value of cross-border knowledge. The empirical results reveal an upward trend in the share of cross-border knowledge and show that cross-border knowledge is of higher quality than within-border knowledge in terms of having more forward and backward citations, more claims, and a shorter technology cycle time. Our study also reveals pronounced differences in knowledge co-creation patterns between the triad regions: Japan, Europe and the United States. Moreover, the analysis of three cases, IBM, Hitachi, and Bayer, demonstrates that instead of focusing on conflicts of interest, such leading firms cooperate with foreign competitors to address technological challenges and opportunities, penetrate foreign markets, defend their positions, and advance technological innovations. Overall, our findings provide new evidence regarding the importance of cross-border knowledge co-creation.

The main objective of this study was to examine empirically the moderating effects of two forms of alliances—equity-based and contract-based—on knowledge transfer performance. Using a quantitative analytical approach, the theoretical model and hypotheses in this study were tested based on empirical data gathered from the top 5000 Taiwanese companies listed in the yearbook published by the China Credit Information Service, Inc. in 2006. Data obtained from 107 valid and complete survey questionnaires were analyzed using correlation coefficients and multiple linear regressions. The results revealed that resource similarity was more positively associated with knowledge transfer performance when the alliance form is equity-based, whereas resource utilization was more positively related to knowledge transfer performance when equity-based alliances were adopted. In addition, organizational distance was more negatively related to knowledge transfer performance for equity-based alliances than for contract-based alliances.

This study advances the research on corporate governance and innovation by investigating how technology diversity strategy and absorptive capacity shape the relationships between foreign ownership, independent board members and firm innovation in emerging economics. Using panel data from 138 Taiwanese firms, this study finds that the relationship between foreign ownership and innovation performance is negatively moderated by technology diversity strategy. The relationship between the proportion of independent board members on the board and innovation performance is positively moderated by technology diversity strategy, whereas the focal link is negatively moderated by absorptive capacity. These findings contribute to a better understanding of how the fit relationships of governance arrangements (foreign ownership and independent board members) with internal conditions (technology diversity strategy and absorptive capacity) influence firms' ability to benefit from innovation activities. Finally, this study discusses the managerial implications and highlights future research directions.

The purpose of this paper is to clarify the concept of dynamic capabilities from the knowledge-based perspective, including knowledge relatedness and knowledge learning, and to investigate the dynamic capabilities on innovation performance in joint venture. Negative binomial regression is used to test the hypotheses in a panel data of 183 joint venture cases. Significant relationships are found between dynamic capabilities and innovation performance. Moreover, the moderating roles of parent patents granted before, parent knowledge diversity and joint venture knowledge diversity are recognised and are hypothesised as positively moderating the effect of knowledge relatedness on innovation performance, but parent patents granted before and joint venture knowledge diversity are hypothesised as negatively tending to moderate the effect of knowledge learning on innovation performance. The findings support our prediction and policy implications are discussed.

This paper explores the role, patterns, and characteristics of technological knowledge co-creation in a cross-organizational setting and examines the relationship between ownership structure and the value of co-created technological knowledge. The empirical results reveal an upward trend in the share of co-created technological knowledge from 1976 to 2008 and show that co-created technological knowledge is more exploratory and pioneering and has shorter technology cycle times (TCTs) than solely created knowledge. Our findings also indicate that the technological knowledge that firms co-create with other firms or with universities is significantly correlated with shorter TCTs and higher numbers of forward citations. Overall, this paper provides new evidence regarding the importance of cross-organizational technological knowledge co-creation.

This study empirically investigates the merger and acquisition (M&A) strategies of focal firms by considering their market and technology position at the industry level. The results obtained using patents, firm M&A agreements, and the financial data of U.S. technology firms from 1997 through 2008 demonstrate how industry leaders, challengers, and niche players differ in their M&A strategic logic. Three industry environmental factors and two technology positioning factors exhibit different effects on firms’ M&A strategies for varied market positions. The overall patterns reveal that niche players are more aggressive in leveraging their technology positions to adopt M&As for the purpose of acquiring access to external knowledge resources, while leaders tend to leverage their market positions and use M&As to further strengthen their market power. Challengers are more likely to engage in M&As when locating in unfavorable environmental markets, but they are less likely to engage in M&As when locating in technologically crowded areas.

Competitive strategy should fit well with the focal firm's market position. This study extends this line of research to include a firm's technology positioning by considering market position at the industry level. Two inter-firm cooperative strategies considers equity-base (joint ventures) and non-equity alliances as effecting factors. The data file obtains that patent, inter-firm cooperative agreements, and financial data of technology firms from 1997 to 2008. This research demonstrates different strategic logic of industry leaders, challengers, and niche players. The empirical results show a nonlinear trend (an inverted U-shaped) to describe the relationship between technology position and non-equity alliances. As compared with joint ventures, challengers are less strategically active in non-equity alliances to compete against industry market leaders. However, niche players are more likely to engage in non-equity alliances than industry leaders when as compared with joint ventures. In terms of theoretical contribution, this study extends the concept of market competitive strategy from the product-market level to that of industry network level. It also broadens the scope of positioning strategy to include technology so that the abundant literature of the knowledge-based view of the firm can be integrated with the market positioning literature. Moreover, the empirical results will provide strategic implications and a systematic framework in managing partnership strategies for the business managers in the future.

This study investigates how political and business ties affect new-venture performance in China. Findings from the archival data of 105 Chinese new ventures indicate that political ties positively relate to new-venture performance, whereas business ties do not. More importantly, this research presents a contingent view of political and business ties and offers evidence that these ties can lead to greater new-venture performance when the new venture has a higher level of outward growth orientation. The external ties/new-venture performance links emerge as more complex than prior studies have shown.

With the constraints of national science and technology (S&T) budgets and the changing character of S&T development, decisions on which national S&T policies should be executed first have become increasingly important. Every democratic state is concerned with how to best combine the priorities of many fields and to leverage national objectives, since they must take into consideration the diverse interests of many organizations and interest groups. This study’s investigation of Taiwan S&T policy decision process demonstrates the value of applying the AHP method to resolve multi-criteria decision making problems, especially in group decision settings, and introduces a tool for future policymakers.

This article examines the effects of R&D internationalization and organizational slack on innovation performance. We suggest that there is an S-shaped relationship between R&D internationalization and innovation performance. Innovation performance increases in the decentralization stage, decreases in the transition stage, and increases again in the recentralization stage. In addition, organizational slack is hypothesized to have a negative moderating effect on the S-shaped relationship. Longitudinal data on 210 Taiwanese firms in the information technology sector during a 10-year period is collected to test the hypotheses. The findings support our prediction. Managerial implications and future research directions are discussed.

With the developed market becoming increasingly saturated, companies have turned to the rapidly growing emerging market. To compete effectively in the global marketplace, firms need to develop global market competences, such as effective product launch. Although considerable efforts have been devoted to identifying principles of effective new product launch, most of the literature focuses on a single country (i.e., the domestic market) and provides little direct cross-national comparison. The objective of this study is to provide a better understanding of the patterns of effective product launch in the developed and emerging markets. Drawing from the contingency perceptive, the authors propose a conceptual model that emphasizes the central role of tactical launch decisions and the need to cope with the internal and external constraints for maximum new product performance. The research model is tested on 284 new products launched in the United States and 97 in Taiwan. Although prior literature suggested certain elements of global product launch may be standardized for purposes of efficiencies, the empirical data from this study suggests that global launch requires some degree of customization. The insights of the findings reveal that while some tactical launch decisions are effective for both emerging and mature markets, some are detrimental to each other. For example, customer education preannouncement and promotion discount pricing strategy enhance new product performance and preemption preannouncement strategy upset consumers for both the Taiwan and U.S. market. However, there are some cross-national differences. Emotional advertising strategy is generally appreciated in the U.S. market but not in the Taiwan market. For management practice, the findings suggest the distinct patterns of effective product launch for the emerging and mature market using the United States and Taiwan as examples.

Management literature has consistently shown that knowledge is the most important source of competitive advantage for a firm. However, it is still not clear how knowledge can lead to competitive advantage, and how firms can find strategies to leverage their knowledge bases. This study considers the strategic implications of knowledge depth and three knowledge-sourcing strategies: R&D, strategic alliances and acquisitions. The main and interaction effects of these factors were tested in the context of the US technology firms. The results confirmed the strategic role of knowledge and external leveraging strategies. We also found that technology firms with weak knowledge depth should focus on internal R&D to accumulate knowledge in core technology areas, while those with strong knowledge depth should lower internal R&D intensity and shift their strategic resources to inter-firm alliances and acquisitions.

PurposeThe purpose of this research is to explore, through the lens of a resource‐based view and dynamic capability theory, how new ventures in high‐technology industries accumulate resources to survive and sustain competitive advantage.Design/methodology/approachThis study used the multiple case study approach completed for three integrated circuit (IC) design companies in Taiwan by conducting in‐depth interviews with senior executives in each case. Through the aforementioned case studies, the paper was able to summarize and verify the key elements and steps to find the customer and achieve the firm growth.FindingsIt was found that three core elements, technology, networking and legitimacy are necessary. In addition, there are emerging and embedding steps adopted by each case in this study for new ventures to successfully penetrate the market and sustain the competitive advantage.Research limitations/implicationsThe findings are focused on one country, and three cases of a specific industry in Taiwan. Future research can be conducted in different cultural contexts and different industries.Practical implicationsNew ventures in high‐technology industries can follow the elements and steps suggested in this research paper to accumulate their initial resources. The strategy has been proven by the case studies therein and can be considered highly applicable.Originality/valueThe paper concludes that three key resources for sustaining a company's competitive advantages are necessary. Moreover, a well‐orchestrated management is especially essential for new ventures in high‐technology industries to succeed.

This paper investigates whether the firm Information technology (IT) capability of a firm can create economic value and competitive advantage. In contrast to past research, which generally assumed that IT investment leads to IT capability that in turn leads to competitive advantage, this study examines IT capability directly. Based on a cross-sectional sample of 155 banking firms, I investigated the main and interactive effects of IT capability and human capital investment on five firm-performance measures. The results of this study indicate that both IT capability and human capital investment contribute directly to the overall value-creation performance of banking firms. Further, the study suggests that IT capability and human capital investment can have a negative interactive effect on the firm's value creation. A firm's IT capability should be seen as an integral tool for creating economic value instead of a business infrastructure that makes business operations efficient. The results of this study support the resource-based view of the firm.

Although more knowledge might be better for a firm, not all technological knowledge can create and realize economic value. Firms must commercialize their knowledge or resources. Based on panel data of Bio-Pharm industry from 1987 to 2008 by combining USPTO Patent Assignment, NEBR, SDC, and Compustat database, 96 US-based technology public firms comprised the empirical base for testing the moderating role of commercialization capability on the relationship between external knowledge and firm performance. The results confirm the strategic role of a firm's commercialization capability for its competitive advantage. However, commercialization efforts do not have the same effects on all external knowledge resources. While the interaction effect of partnership-based knowledge and commercialization capability is found to be positive and significant on short-term and long-term performance, the interaction effect of transaction-based knowledge and commercialization capability contributes positively and significantly only to short-term performance. Therefore, a commercialization strategy is contingent on the characteristic of technological knowledge.

In today's global economy, Chinese manufacturer networks serve as an important manufacturing base for many goods. Leading companies in those industries inevitably cooperate with Chinese manufacturers to build their global logistics capability to serve increasingly demanding customers worldwide. Many scholars have noted that guanxi (connections) relationships are a key practice of doing business with the Chinese. This paper presents a theoretical framework and empirical evidence on how to enhance global logistics competence by leveraging guanxi relationships with Chinese suppliers. Relationship development or network building between organizations is critical for corporate success in all parts of the world, not just in Chinese society. Results suggest that resource integration, manufacturing flexibility, and IT infrastructure capacities are positively associated with global logistics competence. The impacts of information sharing and asset specificity on global logistics competence are not significant. It is interesting that we found that guanxi serves as a moderating influence and it interacts with information sharing, resource integration, and manufacturing flexibility. Managerial implications are also discussed.

This paper investigates how technology-based firms deploy their R&D and marketing resources for commercializing their technology assets. Specifically, we examine the main effects of R&D intensity, knowledge stocks, and commercialization orientation on firm performance as well as the interaction effects among the above variables. The US patent and financial data of 258 US-based technology public firms were collected and integrated as the empirical base for testing the hypotheses. Our results suggest that firms in different technology categories should have different technology commercialization strategies. Commercialization orientation and R&D intensity complement each other. A firm's commercialization orientation can play a more important role than R&D in the process of exploiting the value of technology assets. The commercialization of a firm's technology assets, including knowledge flows and knowledge stocks, is a complex task and there is no single best strategy available for all firms.

The purpose of this paper is to discuss and examine how two Taiwanese firms–TSMC and UMC–who compete in the highly dynamic global semiconductor industry, are able to use their unique strategies to create a new wafer foundry sector. The birth of foundry business gave rise to the vertical disintegration of the IC industry. As the foundry industry evolved along its life cycle of embryonic, growth to shake-out stage, the focus of the foundry business migrated from manufacturing-centric to technology-centric and now to customer-centric. Various strategies were adopted at each stage by the incumbents to cope with the changes in the industry environment to sustain business growth.

Science park has been widely recognized for its importance to the development of high-tech industries. However, as the space availability is limited, selection of firms with better efficiency and/or growth potential in specific high-tech industries to get into the science parks has become a critical issue for the Taiwan government. Accordingly, this study applies Data Envelopment Analysis (DEA), a multiple inputs–multiple outputs evaluation method, to analyze the comparative performances of the six high-tech industries currently developed at Taiwan's Hsinchu Science Park. Malmquist indices of productivity change are also used to analyze the growth potentials of the six high-tech industries. In addition, individual output/input ratio analysis is done to examine the differences on individual productivity items between the efficient and inefficient industries. The results of these analyses provide some policy implications for Taiwan and other countries facing the similar problems.

This paper investigates how the composition and diversity of a firm's patent portfolio can create synergy and, thus, contribute to firm performance. To resolve two conflicting views on whether technology diversity or strategic focus can improve firm performance, we develop a scheme to measure the diversity of a patent portfolio at the two levels of broad technology diversity and core field diversity. In our framework, both views can be valid. The former argument is effective when the focal firm has very high technology stocks and profitability is used as a performance measure. The latter is true for a focal firm with above average technology stocks and where shareholder value is considered as a performance indicator. This paper highlights technology stocks as a moderator between the relationship of technology diversity and firm performance. Generally, a firm without very high-technology stocks should concentrate its R&D resources on a specific technology field, and even within the core technology field the firm should stay focus on a small number of core technologies. Results support the competence-based view of the firm. Technology-based firms should develop a portfolio with a clear technology focus. This study lays the groundwork for future study on the interrelationships of technology strategy, patent portfolio, and long-term performance.

PurposeThis paper investigates how a firm's human resource capability can affect the deployment and effectiveness of corporate mergers and acquisitions strategy.Design/methodology/approachMergers and acquisitions (M&A) is treated as a long‐term strategic orientation based on human resource advantage rather than a tactic to pursue short‐term goals. Using a sample of 267 US banking firms, the main and interaction effects of M&A intensity, HR capability, and in‐state propensity on four firm performance measures were examined.FindingsThe findings confirm that banking M&A could be very effective when the firm had high HR capability. Evidence was also found that HR capability had a direct impact on firm performance. Although in‐state M&A strategy was in general superior to out‐of‐state M&A strategy, a firm with excellent HR capability might narrow the performance difference between in‐state and out‐of‐state M&A.Research limitations/implicationsAn obvious drawback of using this sample of banking firms is that it raises questions about the generalizability of these findings to smaller financial firms and firms in other industries. This study considers firms having at least one M&A over a three‐year period, so we should not generalize our findings to those firms preferring to use internal growth strategies or greenfield start‐ups.Practical implicationsThe main message of this paper is that human resource capability is critical for M&A strategy to be effective.Originality/valueBy extending previous investigations which showed that M&A strategy and HR capacity should be independently treated, this study highlights the critical role of internal HR capability in performance implications of M&A strategy.

This paper examines the effects of social capital, entrepreneurs' capabilities and entrepreneurial strategies on the performance of technology-based new ventures. Using concepts derived from the entrepreneurship and strategy management literatures, we identify three categories of factors and develop corresponding hypotheses. Using a sample of 125 Taiwanese high-tech new ventures to test these hypotheses, we find that entrepreneurs' management experience may not be an advantage for high-tech new ventures. The six Stevenson entrepreneurial strategies can have different effects on the performance of new ventures, whereas social capital actually moderates the effects of entrepreneurial strategies and resources on the performance. High-tech entrepreneurship is a complex phenomenon with a wide range of factors, including societal contexts, entrepreneurial strategies and entrepreneurs' capabilities; and these factors interact with each other. There is no single route to entrepreneurial success or failure: successful entrepreneurs are those who can adjust their entrepreneurial strategies according to their social capital and capabilities.

The locus of innovation has shifted from single entrepreneurial firms to groups of networked firms. Inter-organizational cooperation rather than competition to exploit the value of knowledge through new product innovation lies at the heart of the knowledge-based economy. This paper focuses on the phenomenon of network product innovation and the holistic integration of distributed knowledge across organizational boundaries to foster production innovation. A new construct, knowledge integration, is found to have a strong positive impact on new product performance. Resource complementarity, market orientation, and information sharing are three antecedents that positively affect knowledge integration across organizational boundaries. Survey data also suggest that knowledge integration serves as a mediator between the three antecedents and product innovation performance. Managerial implications and future research directions are discussed.

We explore the roles and services provided by the Industrial Technology Research Institute (ITRI) for development of Taiwan's high-tech industry, and describe the technology transfer activities of this organization. Specifically, we focus on the high-tech spin-off process through which new firms are formed. The spin-off process is an important means to transfer and commercialize technological assets of the government-supported institute. Cases suggest that spin-offs are an effective means in developing economies to transfer technology capabilities from the public sector to the private sector. The spin-off mechanism functions as an approach for local firms to acquire complex new technologies. The successful and unique spin-off experiences make ITRI a model of how public research institutes can be successful incubators of world-class businesses.

This paper investigates the effect of scientific knowledge on the performance of biotechnology and pharmaceutical companies. While sourcing knowledge from scientific community is a common strategy of open innovation, biotechnology and pharmaceutical companies show particularly strong dependence on scientific knowledge than companies in other industries. In such strong science-linkage regime, the relation between science linkage and firm financial performance is more complex than what is generally assumed. From the perspective of absorptive capacity, we argue that knowledge accumulation and knowledge combination preference both affect a firm’s ability to gain higher commercial benefits from scientific knowledge. We use patent citation data to empirically test our hypotheses. The results indicate that science linkage alone has positive effect on firm performance. The positive effect will be increased when firms have knowledge combination preference on more self-citation and longer technology cycle time. How...

One of the major concerns in managing an international technology transfer (TT) is the potential communication difficulty that could arise because of the cultural difference between the technology provider and the technology receiver. However, the role that cultural difference plays in a TT project is not clearly discussed in the literature. This study provides empirical evidence suggesting that cultural difference might not only impose barriers for technical communication but also have an interaction effect with the nature of technology. We also find that international experience of the two companies in a TT project have different impacts on the performance of the project. In order to have a successful TT project, transferees in developing countries should choose a more mature and codified technology, and a relatively inexperienced transferor with a similar culture.

While a firm initiatives competitive attacks, it also needs to adopt defensive strategies to fend off or reduce the vulnerability from rivals' retaliations. This paper distinguishes competitive beh...