The value-based perspective emphasizes the importance of both value creation and bargaining for firm performance. While formal theoretical work has focused on value creation strategies, empirical evidence suggests that substantial performance differences also arise from heterogeneity in bargaining. We develop a model where rival firms choose value-based innovation strategies to enhance either value creation or bargaining capabilities. We show a tendency for homogeneous strategy choices, with coordination on bargaining promoting firm value capture at the expense of overall industry value creation. We identify conditions for strategic heterogeneity, wherein a firm that enhances its bargaining capability risks the sustainability of its competitive advantage. Our model incorporates a natural distinction between incremental and radical value-creating innovations, which influences the risk-return tradeoffs faced by firms in their strategies.

中文翻译：

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竞争下价值战略的选择：是提升价值创造还是讨价还价能力

基于价值的观点强调价值创造和讨价还价对公司绩效的重要性。虽然正式的理论工作侧重于价值创造策略，但经验证据表明，谈判中的异质性也会导致显着的绩效差异。我们开发了一个模型，让竞争对手选择基于价值的创新战略来提高价值创造或谈判能力。我们表现​​出同质战略选择的趋势，协调讨价还价以牺牲整体行业价值创造为代价促进公司价值获取。我们确定了战略异质性的条件，其中提高议价能力的公司可能会面临竞争优势的可持续性。