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Strategic Responses to Entry in Communications Markets: Evaluating Financial Consequences for Incumbents

机译：进入通信市场的战略对策：评估在位者的财务后果

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摘要

In the last few decades, communications markets have undergone several major institutional disruptions. This article examines the relationship between the entry of new competitors and the economic and financial impacts of such entry contingent on the responses made by incumbents. The context is telecommunications local exchange carriers’ territories in the United States, which has served as a laboratory for institutional experiments in the sector. In markets with greater competitive entry, there has been a significant response by incumbents in increasing advertising spending and reducing selling and overhead costs. Enhanced annual advertising expenditures by incumbents have been estimated to be $600 million, and annual selling cost and overhead cost reductions as $1.3 and $2.1 billion. Given responses to advertising spending, additional annual revenues generated would be around $1.7 billion. Competitor entry in incumbents’ markets have yielded the incumbents annual net economic benefits of $4.5 billion, representing increments to profits of over 22% and up to 45%. To test for the robustness of results, the impact of the different types of mergers that have occurred in the sector have been accounted for in detail. The estimates for the entry variables stay consistent. The idea that disruptive institutional changes cause major resource reconfiguration in firms is supported, and results provide insights on an important issue at the confluence of several literatures.
机译：在过去的几十年中，通信市场经历了几次重大的机构破坏。本文研究了新竞争者的进入与这种进入的经济和财务影响之间的关系，这种影响取决于在位者的回应。背景是在美国的电信本地交换运营商的领土，该领域曾是该领域机构实验的实验室。在竞争更激烈的市场中，现有企业在增加广告支出，减少销售和管理费用方面做出了重大回应。现有公司增加的年度广告支出估计为6亿美元，年度销售成本和间接成本减少分别为1.3美元和21亿美元。根据广告支出的反应，每年产生的额外收入约为17亿美元。竞争对手进入老牌市场已经为老牌企业带来了每年45亿美元的净经济收益，利润增长超过22％，最高达到45％。为了检验结果的稳健性，已详细说明了该行业中发生的不同类型合并的影响。输入变量的估计保持一致。颠覆性的制度变迁导致企业中的主要资源重新配置的观点得到了支持，其结果为一些重要文献提供了有关重要问题的见解。

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