Publisher's Synopsis
Excerpt from Endogenous Modeling of Late Entry Penalties for Packaged Goods
This paper extends previous single equation analysis by the authors(1992) which found significant innate order of entry penalties that were modified by promotion, price, distribution and advertising levels. In this paper endogenous effects of order of entry on the marketing variables and the decision to enter early itself are captured in a recursive structural equation model of market share. The statistical analysis of this extended model finds significant relationships between order of entry and the level of marketing variables. In addition, significance is found in the correlation between entry order and the expected market share of the new product and the rate of growth of earnings per share, but not the size of the firm. Surprisingly, the endogenous effects increase rather than decrease the size of the innate market share penalty for late entry relative to the value estimated in the original single equation model.
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