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1 !"#$$%&'( )&('*+) *%,"#- )##.+- -#*'(*-% "!) -/)'#-* (*) &&'%/) (+-*4$)33$(-' )#3)%$) $()3) % '( 4%-#-)3#) -##)'*(*-% #"+-**).- &('*-(3,"3,-33+) *%,*$) ')6"-')+) *#,%'*$).)7'))%,%4*%'%,$-3%#%&$- *$) )&('*+) *%,"#- )##.+- -#*'(*-% - *$)'(."(*) 4$%%3%,"!) -/)'#-*

2 !"#$$%&'( )&('*+) *%,"#- )##.+- -#*'(*-% "!) -/)'#-* (*) &&'%/) (+-*4$)33$(-' )#3)%$) $()3) % '( 4%-#-)3#) (#*'(4*%,(.-##)'*(*-% #"+-**).- &('*-(3,"3,-33+) *%,*$)')6"-')+) *#,%'*$).)7'))%,%4*%'%, $-3%#%&$- *$))&('*+) *%,"#- )##.+- -#*'(*-% - *$)'(."(*)4$%%3%,"!) -/)'#-*

3 %&'-7$*!"#$$%&'(

4 Abstract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iv

5 *$)*$)%'#- 7'%"#*')7')##-% (.+"3*- %+-(33%7-#*-4')7')##-% +%.)3#8,-. *$(*(#*)4$ %3%7- ( -."#*'(./( 4)#8*)4$ %3%7-4(34(&(-3-*-)#)4%+)9)(!)'.'-/)'#%,,-'+&)',%'+( 4).-#4"##*$)#$%'*4%+- 7#%,*$-#')#)('4$(.&%*) *-(3,%',"*"')')#)('4$ (3#%.-#4"##*$)-+&3-4(*-% #%,*$-#')#)('4$% 4(&(-3-**$)%'8')#%"'4)(#)./-)98 (.% )5-#*- 7)5&3( (*-% #%,-."#*'#$(!)%"*'%+(,-'+#*'(*)7&)'#&)4*-/)8 *$-#')#)('4$#$).3-7$*% $%9,-'+#4( "#)4%+&3)+) *('-*(#(#*'(*)7.-+) #-% v

6 $-#9%'!-#.).-4(*).*%+3(*)+%*$)' $( 4$(3$%&'( vi

7 Acknowledgements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vii

8 Contents #*'(4*-/ % *) *#/--- -#*%,-7"')#5-- $)')#)('4$&'%3)+ 1.1 A critical gap in the literature An Important guide for resource allocation decisions Context of Research Dissertation layout *)'(*"')')/-)9 2.1 Firm Capabilities: What we know and what we don t know Core capabilities, technological change, and performance Effect of technological capabilities on performance over time <$)%' 3.1 The relationship between capabilities and performance Examination of theory Performance persistence Formalization of theory viii

9 3.5 Firms at limits of capabilities Boundaries of the theory Synthesis =(*((.)*$%.#<> 4.1 Desirable empirical context Sources of data Dependent variables Independent Variables Core Technological Capabilities Evolutionary measure Control Variables Complementary Capabilities Pre entry capabilities Entry Rank Competition Industry cumulative effort in technological improvement Weighted sales... (3#-#(.')#"3*#?> 5.1 The pre CT era of medical diagnostic industry General Electric Picker Siemens CGR ix

10 5.1.5 Philips Technicare The innovation and evolution of CT scanner technology The launch and early adoption of CT scanners Rapid technological evolution and a wave of new entry Rapid technological evolution and change of guard Slowing technological evolution brings industry stability Evidence of demand satiation and its impact on the industry Analysis >*(*-#*-4(3 (3#-# 6.1 Methods Descriptives Results regarding market share Survival models Summary #4"##-%? 7.1 Synthesis of research findings Performance persistence versus capability gap persistence Demand Satiation Capabilities, satiation and Industry stability x

11 7.5 Shortcomings of this research Contributions and Implications for managers Contributions and Implications for scholars Pragmatic resource allocation &&).-50(*(%"'4)# ),)') 4)#= -%7'(&$A xi

12 List of Figures 55 98!"#$ 99 %&$& 100 & 101 '& 104 (&)* %, 110!-$ 132.$ 136 '.$/$ $$ 137 *.$ $$ /0 140.$/ $$ 141!.$ /0 142 %.-$ 143,$$&, 144,$$$ ' xii

13 *.$$- )"+ 148.$- )"+ 149 xiii

14 1. The research problem *(4)'*(- 3)/)39)7) )'(33)3-)/)*$(*$-7$)'4(&(-3-*-)#('))**)'*$( 3%9)'4(&(-3-*-)#$-#7) )'(3 %*-% "#"(33*'( #3(*)#- *%(+%')4% 4')*) %*-% *$(* 7')(*)'*)4$ %3%7-4(34(&(-3-*-)#8)#&)4-(33- *)4$ %3%7.'-/) -."#*'-)#89%"3.) )**)'*$( 3%9)'*)4$ %3%7-4(34(&(-3-*-)# 3-7$*%,*$-# %*-% 8( )5(+&3),'%+*$) #4( )'-."#*'-##"'&'-#- 7?89$) )4$ -4(')8(#+(33) *')&') )"'-(34%+&( 83(" 4$).(,(#*)' #4( )'- *$)#4( )'+('!)*8-*#+('!)*#$('):"+&).,'%+B*%=>B- % ) )(')4$ -4(')*%%!%/)'*$)+('!)*3)(.)'#$-&,'%+8*$)&-% ))'%,#4( )' *)4$ %3%7$-#-#4% #-#*) *9-*$*$)7) )'(3)3-),+) *-% ).)('3-)'2 $(*-# #"'&'-#- 7-#*$(*:"#* - ))('#3(*)'8- A=89$) +(*'% 8(#+(33) *')&') )"'-(3 4%+&( 83(" 4$).(#-7 -,-4( *3,(#*)'#4( )'8-*$('.3+%/).*$)+('!)*#$(')#- *$)-."#*',(4*8+(*'% 4% *- ").*%#*'"773),%'+( )('#(,*)'9$-4$ (46"-').-* %')')4) *38- >8-4'%#%,*3(" 4$).C" )8( <&3()'*%"*).(#*$) -%.!-33)'*('%".*$)#(+)*-+)8D(7"('.)4-.).*%&')- #*(33$-7$.),- -*-% '(.-%#*)'')#*'-(3*)4$ %3%7- -*#4('# %9#$%"3.&&3)(.(*)33-*)'(.-%&3()'# ')#&%.*%*$)')#&)4*-/)*$')(*#- *$)-'-."#*'-)#E$%"3.*$)- /)#*- *$)-' *)4$ %3%7-4(34(&(-3-*-)#8#%+)%*$)'4(&(-3-*-)#8%'#$%"3.*$):"#*-7 %')*$)*$')(*E 1

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critical gap in the literature /(#*8*$%"7$ (#4) *83-*)'(*"')% %'7( -F(*-% (34(&(-3-*-)##*(.#% ( &%9)',"3*$)#-#*$(*4(&(-3-*-)#.'-/),-'+&)',%'+( 4),%')5(+&3)8#)) )3,(*8<( 2

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

17 7(&&%- *#*%(3)##".)'#*%%.-##")%,3-+-*#%,4(&(-3-*-)#9$).%4(&(-3-*-)# )4%+)3)##),,)4*-/)- ) (3-7,-'+#(4$-)/)$-7$)'&)',%'+( 4)E$-#-#( -+&%'*( * 6")#*-% )4("#)-*4( )5&3(- *$))5*) **%9$-4$4(&(-3-*-)#(,,)4*&)',%'+( 4)# 4(&(-3-*-)#(')-+&%'*( **%#4$%3('#)4("#)*$))5&3(- &)',%'+( 4)86")#*-% #(%"* 3-+-*#%,4(&(-3-*-)#-.'-/- 7&)',%'+( 4)(')-+&%'*( *6")#*-% #*%%2 -*$%"*( ( #9)'*%*$-#-+&%'*( *6")#*-% 8-*-#.-,,-4"3**%&').-4*,-'+&)',%'+( 4)%/)'*$) )/%3"*-% ('*'(:)4*%'%,( -."#*' 1.2 An Important guide for resource allocation decisions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ore capabilities, technological change, and performance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

29 ) (3-7,-'+#*%-+&'%/)*$)#*(*)%,*$)('*8#"4$*)4$ %3%7-4(34(&(-3-*-)# ) (3),-'+#*%4')(*)/(3")- *9%9(#-'#*8-+&'%/- 7*$)#*(*)%,*$)('*8*$) - 4')(#)*$)"*-3-*.)'-/).,'%+(&'%."4*%')5(+&3)8(4('9-*$,")3),,-4-) 4%,< +-3)#&)'7(33% &'%/-.)#$-7$)'"*-3-**$( *$)#(+)4('9-*$+-3)#&)'7(33% 2 $) 4"#*%+)'#&(,%'*$-#(..)."*-3-*8-*4% *'-"*)#*%,-'+&)',%'+( 4))4%.8 #- 4)*$)%"*&"*%,#"4$*)4$ %3%7-4(34(&(-3-*-)#-#/-#-3)*%4"#*%+)'#*$'%"7$ )9,)(*"')#%')**)'&'%."4*&)',%'+( 4)8#"4$4(&(-3-*-)#(3#%$)3&(**'(4*4"#*%+)'# )4("#)4"#*%+)'#4( %#)'/)*$)4('+-3)(7)-*-#(/)'-,-(3)43(-+8*$)4( "#)*$-# -,%'+(*-% - *$)-'&"'4$(#).)4-#-% 2.3 Effect of technological capabilities on performance over time 2 $-3)(+(:%'-*%,')#)('4$% *)4$ %3%7-4(34$( 7)#,%4"#).% *$)3('7)#4(3) *)4$ %3%7-4(34$( 7)#')6"-'- 7 )9*)4$ %3%7-4(34(&(-3-*-)#$'-#*) #) 8; ).)'#% )*(38;"#$+( )*(38A>8#%+)')#)('4$$(#(3#%,%4"#).% *)4$ %3%7-4(34$( 7)#')6"-'- 7'),- )+) *(..)/)3%&+) *%,)5-#*- 7*)4$ %3%7-4(3 4(&(-3-*-)#( "')*(38?;K3)&&)'G'(..8;**)'(4!G)' (*$8 A$)3(**)'#*')(+%,')#)('4$-#- #*'"4*-/),%'+')#)('4$6")#*-% )4("#)-* -,%'+#% *$)),,)4*%,(#)*%,4(&(-3-*-)#% &)',%'+( 4)%/)')/%3"*-% ('*'(:)4*%' %,( -."#*' 16

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

32 3. Theory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

33 3.1 The relationship between capabilities and performance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

35 3.2 Examination of theory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erformance persistence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

44 $"#8- #*(*-#8(3*$%"7$$-7$)'3)/)3#%,4(&(-3-*-)#9%"3. %*3)(.*%$-7$)' &)',%'+( 4)8(.)43- )- 4(&(-3-*-)#9%"3.#*-33')#"3*- 3%9)'&)',%'+( 4))4("#)(.'%&- &'%."4*&)',%'+( 4)9%"3.-."4)4"#*%+)'#*%#9-*4$#"&&3-)'#9$-3)(.'%& - 4%+&3)+) *('4(&(-3-*-)#9%"3.')."4)*$)4"#*%+)'')*) *-% ),,)4*#(')#"3*8,-'+#9%"3.$(/)*%#"#*(- *$)-'4(&(-3-*-)#- %'.)'*%+(- *(- &)',%'+( 4) 3.4 Formalization of theory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irms at limits of capabilities %9)/)'8*$-#'(-#)#( %*$)'6")#*-% 0$%94(,-'+#(**$)3-+-*#%,*$)-' 4(&(-3-*-)#-+&'%/)&)',%'+( 4)E *$)'3-*)'(*"')#$(/)( #9)').*$-#6")#*-% *% #%+))5*) *) '%#)?)5&3(- ).*$(*,-'+#4% *- ")*%,-. )9(/) ")#*% 33

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oundaries of the theory *-#-+&%'*( **% %*)*$)4% *)5*(.%".('-)#%,*$)*$)%'(%/))/)'(3 #*".-)#$(/)#$%9 *$(*-."#*'-)#7%*$'%"7$443)#%,4$( 7)9$)')- #*(-3-*-# &" 4*"(*).9-*$9(/)#%,4$( 7)"#$+( )*(38A>-*)'(*"')$(#(3#%)5(+- ). 34

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