Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition

<table class="table-group" id="tab4"><tr><td><table class="table"><tr><td class="thead-hr" colspan="6"><hr/></td></tr><tr class="thead"><td class="align_left">Variable</td><td class="align_center">Obs</td><td class="align_center">Mean</td><td class="align_center">Std. dev.</td><td class="align_center">Min</td><td class="align_center">Max.</td></tr><tr><td class="thead-hr" colspan="6"><hr/></td></tr><tr><td class="align_left">ΔROA</td><td class="align_center">2412</td><td class="align_center">0.023</td><td class="align_center">0.890</td><td class="align_center"><span style="width: 35.7879ptpx;"><svg height="8.69875pt" id="M146" style="vertical-align:-0.3499298pt" version="1.1" viewbox="-0.0498162 -8.34882 35.7879 8.69875" width="35.7879pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M535 230V280H52V230H535Z" id="g117-33"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="587" vert-adv-y="587" xpluscharwidth="7.631"></glyph.data></g><g transform="matrix(.013,0,0,-0.013,7.631,0)"><path d="M249 635C141 635 70 555 70 471C70 401 114 353 179 316C143 294 106 267 90 252C68 231 45 202 45 157C45 50 130 -12 237 -12C322 -12 435 52 435 169C435 256 372 304 303 343C349 374 375 398 383 407C401 429 411 458 411 487C411 569 344 635 249 635ZM238 603C285 603 337 567 337 482C337 422 310 385 276 358C205 393 145 426 145 500C145 552 179 603 238 603ZM248 20C183 20 125 70 125 163C125 218 158 268 206 300C284 261 355 217 355 143C355 66 308 20 248 20Z" id="g113-57"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="480" vert-adv-y="480" xpluscharwidth="13.871"></glyph.data></g><g transform="matrix(.013,0,0,-0.013,13.871,0)"><path d="M113 -12C146 -12 170 11 170 46C170 78 146 103 114 103S58 78 58 46C58 11 82 -12 113 -12Z" id="g113-47"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="228" vert-adv-y="228" xpluscharwidth="16.835"></glyph.data></g><g transform="matrix(.013,0,0,-0.013,16.835,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z" id="g113-49"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="480" vert-adv-y="480" xpluscharwidth="23.075000000000003"></glyph.data></g><g transform="matrix(.013,0,0,-0.013,23.075,0)"><path d="M153 550H386L412 615L406 623H120L82 318C104 327 142 338 184 338C294 338 347 275 347 187C347 112 305 39 221 39C160 39 119 71 97 89C88 97 80 96 71 90C59 80 50 67 49 57C48 45 52 36 66 23C80 9 123 -12 169 -12C221 -11 288 15 342 59C403 109 431 165 431 225C431 308 366 395 238 395C212 395 165 379 127 364L153 550Z" id="g113-54"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="480" vert-adv-y="480" xpluscharwidth="29.314999999999998"></glyph.data></g><g transform="matrix(.013,0,0,-0.013,29.315,0)"><path d="M137 343C167 482 260 545 321 574C357 591 397 603 429 609L423 641C382 634 335 622 295 608C189 570 37 457 37 238C37 84 125 -12 242 -12C362 -12 447 89 447 209C447 311 374 393 267 393C247 393 226 386 204 376L137 343ZM227 337C318 337 361 256 361 173C361 105 336 22 258 22C176 22 126 120 126 240C126 266 127 291 132 310C155 323 189 337 227 337Z" id="g113-55"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="480" vert-adv-y="480" xpluscharwidth="35.555"></glyph.data></g></svg></span></td><td class="align_center">10.435</td></tr><tr><td class="align_left"><span style="width: 13.6974ptpx;"><svg height="11.8174pt" id="M147" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 13.6974 11.8174" width="13.6974pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M645 631C614 643 545 666 457 666C215 666 23 519 23 283C23 90 158 -16 337 -16C412 -16 489 2 522 10C543 39 590 127 606 167L580 181C519 89 459 18 348 18C201 18 122 136 122 287C122 464 244 632 435 632C544 632 602 595 608 472L639 475C643 526 645 581 645 631Z" id="g113-68"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="668" vert-adv-y="668" xpluscharwidth="8.684"></glyph.data></g><g transform="matrix(.0091,0,0,-0.0091,8.619,3.132)"><path d="M389 0V32C297 38 291 46 291 118V635C234 613 175 595 109 583V556L161 554C203 552 207 547 207 497V118C207 46 201 38 110 32V0H389Z" id="g50-50"></path><glyph.data ascent="3443" descent="-2856" horiz-adv-x="487" vert-adv-y="487" xpluscharwidth="13.05068539"></glyph.data></g></svg></span></td><td class="align_center">2412</td><td class="align_center">0.155</td><td class="align_center">0.058</td><td class="align_center">0.025</td><td class="align_center">0.420</td></tr><tr><td class="align_left"><span style="width: 13.6974ptpx;"><svg height="11.8174pt" id="M148" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 13.6974 11.8174" width="13.6974pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M645 631C614 643 545 666 457 666C215 666 23 519 23 283C23 90 158 -16 337 -16C412 -16 489 2 522 10C543 39 590 127 606 167L580 181C519 89 459 18 348 18C201 18 122 136 122 287C122 464 244 632 435 632C544 632 602 595 608 472L639 475C643 526 645 581 645 631Z" id="g113-68"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="668" vert-adv-y="668" xpluscharwidth="8.684"></glyph.data></g><g transform="matrix(.0091,0,0,-0.0091,8.619,3.132)"><path d="M414 144C384 79 371 75 317 75H135L276 221C367 316 408 376 408 465C408 570 327 635 237 635C179 635 131 609 100 575L42 494L67 471C94 510 138 565 205 565C277 565 321 517 321 435C321 348 258 270 195 195C146 137 88 81 33 26V0H411C423 44 433 88 446 135L414 144Z" id="g50-51"></path><glyph.data ascent="3443" descent="-2856" horiz-adv-x="487" vert-adv-y="487" xpluscharwidth="13.05068539"></glyph.data></g></svg></span></td><td class="align_center">2412</td><td class="align_center">0.489</td><td class="align_center">0.084</td><td class="align_center">0.211</td><td class="align_center">0.826</td></tr><tr><td class="align_left"><span style="width: 13.6974ptpx;"><svg height="11.927pt" id="M149" style="vertical-align:-3.291101pt" version="1.1" viewbox="-0.0498162 -8.6359 13.6974 11.927" width="13.6974pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M645 631C614 643 545 666 457 666C215 666 23 519 23 283C23 90 158 -16 337 -16C412 -16 489 2 522 10C543 39 590 127 606 167L580 181C519 89 459 18 348 18C201 18 122 136 122 287C122 464 244 632 435 632C544 632 602 595 608 472L639 475C643 526 645 581 645 631Z" id="g113-68"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="668" vert-adv-y="668" xpluscharwidth="8.684"></glyph.data></g><g transform="matrix(.0091,0,0,-0.0091,8.619,3.132)"><path d="M290 377C321 398 342 415 358 430C378 450 389 473 389 502C389 578 329 635 238 635H237C184 635 137 610 109 578L64 515L88 493C112 529 154 573 208 573S303 542 303 482C303 409 233 370 141 341L149 308C165 313 190 319 215 319C272 319 341 283 341 193C342 98 292 43 222 43C163 43 122 72 96 94C88 101 79 100 70 94C61 87 47 73 46 60C44 47 48 37 62 23C76 10 118 -12 165 -12C238 -12 430 62 430 223C430 297 379 359 290 375V377Z" id="g50-52"></path><glyph.data ascent="3443" descent="-2856" horiz-adv-x="487" vert-adv-y="487" xpluscharwidth="13.05068539"></glyph.data></g></svg></span></td><td class="align_center">2412</td><td class="align_center">0.357</td><td class="align_center">0.068</td><td class="align_center">0.117</td><td class="align_center">0.600</td></tr><tr class="table-tr"><td colspan="6"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

Descriptive statistics for strategic adjustment capacity.

Mathematical Problems in Engineering

tab4

Table 4

Table 4: Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition 

Table 4 | Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition 