Abstract
In this study, we explore the linkage between a firm’s status and its decision to enter new markets. Specifically, we focus on the speed of the entry decision, as well as the linguistic framing of their entry itself. Using a unique dataset of the biopharmaceutical industry during the COVID-19, we find that the middle-status firms were the fastest in entering the vaccine market and most prone to using novelty-oriented frames in announcing their entry. In the therapeutic drug market with lower Knightian uncertainty, however, middle-status firms failed to show such behavior. The findings of our study provide a novel contingency view on the effects of environmental uncertainty on market entry decisions.
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