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Nonmarket strategy effectiveness in complex rule environments: The role of regulatory capabilities

A firm’s ability to wield nonmarket strategy – capturing value through managing and manipulating its political and regulatory environment – depends on its possession of regulatory capability. Regulatory capability consists of those behaviors that enables a firm to (1) perceive and comply with, (2) interact with, and (3) manipulate its regulatory environment. Regulatory capability is important to firm performance because it enables firms to access opportunities that are marked “off limits” by regulations. Accessing new opportunities, in turn, enables firms to introduce new products and services to new markets profitably. In a political age where regulations are introduced at a much more rapid rate and in which regulations themselves are more complex, firms’ possession of regulatory capability may help them obtain sustainable competitive advantage. Therefore, in the theoretical model we develop, we also account for the moderating role of regulatory environment complexity. This theoretical model is then test...