Multimarket pioneers: Does multimarket contact improve their performance?

First-mover advantages (FMA) and multimarket contact (MMC) have evolved independently in the strategic management literature. This is surprising because FMA erode as a result of competition which, in turn, is affected by MMC. This paper links these literatures through the concept of spheres of influence and analyses the effect of MMC on pioneers' profitability. We use the order of market entry to identify spheres of influence and to determine...