First-mover Advantage Intangible Assets Leadership Management 
Harvard Business Review
APRIL 7, 2014
Some studies (see here or here ) have shown that during periods of economic growth, family-managed companies in the US actually perform better than professionally managed businesses. In our sample, the average advertising intensity (advertising expenditure divided by total assets) of the family companies fell marginally, from 2.0%
Harvard Business Review
AUGUST 27, 2018
Hence, successful digital firms, even if incurring losses, prove attractive acquisition targets for firms that create value by mixing and matching acquired intangible assets with their own. Such acquisitions become more lucrative with rising first-mover advantages, pace of technological development, and network externality.
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