“…Followers) like some authors suggested (e.g., Covin, Slevin, & Heeley, 1999;Kerin, Varadarajan, & Peterson, 1992;Shamsie, Phelps, & Kuperman, 2004) or even into three groups (Pioneers vs. Early Followers vs. Late Followers) following other works (e.g., De Castro & Chrisman, 1995;Durand & Coeurderoy, 2001;Ruiz-Ortega & García-Villaverde, 2008). Then, the path coefficients for every group could be analyzed.…”