儘管過去有許多文獻在探討策略競爭的主題，但仍多半建立在一個較簡單、靜態的模型上進行研究，與市場上廠商實際的競爭行為無直接關連。因此，不同於傳統的研究方式，本研究利用動態競爭理論的模型架構，從市場反應來探討廠商在面對策略性競爭下所採取的作為，對公司本身績效產生之影響為何。

本研究有兩個主要假設，分別從行動發起者及同產業中競爭者的角度來探討美國國內航空業的產業競爭。透過事件研究法，從《航空日報》蒐集1997年至2007年之競爭行動。由實證結果發現，對於同產業的競爭者來說，市場反應對於其回應好的行動(Value-Enhancing action)具有正向影響，並且愈早回應愈好。而行動發起者在面對競爭對手的回應之下，在我們導入競爭者分析之後，發現當行動發起者與回應者之間非主要競爭對手時，發起者在面對對手的回應之下，市場反應反而對其具有正向影響。由此推測，當兩家廠商主要營運市場不同時，競爭者採取回應的行為反而進一步驗證行動發起者所發起的行動是好的、有利整個產業的，因而市場對其反應為正向。

Even though there are so many strategic articles focus on the subject of competition, most of them have been done from a simple and static framework, which is not directly related to firm’s competition in reality. Therefore, our research exploits dynamic competition model to discuss firm’s competition, and examines market reaction on firm’s strategic behavior under this model to test firm’s performance.

In this research, we have two major hypotheses, which are used to analyze the competition in U.S. domestic airlines industry from initiator and rival firms’ perspective respectively. We collect data from Aviation Daily through 1997 to 2007, use event study and cross-sectional regression to test our hypotheses.

From the empirical results, we suggest that market reaction is positive to the type of action for rival firms. When rivals face a Value-Enhancing action, it is benefic for them to take response, and market reaction is significant negative to the response delay. Back to see the initiator, as we introducing competitor analysis, we find that market reaction is significant positive for initiator even though it encounters rival’s response when they are not main competitors with each other. Accordingly, we infer that when firms are not direct or primary competitors in the market, rival’s reaction supports initiator’s action is benefic for the whole industry, thus market reaction is positive for initiator.

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