CAPACITY RATIONALIZATION AND EXIT STRATEGIES

• 成果类型: Article
• 署名作者: Wood, Andrew
• 署名单位: University of Essex
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.725
• 发表日期: 2009
• 页码: 25-44
• 关键词: capacity rationalization; barriers to exit; prospect theory; Mergers and Acquisitions

摘要

A case study of the response to chronic excess capacity in a small competitive industry (the manufacturing of clay bricks) permits a generalization of Bower's concentration hypothesis. Barriers to exit produced a free rider problem where only smaller and lower quality brick plants were shut when the efficient solution demanded major closures. The exit logjam was resolved by the strategic actions of growth-maximizing managers. They used major acquisitions as the basis for substantial reductions in firm and industry capacity while growing their own market share. The fall in industry capacity enabled other firms to follow suit while maintaining their market share as predicted by prospect theory. Copyright (C) 2008 John Wiley & Sons. Ltd.