Corporate Governance, Strategy and Survival in a Declining Industry: A Study of UK Cotton Textile Companies*
基于战略灵活性视角，研究了组织多样性、所有权结构和董事会特征如何影响英国纺织企业在行业衰退中的战略应对，发现存活企业具有更高的组织多样性、机构持股和董事会多样性。
ABSTRACT Building on the strategic flexibility perspective, this paper examines the influences of organizational diversity, ownership structure and board characteristics on strategic responses to industrial decline in firms from the UK textile industry. Using samples of exiting and surviving companies it shows that, in line with the predictions of the strategic flexibility framework, the surviving companies tended to have a higher level of organizational diversity. They also tended to have larger institutional ownership and more diverse boards. These factors are associated with higher investment, financial performance, and growth. The results are consistent with the resource and service roles of the corporate governance factors.