Exit from Declining Industries: "Shakeout" or "Stakeout"?
利用30种化学产品的数据，研究衰退产业中企业退出顺序：小厂因缺乏规模经济可能先关闭，但大企业也可能有更强退出动机，两种预测均得到部分实证支持。
Data on 30 chemical products are used to examine the sequence of divestment in declining industries. Small firms and plants might be expected to close first, given lack of scale economies. However, recent theories suggest that large producers may have greater incentives to exit or cut capacity. Both predictions receive some empirical support. Small plants had higher rates of closure, and most exiting firms were small. Holding the influence of plant size constant, large multiplant firms were more likely to close individual plants.