Successful bear‐fighting strategies
研究了企业在行业熊市中表现差异的因素，发现成功企业采取市场导向策略，而失败企业侧重成本控制，成功还受初始条件、战略措施、能量水平和时机影响。
Abstract This paper explores the factors involved in determining the differential performance of firms in bear markets. Bear markets are identified at the industry level by employing the criterion of a 20 percent drop of the industrial value added index over a period of at least 3 years. Twenty‐one matched pairs of Dutch firms which have experienced such bear markets (one successful, the other unsuccessful), are analyzed. The dominant finding is that successful firms follow market‐oriented strategies, whereas their unsuccessful counterparts are distinguished by their focus on costs. Success, however, is a multifaceted phenomenon. Differences in initial conditions, in other types of strategic measures, in energy levels and in timing are also involved. The findings are related to the literatures on decline, failure, turnaround and transformation.