AN INVESTIGATION OF INDUSTRY AND FIRM STRUCTURAL CHARACTERISTICS IN CORPORATE TURNAROUNDS*
基于结构/行为/绩效框架，研究了扭亏为盈企业的行业和公司结构特征，发现规模、研发投入以及营业利润率与广告的交互作用有助于解释部分扭亏情况。
ABSTRACT This article uses the structure/conduct/performance framework as an underpinning to investigate the attributes of turnaround firms. Turnaround is defined as a substantial improvement of the firms's return on assets relative to the average return of its industry. Industry and firm structural characteristics including concentration, industry growth, R&D, advertising, market share, size, diversification, capital intensity and margins are identified. The results of a series of univariate and multivariate tests run on a sample of turnaround and non‐turnaround firms indicate that size, R&D, and an interaction between operating margin and advertising can be helpful in explaining some turnaround situations.