Strategy over the business cycle
研究了企业在商业周期不同阶段如何显著且非对称地调整战略，发现市场上升期与下降期的绩效不一致，并提出了一个变参数盈利模型来解释战略与绩效的同期和跨期关系。
Abstract This article develops an analytical and empirical framework for examining strategy over the business cycle. Firms were observed to adjust their strategies significantly and asymmetrically over business cycle stages. There was no consistency in performance between up markets and down markets. A variable‐parameter profitability model of strategy in a cyclical industry suggested the importance of a strategy's contemporaneous and inter‐temporal relationships with performance. Discrepancies were observed between actual strategies and optimal strategies over business cycle stages.