Capacity rationalization and exit strategies
通过粘土砖制造业的案例，研究了小竞争行业中慢性产能过剩的应对，发现退出壁垒导致搭便车问题，而增长最大化经理通过战略收购实现产能削减并扩大市场份额。
Abstract A case study of the response to chronic excess capacity in a small competitive industry (the manufacturing of clay bricks) permits a generalization of Bower's concentration hypothesis. Barriers to exit produced a free rider problem where only smaller and lower quality brick plants were shut when the efficient solution demanded major closures. The exit logjam was resolved by the strategic actions of growth‐maximizing managers. They used major acquisitions as the basis for substantial reductions in firm and industry capacity while growing their own market share. The fall in industry capacity enabled other firms to follow suit while maintaining their market share as predicted by prospect theory. Copyright © 2008 John Wiley & Sons, Ltd.