Rethinking the effectiveness of asset and cost retrenchment: The contingency effects of a firm's rent creation mechanism
提出不同收缩策略的效果取决于企业的核心租金创造机制，基于日本大型非多元化企业样本，发现成本收缩对高熊彼特租金企业有害，资产收缩则侵蚀高李嘉图租金企业的未来租金基础。
This paper posits that the efficacy of different retrenchment strategies depends upon the firm's core rent creation mechanism. We focus on two distinct mechanisms of rent creation: Ricardian rent creation based on the exploitation of resources and Schumpeterian rent creation based on explorative capabilities. We argue that cost retrenchment may have detrimental effects on firms with a relatively high Schumpeterian rent focus. On the other hand, asset retrenchment may erode the basis for future rent creation for firms with a higher Ricardian rent focus. Our findings based on a sample of large nondiversified Japanese firms highlight the differing degrees of fragility and recoverability of the two rent creation mechanisms in the context of different retrenchment strategies. Copyright © 2012 John Wiley & Sons, Ltd.