Industry Implications of Value Creation and Appropriation Investment Decisions*
研究企业投资决策如何影响行业利润和销售额的增长与波动，基于377个行业16年数据，揭示价值创造与价值占有投资对行业环境的复杂关系。
Managers face a critical task in making firm investment decisions that are targeted toward creating and appropriating value. As managers weigh their resource investment decisions, we argue that these investments have a direct impact on the growth and volatility of the firm's industry. With data covering 377 industries across 16 years, we investigate relationships for aggregate firm investments on the growth and volatility of industry profit and sales. Results reveal important, complex relationships between investment in value creation and appropriation and different elements of the industry environment. Implications for management theory and practice are discussed.