Firm Rigidities and the Decline in Growth Opportunities
研究了上市公司在利用增长机会后，因组织刚性导致增长机会无法完全更新，从而Tobin's q随年龄下降、投资减少的现象，并发现公司控制权市场和资本市场监控加速这一下降，而产品市场和劳动力市场竞争则减缓下降。
As public firms exploit their growth opportunities following their initial public offering, their assets in place increase, and they organize themselves optimally to operate these assets efficiently, which requires a more formal and less flexible organization than to generate new growth opportunities. Our theory predicts that, as a result of these inflexibilities, firms fail to fully replace their growth opportunities, so that their Tobin’s q falls with age and they invest less as they grow older. With our theory, competition in the market for corporate control and capital markets monitoring increase the rate of decrease in Tobin’s q, while product and labor market competition slow it down. We find empirical support for these predictions. We also find evidence that the decline in q is related to firm rigidities. The Internet appendix is available at http://dx.doi.org/10.1287/mnsc.2016.2478 . This paper was accepted by Gustavo Manso, finance.