Should Declining Firms Be Aggressive During the Retrenchment Process?
研究了衰退企业收缩的激进程度（时间激进和规模激进）对转型绩效的影响，发现时间激进有正面作用，规模激进有负面作用，且时间激进能缓解规模激进的负面效应。
In this study, we test the effects of retrenchment aggressiveness on turnaround performance. Using the downward-spiral, threat–rigidity, and survivor syndrome perspectives, we hypothesize the direct effects of the two dimensions of aggressiveness—time aggressiveness and volume aggressiveness—on turnaround performance. We also examine the moderation effect of time aggressiveness on the relationship between volume aggressiveness and turnaround performance. We use data on a sample of declining firms collected from the Compustat North America database and use a matched-pair sample of 494 surviving and nonsurviving firms between the years 1990 and 2010. Our results show that time aggressiveness has a positive effect on turnaround performance, whereas volume aggressiveness has a negative effect. We also find that time aggressiveness positively moderates the negative relationship between volume aggressiveness and turnaround performance. We contribute to the scant but critical literature indicating the importance of time in a turnaround setting and to the long-held discussion of retrenchment as a cause of turnaround or a consequence of decline.