Transformational Strategies and Productivity Growth: A Transformational‐Activities Perspective on Stagnation in the New‐Normal Business Landscape
研究了企业应对生产率增长停滞的六种通用转型战略，通过跨行业面板数据识别出常用且成功的战略，发现更新和重组战略能有效应对生产率威胁。
Abstract Declines in productivity growth substantially explain new‐normal business stagnation; yet in order to address situations of slack productivity growth, firms can choose from six generic transformational strategies: retirement, renewal, retrenchment, replication, redeployment, and recombination. While the extant literature focuses on specific transformational strategies that particular firms, or industries, take in responding to productivity threats, questions regarding which transformational strategies are commonly employed and commonly successful have been neglected. Answering these broader questions allows factoring how firms might respond to new‐normal conditions; and yields normative implications regarding the transformational strategies – and policies – that enhance productivity growth and reverse new‐normal stagnation. Using cross‐industry panel data, we identify the transformational strategies that are both commonly employed and commonly successful. Our empirical results indicate that firms react to productivity threats via a variety of strategic responses; yet, engaging in renewal and recombination uniquely address such threats.