Are Losers Picked? An Empirical Analysis of Capacity Divestment and Production Reallocation in the Japanese Cement Industry
研究了日本水泥行业在需求萎缩时，低效率工厂是否更可能减少产能，发现多工厂企业内的低效率工厂更易被剥离，但整体上低效率企业并不比高效率企业更可能减产，且这种剥离模式降低了行业配置效率。
As demand in an industry shrinks, pressure for the reduction of capacity arises. A key issue is whether plants which, from an efficiency perspective, should reduce output in fact do so. Focusing on the J apanese cement industry, we examine whether less efficient plants reduce capacity. We find that less efficient firms are not more likely to reduce capacity than more efficient firms; however, less efficient plants within a multi‐plant firm are more likely to reduce capacity than more efficient plants. In addition, we find that this divestment pattern has led to a substantial drop in industry‐wide allocative efficiency.