Why Are Firms Rigid? A General Framework and Empirical Tests
提出了一个理解企业为何难以做出重大战略变革的通用框架，并应用于对冲基金，发现年轻基金表现优于老基金，且年龄导致的僵化主要源于内部政治摩擦而非外部约束。
We present a general framework for understanding why firms are slow to make major strategic changes in a wide range of empirical settings. We then apply this framework to investigate, more specifically, the relationship between firm age and scope in hedge funds. Our empirical analyses demonstrate that younger hedge funds outperform older hedge funds both before and after the launch of a new fund. Based on our framework, these results suggest that age-based rigidity in hedge funds is more attributable to internal political frictions that influence project selection than to constraints associated with exchange partners or implementation costs. We conclude by discussing how our framework can be used to identify the dominant source of rigidity in other contexts.