Capital Market Scrutiny and Strategic Distinctiveness of the Firm: Evidence from a Natural Experiment
利用自然实验，研究发现短卖压力增加会降低企业战略独特性，对更显眼和业绩不佳的企业影响更大，表明放松短卖限制可能意外削弱企业战略差异化。
Abstract Several streams of strategy literature emphasize firms’ distinctive strategy as being key to sustainable competitive advantage. Using a unique natural experiment setting, we examine how increased scrutiny and pressure from short‐sellers affect the strategic distinctiveness of the firm. We find that increasing short‐selling pressure reduces the strategic distinctiveness of the firm and that this negative effect is more pronounced for more visible and underperforming firms. Our findings suggest that removing restrictions on short‐selling can have an unintended side‐effect of reducing the strategic distinctiveness of firms.