Structural Expansion vs. Structural Reorganization

Susheng Wang
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Abstract

This paper discusses firms’ growth strategies: organic growth (internally generated growth) vs. inorganic growth (growth via acquisitions). We find that when market uncertainty drops, a decentralized firm (D-firm) is more likely to carry out a structural expansion (inorganic), while a centralized firm (C-firm) is more likely to carry out a structural reorganization (organic). When market competition subsides, a D-firm is more likely to carry out a structural reorganization or stay put, while a C-firm is more likely to carry out a structural expansion or stay put. When the market expands, a D-firm is more likely to carry out a structural expansion or stay put, while a C-firm is more likely to carry out a structural reorganization.
结构扩张vs结构重组
本文讨论了公司的增长策略:有机增长(内部增长)与无机增长(通过收购增长)。我们发现,当市场不确定性下降时,分散型企业(d型企业)更有可能进行结构性扩张(无机),而集中型企业(c型企业)更有可能进行结构性重组(有机)。当市场竞争减弱时,d型企业更有可能进行结构重组或保持不变,而c型企业更有可能进行结构扩张或保持不变。当市场扩大时,d型企业更有可能进行结构性扩张或原地不动,而c型企业更有可能进行结构性重组。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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