企业死亡研究纵览
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摘要
研究企业死亡的起因和过程特点,可以增进我们对相关问题和现象的理解,并对企业避免和应对死亡具有助益,因而具有重要的学术意义和现实意义。现有的管理学研究较多地关注企业生存和企业绩效,对企业死亡和失败的研究相对较少。本文在梳理总结企业死亡研究文献的基础上,构建了一个企业死亡的研究框架,包括企业死亡的定义、类别、起因以及过程模式,着重比较"过程型死亡"和"事件型死亡",并最终聚焦在事件型死亡(企业猝死)这一较受忽视的研究领域。最后,本文从问题界定、理论视角和研究方法等多个层面对企业死亡和企业猝死的未来研究提出建设性的设想和建议。
This paper attempts to fill the gap in the literature by reviewing the scholarly research of firm death, especially the case of sudden death. Based on a critical review of the literature regarding the antecedents, types, and processes of firm death, we suggest avenues for future research in this arena and elaborate on the relevant methodological concerns.For the purpose of this research, we adopt the following working definition of firm death: the disappearance, both nominally and substantively, of a business entity, either a self-contained, standalone unit or an entire corporation. As such, as a variation in either combination or degree of the above two dimensions, there might be real death, quasi-death, semi-death, or pseudo-death. Some firms are zombies, having substantively ceased functioning but remaining nominally alive. Others could be intentionally courting or securing nominal death while substantively operating as the same entities for tax or other purposes. Still others could be straddling around the death line waiting to go away naturally or hoping for an eventual turnaround. That is, firm death could be either voluntary or involuntary, or even indifferent. The typical form of death includes bankruptcy, liquidation, exit, or M&A.As for the antecedents of death, causes could be found both in the external environment, and inside the firm. Regarding the processual characteristics of firm death, it could be a prolonged gradual death, or a sudden and abrupt event. While prolonged death might result in gradual declines in vital operational and financial indices, sudden deaths are often caused by insufficient cash flows, broken social/political ties, or totally unexpected extreme external events.We suggest that future research on this topic should penetrate deeper into the intentions and motivations of firms in coping with their survival as well as death. When do firms voluntarily court death or at least partial death? How to detect that firm deaths are individual cases or collective phenomena? What are the relationships between the death of a firm or business and the death of an industry or a segment within an industry? Are there any discernible patterns of firm death in the different stages of industry life cycle? How are the entrepreneurial firms different from firms in mature or declining industries when it comes to the determinants and patterns of death? Are firm deaths or failures bad for the economy? What are the potential benefits, if any, of firm deaths?Multiple theoretical perspectives are needed to fully examine and dissect the complex phenomenon of firm death at different levels of analysis, from business, firm, industry, to the concerned eco-system,covering both micro-foundations as well as macro-manifestations, comparing and contrasting firms from emerging economies where institutional environments are often relatively weak and underdeveloped and are in constant flux, with firms from more developed economies where institutional environments are more mature, formal and advanced. Multiple research methods are also called for in our search for better understanding of firm death in terms of observable patterns and consequences as well as underlying intensions and mechanisms.
This paper attempts to fill the gap in the literature by reviewing the scholarly research of firm death, especially the case of sudden death. Based on a critical review of the literature regarding the antecedents, types, and processes of firm death, we suggest avenues for future research in this arena and elaborate on the relevant methodological concerns.For the purpose of this research, we adopt the following working definition of firm death: the disappearance, both nominally and substantively, of a business entity, either a self-contained, standalone unit or an entire corporation. As such, as a variation in either combination or degree of the above two dimensions, there might be real death, quasi-death, semi-death, or pseudo-death. Some firms are zombies, having substantively ceased functioning but remaining nominally alive. Others could be intentionally courting or securing nominal death while substantively operating as the same entities for tax or other purposes. Still others could be straddling around the death line waiting to go away naturally or hoping for an eventual turnaround. That is, firm death could be either voluntary or involuntary, or even indifferent. The typical form of death includes bankruptcy, liquidation, exit, or M&A.As for the antecedents of death, causes could be found both in the external environment, and inside the firm. Regarding the processual characteristics of firm death, it could be a prolonged gradual death, or a sudden and abrupt event. While prolonged death might result in gradual declines in vital operational and financial indices, sudden deaths are often caused by insufficient cash flows, broken social/political ties, or totally unexpected extreme external events.We suggest that future research on this topic should penetrate deeper into the intentions and motivations of firms in coping with their survival as well as death. When do firms voluntarily court death or at least partial death? How to detect that firm deaths are individual cases or collective phenomena? What are the relationships between the death of a firm or business and the death of an industry or a segment within an industry? Are there any discernible patterns of firm death in the different stages of industry life cycle? How are the entrepreneurial firms different from firms in mature or declining industries when it comes to the determinants and patterns of death? Are firm deaths or failures bad for the economy? What are the potential benefits, if any, of firm deaths?Multiple theoretical perspectives are needed to fully examine and dissect the complex phenomenon of firm death at different levels of analysis, from business, firm, industry, to the concerned eco-system,covering both micro-foundations as well as macro-manifestations, comparing and contrasting firms from emerging economies where institutional environments are often relatively weak and underdeveloped and are in constant flux, with firms from more developed economies where institutional environments are more mature, formal and advanced. Multiple research methods are also called for in our search for better understanding of firm death in terms of observable patterns and consequences as well as underlying intensions and mechanisms.
引文
[1]Almandoz J, Tilcsik A. When experts become liabilities:Domain experts on boards and organizational failure[J]. Academy of Management Journal,2016, 59(4):1124-1149.
[2]Argenti J. Corporate collapse:The causes and symptoms[M]. New York:Wiley, 1976a.
[3]Argenti J. Corporate planning and Corporate Collapse[J]. Long Range Planning,1976b, 9(6):12-17.
[4]Balcaen S, Manigart S, Buyze J, et al. Firm exit after distress:Differentiating between bankruptcy, voluntary liquidation and M&A[J]. Small Business Economics,2012, 39(4):949-975.
[5]Billings R S, Milburn T W, Schaalman M L. A model of crisis perception:A theoretical and empirical analysis[J].Administrative Science Quarterly,1980, 25(2):300-316.
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[8]Carroll G R, Delacroix J. Organizational mortality in the newspaper industries of Argentina and Ireland:An ecological approach[J]. Administrative Science Quarterly,1982, 27(2):169-198.
[9]Chaganti R S, Mahajan V, Sharma S. Corporate board size, composition and corporate failures in retailing industry[J]. Journal of Management Studies,1985, 22(4):400-417.
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[11]Christensen C. Patterns in the evolution of product competition[J]. European Management Journal,1997, 15(2):117-127.
[12]Coleman J S. Social capital in the creation of human capital[J]. American Journal of Sociology,1988, 94:S95-S120.
[13]D’Aveni R A. Dependability and organizational bankruptcy:An application of agency and prospect theory[J]. Management Science,1989b, 35(9):1120-1138.
[14]D’Aveni R A. The aftermath of organizational decline:A longitudinal study of the strategic and managerial characteristics of declining firms[J]. Academy of Management Journal,1989a, 32(3):577-605.
[15]Desai V M. Mass media and massive failures:Determining organizational efforts to defend field legitimacy following crises[J]. Academy of Management Journal,2011, 54(2):263-278.
[16]Dowell G, Swaminathan A. Entry timing, exploration, and firm survival in the early U.S. bicycle industry[J]. Strategic Management Journal,2006, 27(12):1159-1182.
[17]Hambrick D C, D’Aveni R A. Large corporate failures as downward spirals[J]. Administrative Science Quarterly,1988,33(1):1-23.
[18]Hambrick D C, D’Aveni R A. Top team deterioration as part of the downward spiral of large corporate bankruptcies[J].Management Science,1992, 38(10):1445-1466.
[19]Hannan M T. Rethinking age dependence in organizational mortality:Logical fromalizations[J]. American Journal of Sociology,1998, 104(1):126-164.
[20]Hayward M L, Shimizu K. De-commitment to losing strategic action:Evidence from the divestiture of poorly performing acquisitions[J]. Strategic Management Journal,2006, 27(6):541-557.
[21]Hlavacek J D, Thompson V A. Bureaucracy and venture failures[J]. Academy of Management Review,1978, 3(2):242-248.
[22]Jennings P L, Beaver G. The managerial dimension of small business failure[J]. Strategic Change,1995, 4(4):185-200.
[23]Josefy M A, Harrison J S, Sirmon D G, et al. Living and dying:Synthesizing the literature on firm survival and failure across stages of development[J]. Academy of Management Annals,2017, 11(2):770-799.
[24]Kim E H, Schatzberg J D. Voluntary corporate liquidations[J]. Journal of Financial Economics,1987, 19(2):311-328.
[25]Miller D, Friesen P H. A longitudinal study of the corporate life cycle[J]. Management Science,1984, 30(10):1161-1183.
[26]Miller D. Common syndromes of business failure[J]. Business Horizons,1977, 20(6):43-53.
[27]Moulton W N, Thomas H. Bankruptcy as a deliberate strategy:Theoretical considerations and empirical evidence[J]. Strategic Management Journal,1993, 14(2):125-135.
[28]Ruef M. Assessing organizational fitness on a dynamic landscape:An empirical test of the relative inertia thesis[J]. Strategic Management Journal,1997, 18(11):837-853.
[29]Sarkar M B, Echambadi R, Agarwal R, et al. The effect of the innovative environment on exit of entrepreneurial firms[J].Strategic Management Journal,2006, 27(6):519-539.
[30]Sheppard J P. Strategy and bankruptcy:An exploration into organizational death[J]. Journal of Management,1994, 20(4):795-833.
[31]Shimizu K. Prospect theory, behavioral theory, and the threat-rigidity thesis:Combinative effects on organizational decisions to divest formerly acquired units[J]. Academy of Management Journal,2007, 50(6):1495-1514.
[32]Singh J V, House R J, Tucker D J. Organizational change and organizational mortality[J]. Administrative Science Quarterly,1986, 31(4):587-611.
[33]Sutton R I. The process of organizational death:Disbanding and reconnecting[J]. Administrative Science Quarterly,1987,32(4):542-569.
[34]Thornhill S, Amit R. Learning about failure:Bankruptcy, firm age, and the resource-based view[J]. Organization Science,2003, 14(5):497-509.
[35]Trahms C A, Ndofor H A, Sirmon D G. Organizational decline and turnaround:A review and agenda for future research[J].Journal of Management,2013, 39(5):1277-1307.
[36]Tushman M L, Anderson P. Technological discontinuities and organizational environments[J]. Administrative Science Quarterly,1986, 31(3):439-465.
[37]Yang H B, Lin Z A, Peng M W. Behind acquisitions of alliance partners:Exploratory learning and network embeddedness[J].Academy of Management Journal,2011, 54(5):1069-1080.
[38]Yu Y, Umashankar N, Rao V R. Choosing the right target:Relative preferences for resource similarity and complementarity in acquisition choice[J]. Strategic Management Journal,2016, 37(8):1808-1825.
(1)http://fortune.com/2012/01/08/embattled-kodak-enters-the-electronic-age-fortune-1983/?iid=sr-link2。
(1)http://fortune.com/2017/10/02/monarch-airline-bankruptcy-cancellations/?iid=sr-link2。
[2]Argenti J. Corporate collapse:The causes and symptoms[M]. New York:Wiley, 1976a.
[3]Argenti J. Corporate planning and Corporate Collapse[J]. Long Range Planning,1976b, 9(6):12-17.
[4]Balcaen S, Manigart S, Buyze J, et al. Firm exit after distress:Differentiating between bankruptcy, voluntary liquidation and M&A[J]. Small Business Economics,2012, 39(4):949-975.
[5]Billings R S, Milburn T W, Schaalman M L. A model of crisis perception:A theoretical and empirical analysis[J].Administrative Science Quarterly,1980, 25(2):300-316.
[6]Birley S. The role of new firms:Births, deaths and job generation[J]. Strategic Management Journal,1986, 7(4):361-376.
[7]Bruderl J, Schussler R. Organizational mortality:The liabilities of newness and adolescence[J]. Administrative Science Quarterly,1990, 35(3):530-547.
[8]Carroll G R, Delacroix J. Organizational mortality in the newspaper industries of Argentina and Ireland:An ecological approach[J]. Administrative Science Quarterly,1982, 27(2):169-198.
[9]Chaganti R S, Mahajan V, Sharma S. Corporate board size, composition and corporate failures in retailing industry[J]. Journal of Management Studies,1985, 22(4):400-417.
[10]Christensen C M, Bower J L. Customer power, strategic investment, and the failure of leading firms[J]. Strategic Management Journal,1996, 17(3):197-218.
[11]Christensen C. Patterns in the evolution of product competition[J]. European Management Journal,1997, 15(2):117-127.
[12]Coleman J S. Social capital in the creation of human capital[J]. American Journal of Sociology,1988, 94:S95-S120.
[13]D’Aveni R A. Dependability and organizational bankruptcy:An application of agency and prospect theory[J]. Management Science,1989b, 35(9):1120-1138.
[14]D’Aveni R A. The aftermath of organizational decline:A longitudinal study of the strategic and managerial characteristics of declining firms[J]. Academy of Management Journal,1989a, 32(3):577-605.
[15]Desai V M. Mass media and massive failures:Determining organizational efforts to defend field legitimacy following crises[J]. Academy of Management Journal,2011, 54(2):263-278.
[16]Dowell G, Swaminathan A. Entry timing, exploration, and firm survival in the early U.S. bicycle industry[J]. Strategic Management Journal,2006, 27(12):1159-1182.
[17]Hambrick D C, D’Aveni R A. Large corporate failures as downward spirals[J]. Administrative Science Quarterly,1988,33(1):1-23.
[18]Hambrick D C, D’Aveni R A. Top team deterioration as part of the downward spiral of large corporate bankruptcies[J].Management Science,1992, 38(10):1445-1466.
[19]Hannan M T. Rethinking age dependence in organizational mortality:Logical fromalizations[J]. American Journal of Sociology,1998, 104(1):126-164.
[20]Hayward M L, Shimizu K. De-commitment to losing strategic action:Evidence from the divestiture of poorly performing acquisitions[J]. Strategic Management Journal,2006, 27(6):541-557.
[21]Hlavacek J D, Thompson V A. Bureaucracy and venture failures[J]. Academy of Management Review,1978, 3(2):242-248.
[22]Jennings P L, Beaver G. The managerial dimension of small business failure[J]. Strategic Change,1995, 4(4):185-200.
[23]Josefy M A, Harrison J S, Sirmon D G, et al. Living and dying:Synthesizing the literature on firm survival and failure across stages of development[J]. Academy of Management Annals,2017, 11(2):770-799.
[24]Kim E H, Schatzberg J D. Voluntary corporate liquidations[J]. Journal of Financial Economics,1987, 19(2):311-328.
[25]Miller D, Friesen P H. A longitudinal study of the corporate life cycle[J]. Management Science,1984, 30(10):1161-1183.
[26]Miller D. Common syndromes of business failure[J]. Business Horizons,1977, 20(6):43-53.
[27]Moulton W N, Thomas H. Bankruptcy as a deliberate strategy:Theoretical considerations and empirical evidence[J]. Strategic Management Journal,1993, 14(2):125-135.
[28]Ruef M. Assessing organizational fitness on a dynamic landscape:An empirical test of the relative inertia thesis[J]. Strategic Management Journal,1997, 18(11):837-853.
[29]Sarkar M B, Echambadi R, Agarwal R, et al. The effect of the innovative environment on exit of entrepreneurial firms[J].Strategic Management Journal,2006, 27(6):519-539.
[30]Sheppard J P. Strategy and bankruptcy:An exploration into organizational death[J]. Journal of Management,1994, 20(4):795-833.
[31]Shimizu K. Prospect theory, behavioral theory, and the threat-rigidity thesis:Combinative effects on organizational decisions to divest formerly acquired units[J]. Academy of Management Journal,2007, 50(6):1495-1514.
[32]Singh J V, House R J, Tucker D J. Organizational change and organizational mortality[J]. Administrative Science Quarterly,1986, 31(4):587-611.
[33]Sutton R I. The process of organizational death:Disbanding and reconnecting[J]. Administrative Science Quarterly,1987,32(4):542-569.
[34]Thornhill S, Amit R. Learning about failure:Bankruptcy, firm age, and the resource-based view[J]. Organization Science,2003, 14(5):497-509.
[35]Trahms C A, Ndofor H A, Sirmon D G. Organizational decline and turnaround:A review and agenda for future research[J].Journal of Management,2013, 39(5):1277-1307.
[36]Tushman M L, Anderson P. Technological discontinuities and organizational environments[J]. Administrative Science Quarterly,1986, 31(3):439-465.
[37]Yang H B, Lin Z A, Peng M W. Behind acquisitions of alliance partners:Exploratory learning and network embeddedness[J].Academy of Management Journal,2011, 54(5):1069-1080.
[38]Yu Y, Umashankar N, Rao V R. Choosing the right target:Relative preferences for resource similarity and complementarity in acquisition choice[J]. Strategic Management Journal,2016, 37(8):1808-1825.
(1)http://fortune.com/2012/01/08/embattled-kodak-enters-the-electronic-age-fortune-1983/?iid=sr-link2。
(1)http://fortune.com/2017/10/02/monarch-airline-bankruptcy-cancellations/?iid=sr-link2。