Strategy over the business cycle

Briance Mascarenhas, David A. Aaker

Research output: Contribution to journalArticlepeer-review

82 Scopus citations


This article develops an analytical and empirical framework for examining strategy over the business cycle. Firms were observed to adjust their strategies significantly and asymmetrically over business cycle stages. There was no consistency in performance between up markets and down markets. A variable‐parameter profitability model of strategy in a cyclical industry suggested the importance of a strategy's contemporaneous and inter‐temporal relationships with performance. Discrepancies were observed between actual strategies and optimal strategies over business cycle stages.

Original languageEnglish (US)
Pages (from-to)199-210
Number of pages12
JournalStrategic Management Journal
Issue number3
StatePublished - 1989
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management

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