Abstract
This paper presents an empirical analysis of the strategic responses of defence companies to the recent downturn in the wave-cycle of defence demand based upon a questionnaire survey of defence firms in South West England. The findings suggest that both diversifying into civilian markets and focusing upon existing defence markets have been popular strategies. Moreover, mergers/takeovers are strongly associated with certain types of strategic change. It is also shown that company size, contractor status, degree of defence dependency, research intensity and involvement in export markets have an important influence on strategic choice.
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