Are you sure you're not just seeing the transition of a company from a growth company to a value company? I.e. "there is no growth potential left. Let's dump it on the public", and then a new leadership team comes in slashing costs to juice profits, because there's no way to increase revenue. Because that's certainly a phenomenon as well.
That's definitely part of it, but I've noticed there's almost always a shift when companies get to a certain size and start bringing in leadership in waves from other companies and it really changes the culture and dynamics of how the company functions--usually not for the better.
