One explanation would be that a rising risk free rate makes money now more valuable than higher future cash flows, so leadership who are stock incentivised in o

One explanation would be that a rising risk free rate makes money now more valuable than higher future cash flows, so leadership who are stock incentivised in order to align thier interests with shareholders sacrifice future growth for higher margins. R&D, marketing, even good customer service all allow you to grow next year but firing them allows you to return more money now.