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Does Doing Badly Encourage Management Innovation?

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Author Info
 Nickell, Stephen
Nicolitsas, Daphne
Patterson, Malcolm

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Abstract

In this paper we have undertaken an empirical analysis of the notion that firms introduce managerial innovations as a consequence of bad times, as in the "pit-stop" view of recessions. We first analyze a dynamic model of the firm and conclude that a competitive firm operating in a perfect capital market may well devote more of its employees' time to reorganization and other productivity improving activities during periods where the real output price or productivity is declining (e.g. recessions). We then investigate the hypothesis that a worsening of the firm's situation will lead to the introduction of productivity improving innovations of various kinds. Our individual company data tend to confirm this hypothesis with the single exception that firms tend to become more centralized when their real or financial position declines, despite the general view that it is decentralization which tends to improve the operation of a company in the long run. Copyright 2001 by Blackwell Publishing Ltd

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Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 63 (2001)
Issue (Month): 1 (February)
Pages: 5-28
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Handle: RePEc:bla:obuest:v:63:y:2001:i:1:p:5-28

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  2. Baldwin, John R. & Gu, Wulong, 2004. "Innovation, Survival and Performance of Canadian Manufacturing Plants," Economic Analysis (EA) Research Paper Series 2004022e, Statistics Canada, Analytical Studies Branch. [Downloadable!]
  3. Mark Rogers, 2003. "Competition, Agency and Productivity," Melbourne Institute Working Paper Series wp2003n20, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne. [Downloadable!]
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  4. Acemoglu, Daron & Aghion, Philippe & Lelarge, Claire & Van Reenen, John & Zilibotti, Fabrizio, 2006. "Technology, Information and the Decentralization of the Firm," CEPR Discussion Papers 5678, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Wolf, Elke & Beblo, Miriam, 2004. "Does Work Time Flexibility Work? : An Empirical Assessment of the Efficiency Effects for German Firms," ZEW Discussion Papers 04-47, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  6. Baldwin, John R. & Gu, Wulong, 2004. "Innovation, survie et rendement des établissements canadiens de fabrication," Série de documents de recherche sur l'analyse économique (AE) 2004022f, Statistics Canada, Direction des études analytiques. [Downloadable!]
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  8. S Black & L Lynch, 1997. "How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," CEP Discussion Papers 0376, Centre for Economic Performance, LSE. [Downloadable!]
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  9. Patrick Francois & Huw Lloyd-Ellis, 2006. "Intrinsic Business Cycles with Pro-Cyclical R&D," Working Papers 1102, Queen's University, Department of Economics. [Downloadable!]
  10. Francois, P. & Lloyd-Ellis, H., 2003. "Co-movement, capital and contracts: 'normal' cycles through creative destruction," Discussion Paper 62, Tilburg University, Center for Economic Research. [Downloadable!]
  11. Zwick, Thomas, 2003. "Works Councils and the Productivity Impact of Direct Employee Participation," ZEW Discussion Papers 03-47, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  12. Lisa M. Lynch, 2007. "The Adoption and Diffusion of Organizational Innovation: Evidence for the U.S. Economy," IZA Discussion Papers 2819, Institute for the Study of Labor (IZA). [Downloadable!]
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  13. Alexander Coad, 2008. "Distance to Frontier and Appropriate Business Strategy," Papers on Econonmics and Evolution 2008-07, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
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  14. Wolf, Elke & Zwick, Thomas, 2002. "Produktivitätswirkung von Mitarbeiterbeteiligung : der Einfluss von unbeobachteter Heterogenität (The effect of employee participation in asset formation on productivity : the influence of unobserve," Mitteilungen aus der Arbeitsmarkt- und Berufsforschung, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 35(1), pages 123-132. [Downloadable!]
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