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Firms’ Proactiveness During the Crisis: Evidence from European Data

Author

Listed:
  • Brzozowski Jan

    (Department of European Studies, Uniwersytet Ekonomiczny w Krakowie, Krakow, Poland)

  • Cucculelli Marco
  • Peruzzi Valentina

    (Department of Economic and Social Sciences, Universita Politecnica delle Marche, Ancona, Italy)

Abstract

This paper contributes to the literature on the entrepreneurial behavior of firms during the economic crisis, by investigating the determinants of proactive behavior on a large sample of European companies during the 2008–2009 financial crisis. We explore various dimensions of proactive behavior, including: investments in innovation, expanding product offer, undergoing quality certification, investing in tangible assets and avoiding layoff. Our findings show a surprising heterogeneity of determinants in the case of different proactivity measures, especially when considering the impact of public policies which support entrepreneurship. We also provide some evidence supporting the organizational learning hypothesis with regard to proactiveness, as we show that the previous crisis experience matters in the case of the adoption of proactive or reactive strategy by a firm.

Suggested Citation

  • Brzozowski Jan & Cucculelli Marco & Peruzzi Valentina, 2019. "Firms’ Proactiveness During the Crisis: Evidence from European Data," Entrepreneurship Research Journal, De Gruyter, vol. 9(3), pages 1-14, July.
    • Handle: RePEc:bpj:erjour:v:9:y:2019:i:3:p:14:n:2
    DOI: 10.1515/erj-2017-0215
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    Citations

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    Cited by:

    1. Jiao Xue & Heng Fan & Zhanxun Dong, 2020. "Compensations of Top Executives and M&A Behaviors: An Empirical Study of Listed Companies," IJFS, MDPI, vol. 8(4), pages 1-13, October.

    More about this item

    Keywords

    proactive behavior; crisis reaction; organizational learning; investment; innovation; entrepreneurial orientation;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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