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Practice Makes Profit: Business Practices and Firm Success

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Author Info

  • Richard B. Fabling

    ()

  • Arthur Grimes

    ()

Abstract

Which business practices set successful firms apart from others? We address this question using data from an official survey of almost 3,000 New Zealand firms. Questions cover: leadership, planning practices, customer and supplier focus, employee practices, quality and process monitoring, benchmarking, community and social responsibility, innovation, IT use, business structure and the competitive environment. Some of these are internal practices reflecting a firm’s resources and capabilities; some are characteristics of the external environment. We find that capital investment choices, R&D practices, market research and a range of employee practices are positively associated with firm success; industry structure is also a key determinant of success. The association between specific business practices and firm success is mostly independent of firm size, age and industrial sector, other than for export marketing.

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File URL: http://hdl.handle.net/10.1007/s11187-006-9000-7
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Bibliographic Info

Article provided by Springer in its journal Small Business Economics.

Volume (Year): 29 (2007)
Issue (Month): 4 (December)
Pages: 383-399
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Handle: RePEc:kap:sbusec:v:29:y:2007:i:4:p:383-399

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For corrections or technical questions regarding this item, or to correct its listing, contact: (Guenther Eichhorn) or (Christopher F. Baum).

Related research

Keywords: firm performance; business practices; HR practices; firm success; innovation; D21; L20; L26; O31;

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References

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  1. Chad Syverson, 2003. "Product Substitutability and Productivity Dispersion," NBER Working Papers 10049, National Bureau of Economic Research, Inc.
  2. Timothy F. Bresnahan & Erik Brynjolfsson & Lorin M. Hitt, 2002. "Information Technology, Workplace Organization, And The Demand For Skilled Labor: Firm-Level Evidence," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 339-376, February.
  3. John C. Haltiwanger & Julia I. Lane & James R. Spletzer, 1999. "Productivity Differences across Employers: The Roles of Employer Size, Age, and Human Capital," American Economic Review, American Economic Association, vol. 89(2), pages 94-98, May.
  4. Marianne Bertrand & Sendhil Mullainathan, 2001. "Do People Mean What They Say? Implications for Subjective Survey Data," American Economic Review, American Economic Association, vol. 91(2), pages 67-72, May.
  5. Bloom, Nick & Dorgan, Stephen & Dowdy, John & Van Reenen, John & Rippin, Tom, 2005. "Management practices across firms and nations," Open Access publications from London School of Economics and Political Science http://eprints.lse.ac.uk/, London School of Economics and Political Science.
  6. Ichniowski, Casey & Shaw, Kathryn & Prennushi, Giovanna, 1997. "The Effects of Human Resource Management Practices on Productivity: A Study of Steel Finishing Lines," American Economic Review, American Economic Association, vol. 87(3), pages 291-313, June.
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Citations

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Cited by:
  1. Richard Fabling & Arthur Grimes, 2009. "The "suite" smell of success: complementary personnel practices and firm performance," Reserve Bank of New Zealand Discussion Paper Series DP2009/13, Reserve Bank of New Zealand.
  2. Richard Fabling & Arthur Grimes, 2004. "Insolvency and Economic Development:Regional Variation and Adjustment," Development and Comp Systems 0404006, EconWPA.
  3. Fabling, Richard & Stillman, Steven & Maré, David. C, 2011. "Immigration and Innovation," Working Papers 11_05, Motu Economic and Public Policy Research.
  4. Maré, David C. & Fabling, Richard & Stillman, Steven, 2011. "Immigration and Innovation," IZA Discussion Papers 5686, Institute for the Study of Labor (IZA).

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