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Management Practices and Firm Performance during the Great Recession

Author

Listed:
  • Englmaier, Florian
  • Galdón Sánchez, José Enrique
  • Gil, Ricard
  • Kaiser, Michael
  • Strandt, Helene

Abstract

This paper examines how management practices affect firm productivity over the business cycle. Using Spanish plant-level survey data and unsupervised machine learning, we identify a “structured†management style positively correlated with performance before the 2008 financial crisis. Interestingly, this correlation turns negative during the crisis and positive again in the post-2013 recovery. Our evidence suggests structured firms focus on long-run profitability and innovation, prioritizing intangible investments. This strategy leads to higher short-run adjustment costs, evidenced by more fixed assets and lower employee turnover, making them less resilient during a severe downturn.

Suggested Citation

  • Englmaier, Florian & Galdón Sánchez, José Enrique & Gil, Ricard & Kaiser, Michael & Strandt, Helene, 2025. "Management Practices and Firm Performance during the Great Recession," CEPR Discussion Papers 20749, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:20749
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    File URL: https://cepr.org/publications/DP20749
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    Keywords

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    JEL classification:

    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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