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Managing to Adapt: Structured Management Practices and Firm Resilience

Author

Listed:
  • Jones, Kyle
  • Li, Wei
  • Mizen, Paul
  • Riley, Rebecca
  • Schneebacher, Jakob

Abstract

Why do some firms adapt and even thrive when major unexpected shocks occur? We hypothesise that structured management practices are a General Purpose Technology that helps firms adapt to unforeseen shocks. Using a novel, custom-designed survey, we find that firms with more structured management practices were more resilient to the large and unexpected shock of the Covid-19 pandemic, adopting homeworking and online sales practices more fully, adapting supply chains more effectively, and avoiding larger falls in their sales. Linking at the firm level to a high-frequency business survey, we show that firms with highly structured management practices undertook more product, process and logistics innovation to facilitate enforced changes in working practices and business operations. We conclude that this episode illustrates the many mechanisms by which structured management practices may improve firms’ resilience to shocks.

Suggested Citation

  • Jones, Kyle & Li, Wei & Mizen, Paul & Riley, Rebecca & Schneebacher, Jakob, 2024. "Managing to Adapt: Structured Management Practices and Firm Resilience," Discussion Papers escoe-dp-2024-04, Economic Statistics Centre of Excellence.
    • Handle: RePEc:eoe:escoed:escoe-dp-2024-04
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    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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