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Management practices and firm performance during the Great Recession
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.
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