Coping with Recession: UK Company Performance in Adversity
Cambridge University Press, Oct 2, 1997 - Business & Economics - 198 pages
This book examines how companies cope with the pressures which are unleashed by recessions. It is based on a large-scale survey undertaken in the Spring of 1993 which elicited the participation of more than 600 leading UK companies. The questionnaire data were combined with a long time series of data on the financial performance of most of the companies so that it was possible to trace effects left over from the recession in the early 1980s. The four main issues examined in the book are as follows. What makes companies vulnerable to recessionary pressures? How do companies typically respond to these pressures? How have recessionary pressures been transmitted back into labour markets, and what kinds of institutional changes have they induced? Finally, do recessionary pressures stimulate innovative activity?
abandoned or postponed affected firms boom bring forward brought forward investments cent of firms changes competition correlated countercyclical cyclical debt decile decisions decline demand derecognition divisionalised firms economic employment EXSTAT extremely severely firm's focus on core focus strategies GARRY YOUNG highly dispersed holding companies identify important increases innovative activity innovative firms interquartile range investments in plant investments in R&D job shedding justment labour market large firms less macroeconomic major management buyout managers merger number of firms observed occurred operating profit margins opportunity costs Ordered probit organisational structure ownership structures period postponed investments pre-recession process innovations procyclical product and process product innovation product markets product or process quartile rates receivership recession recessionary pressures recognised unions reduce relatively response to recessionary sample severely affected shocks small number strategy suggests survey trade unions types of investment union firms union recognition unionised vulnerable to recessionary wage freeze wage growth