Coping with Recession: UK Company Performance in Adversity
Cambridge University Press, Oct 2, 1997 - Business & Economics - 198 pages
The text 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 involved the participation of more than 600 leading UK companies. The questionnaire data was combined with a long enough time-series of data on the financial performance of most of the companies to enable us to trace effects left over from the recession in the early 1980s. The main issues examined in the book are: 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?
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abandoned or postponed affected by recessionary affected firms boom bring forward brought forward investments 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 induced innovative activity innovative firms interquartile range investments in plant investments in R&D job shedding justment labour market large firms less macroeconomic major managers merger number of firms observed occurred 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 profit margins 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