Coping with Recession: UK Company Performance in Adversity
Cambridge University Press, Oct 2, 1997 - Business & Economics - 198 pages
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, what kinds of institutional changes have they induced? and, finally, do recessionary pressures stimulate innovative activity. Having surveyed more than 600 of the U.K's leading companies, and making innovative use of micro-economic analysis the authors are able to provide the most comprehensive answers yet, to this contentious area of economic debate.
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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