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Coping with recession: UK company performance in adversity

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Bibliographic Details
Main Authors:	Geroski, Paul A. 1952-2005 (Author), Gregg, Paul (Author)
Format:	Book
Language:	English
Published:	Cambridge [u.a.] Cambridge Univ. Press 1997
Edition:	1. publ.
Series:	Economic and social studies 38
Subjects:	Geschichte 1985-1993 Business cycles Management Prestatiebeoordeling Industrie Industrial management > Great Britain Industries > Great Britain Business cycles > Great Britain Recessions > Great Britain Unternehmen Umfrage Produktivität Rezession Großbritannien
Links:	http://www.loc.gov/catdir/description/cam028/97026897.html http://www.loc.gov/catdir/toc/cam021/97026897.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007851719&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Physical Description:	XIII, 198 S. graph. Darst.
ISBN:	052162276X 0521626013

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adam_text	Contents List of figures and tables page xi Acknowledgements xiv 1. INTRODUCTION 1 Recessions as natural experiments 1 The Major Lamont recession 3 The issues 11 The plan 1 6 2. THE RECESSION SURVEY 19 The questionnaire and sample 19 Organisation and ownership structures 25 Perceptions of the recession 31 3. COMPANY PERFORMANCE OVER THE BUSINESS CYCLE 37 Introduction 37 Performance differences between companies 38 What makes firms vulnerable to recessionary pressures? 51 The vulnerability of continuing firms 55 Which firms failed? 60 Conclusions 67 4. CHANGES IN CORPORATE STRATEGY AND STRUCTURE 71 Introduction 71 Strategic responses to the recession 73 Reorganisations and investment behaviour S2 Inter firm differences in response to the recession 90 Conclusions 96 ix x Coping with recession 5. THE LABOUR MARKET IN RECESSION 99 Introduction 99 Employment and wages 101 Union recognition 106 Union membership and wage setting arrangements 112 Conclusions 118 6. INNOVATIVE ACTIVITY IN THE RECESSION 121 Introduction 121 Adversity and the decisions to innovate 123 Interrelationships between types of investment 131 Identifying innovative firms 136 Conclusions 141 7. CONCLUSIONS 143 Summary 143 Selection 144 The response to adversity 146 Feedback to the labour market 148 Innovation 149 Do firms emerge from recessions leaner and fitter? 150 APPENDIX: The survey 154 Notes 171 References 184 Index 194 Figures and tables Figures 1.1 Real GDP growth and the unemployment rate page 4 1.2 Manufacturing output 5 1.3 Investment in plant and machinery 6 1.4 Output per head in manufacturing 6 1.5 Unit labour costs in manufacturing 7 1.6 Inflation and short term interest rates 7 1.7 Dollar exchange rate 8 1.8 Real GDP growth and the unemployment rate 9 1.9 Investment in plant and machinery 9 1.10 Output per head in manufacturing 10 1.11 Unit labour costs in manufacturing 10 2.1 Stylised company structures 27 3.1 Distribution of operating profit margins 1971 93: mean, standard deviation, and coefficient of variation 41 3.2 Quartile distribution of operating profit margins 1971 93 42 3.3 Log of the interquartile range of operating profit margins 1971 93 43 3.4 Correlations of operating profit margins between 1971 and subsequent years for a balanced panel of 480 firms 46 3.5 Plot of operating profit margins in selected years against the rank of a firm s margin in 1976 47 i 6 Changing pattern of profit margins between 1981 and 1991 50 3.7 Changes in profit margins 1979 81 and 1989 91 50 4.1 Stylised company structures 84 6.1 Innovations and patents in the UK 1948 88 126 xi xii Coping with recession Tables page 2.1 Company survival and survey response 20 2.2 The size distribution of respondent and non respondent firms, by 1989 sales 21 2.3 The breakdown of responding and non responding firms by industry 22 2.4 The financial characteristics of responding and non responding companies 23 2.5 The financial characteristics of companies by survival status 24 2.6 The characteristics of companies with different structures 28 2.7 The characteristics of companies with different ownership structures 29 2.8 Organisation and ownership structures 31 2.9 The impact of the recession on individual firms and expected duration of these effects 32 2.10 The effect of the recession on company operations 33 2.11 The sources of the recessionary pressures 34 3.1 Profits, sales and employment declines across 2,100 UK firms 1989 91 44 3.2 Correlations in profit margins over time 44 3.3 Quartile distributions of profit margins 1976 89 46 3.4 The origin of bottom quartile and decile firms in selected years 48 3.5 Subjective measures of vulnerability to the recession and accounting profitability 55 3.6 Characteristics of firms by severity of impact of the recession 56 3.7 Ordered probit estimates of the severity in impact of the recession 57 3.8 Survival rates of firms by operating profit margins in 1981 62 3.9 Probit estimates of firms going into receivership 1988 90 and 1991 3 62 3.10 Implied probabilities of company failure from regression in table 4.3 for the 1991 3 period 64 3.11 Probit estimates of firms going into receivership 1991 3 65 4.1 Responses to the recession 74 4.2 Redeployment and redundancy 78 xiii 4.3 Distribution of percentage changes in employment across boom and recession periods 79 4.4 Wage freezes 80 4.5 Downsizing 81 4.6 Changes in organisational structure 85 4.7 Investment in tangibles and intangibles 87 4.8 Investment behaviour and the expected duration of the recession 88 4.9 Product market strategy 90 4.10 A typology of responses to the recession 92 4.11 Responses to the recession by ownership structure 93 4.12 Responses to the recession by organisational structure 94 4.13 Responses to the recession by firm size 95 5.1 Pay growth and the use of wage freezes 102 5.2 Which firms shed the jobs regressions of change in ln(employment) 1992,1989 103 5.3 Union recognition 1990, 1993, by number of establishments in the company 107 5.4 Changes in the sampling frame between 1988 and 1990 108 5.5 Probit estimates of union recognition 110 5.6 Changes in union recognition 1985 93 111 5.7 Level of union membership density in 1990 and 1993 1 13 5.8 Changes in the level of union density, 1990, 1993 114 5.9 The most important level at which wages are set 1993 115 5.10 Changes in labour organisation and wage payment systems by union recognition 1990, 1993 117 6.1 The effect of the recession on investment behaviour 127 6.2 The number of firms which brought forward investments 132 6.3 The number of firms which abandoned or postponed investments 133 6.4 Other actions taken by firms which brought forward investments 134 6.5 The characteristics of firms which brought forward investments 136 6.6 The characteristics of firms which postponed or abandoned investments 137 6.7 Identifying innovative firms 139
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spellingShingle	Geroski, Paul A. 1952-2005 Gregg, Paul Coping with recession UK company performance in adversity Economic and social studies Business cycles gtt Management gtt Prestatiebeoordeling gtt Industrie Industrial management -- Great Britain Industries -- Great Britain Business cycles -- Great Britain Recessions -- Great Britain Unternehmen (DE-588)4061963-1 gnd Umfrage (DE-588)4005227-8 gnd Produktivität (DE-588)4047364-8 gnd Rezession (DE-588)4177966-6 gnd
subject_GND	(DE-588)4061963-1 (DE-588)4005227-8 (DE-588)4047364-8 (DE-588)4177966-6 (DE-588)4022153-2
title	Coping with recession UK company performance in adversity
title_auth	Coping with recession UK company performance in adversity
title_exact_search	Coping with recession UK company performance in adversity
title_full	Coping with recession UK company performance in adversity by P. A. Geroski and P. Gregg
title_fullStr	Coping with recession UK company performance in adversity by P. A. Geroski and P. Gregg
title_full_unstemmed	Coping with recession UK company performance in adversity by P. A. Geroski and P. Gregg
title_short	Coping with recession
title_sort	coping with recession uk company performance in adversity
title_sub	UK company performance in adversity
topic	Business cycles gtt Management gtt Prestatiebeoordeling gtt Industrie Industrial management -- Great Britain Industries -- Great Britain Business cycles -- Great Britain Recessions -- Great Britain Unternehmen (DE-588)4061963-1 gnd Umfrage (DE-588)4005227-8 gnd Produktivität (DE-588)4047364-8 gnd Rezession (DE-588)4177966-6 gnd
topic_facet	Business cycles Management Prestatiebeoordeling Industrie Industrial management -- Great Britain Industries -- Great Britain Business cycles -- Great Britain Recessions -- Great Britain Unternehmen Umfrage Produktivität Rezession Großbritannien
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volume_link	(DE-604)BV021464667
work_keys_str_mv	AT geroskipaula copingwithrecessionukcompanyperformanceinadversity AT greggpaul copingwithrecessionukcompanyperformanceinadversity

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