Coping with recession: UK company performance in adversity
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
1997
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Economic and social studies
38 |
| Schlagwörter: | |
| 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 |
| Umfang: | XIII, 198 S. graph. Darst. |
| ISBN: | 052162276X 0521626013 |
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| 245 | 1 | 0 | |a Coping with recession |b UK company performance in adversity |c by P. A. Geroski and P. Gregg |
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Datensatz im Suchindex
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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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| illustrated | Illustrated |
| indexdate | 2024-12-20T10:16:16Z |
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| isbn | 052162276X 0521626013 |
| language | English |
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| physical | XIII, 198 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| publisher | Cambridge Univ. Press |
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| series | Economic and social studies |
| series2 | Economic and social studies |
| 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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