| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12055 |
| DP12055 Turbulence, Firm Decentralization and Growth in Bad Times | |
| John Van Reenen; Philippe Aghion; Nicholas Bloom; Raffaella Sadun | |
| 发表日期 | 2017-05-19 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | What is the optimal form of firm organization during “bad times”? Using two large micro datasets on firm decentralization from US administrative data and 10 OECD countries, we find that firms that delegated more power from the Central Headquarters to local plant managers prior to the Great Recession out-performed their centralized counterparts in sectors that were hardest hit by the subsequent crisis. We present a model where higher turbulence benefits decentralized firms because the value of local information and urgent action increases. Since turbulence rises in severe downturns, decentralized firms do relatively better. We show that the data support our model over alternative explanations such as recession-induced reduction in agency costs (due to managerial fears of bankruptcy) and changing coordination costs. Countries with more decentralized firms (like the US) weathered the 2008-09 Great Recession better: these organizational differences could account for about 16% of international differences in post-crisis GDP growth. |
| 主题 | Labour Economics |
| 关键词 | Decentralization Growth Turbulence Great recession |
| URL | https://cepr.org/publications/dp12055 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540866 |
| 推荐引用方式 GB/T 7714 | John Van Reenen,Philippe Aghion,Nicholas Bloom,et al. DP12055 Turbulence, Firm Decentralization and Growth in Bad Times. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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