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来源类型Working Paper
规范类型报告
DOI10.3386/w25539
来源IDWorking Paper 25539
Import Competition, Heterogeneous Preferences of Managers, and Productivity
Cheng Chen; Claudia Steinwender
发表日期2019-02-11
出版年2019
语种英语
摘要When managers have objectives beyond maximizing monetary profits, inefficiencies may arise. An increase in competition may then force managers to improve the productivity of the firm in order to ensure survival. While this hypothesis has received ample theoretical attention, empirical evidence is scarce, mainly because preferences of managers are typically unobserved. In this paper, we exploit the fact that a large literature has documented specific non-monetary preferences of family managers. Using Spanish firm-level data, we compare how family-managed and professionally-managed firms react to import competition shocks. We find that import competition leads to productivity increases in family-managed firms that are initially unproductive. Productivity improvements are driven by family management as opposed to family ownership or non-managing family members. Furthermore, we show that these managers increase efficiency by reducing material usage, which is consistent with them trying to increase their short-term cash flow in order to survive. Finally, productivity improvements seem to be particularly pronounced in multi-generational family firms.
主题International Economics ; Trade ; Globalization and International Relations ; Development and Growth ; Innovation and R& ; D
URLhttps://www.nber.org/papers/w25539
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/583212
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Cheng Chen,Claudia Steinwender. Import Competition, Heterogeneous Preferences of Managers, and Productivity. 2019.
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