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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w25539 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w25539 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583212 |
推荐引用方式 GB/T 7714 | Cheng Chen,Claudia Steinwender. Import Competition, Heterogeneous Preferences of Managers, and Productivity. 2019. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w25539.pdf(794KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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