Economic adjustment during the great recession: the role of managerial quality

Gilbert Cette, Jimmy Lopez (), Jacques Mairesse and Giuseppe Nicoletti ()
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Gilbert Cette: NEOMA - Neoma Business School
Jimmy Lopez: UBE - Université Bourgogne Europe, LEDi - Laboratoire d'Economie de Dijon [Dijon] - UBE - Université Bourgogne Europe
Jacques Mairesse: CREST - Centre de Recherche en Economie et Statistique [Bruz] - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - Groupe ENSAE-ENSAI - Groupe des Écoles Nationales d'Économie et Statistique
Giuseppe Nicoletti: LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli [Roma]

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Abstract: This study investigates empirically how managerial practices have affected macroeconomic adjustment during the Great Recession after the 2008 economic crisis. We use the local projection method pioneered by Jordà (2005) on a country x industry balanced panel data over the 2007-2015 period for eighteen industries in ten OECD countries. We find that, in countries where management quality is higher, production and employment are more resilient during the Great Recession. Moreover, this effect on resilience is stronger for industries deeply affected by the 2008 crisis and goes with wage moderation as well as an unchanged labor share.

Keywords: Great Recession; Local projection cross-country analysis; Management quality; Wage; Employment; Economic adjustment (search for similar items in EconPapers)
Date: 2026-01-12
Note: View the original document on HAL open archive server: https://hal.science/hal-05718400v1
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Published in Economics of Innovation and New Technology, 2026, pp.1-22. ⟨10.1080/10438599.2026.2620467⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05718400

DOI: 10.1080/10438599.2026.2620467

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