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Firms’ heterogeneity and performance in manufacturing during the great recession

Alessandro Arrighetti (), Raffaele Brancati (), Andrea Lasagni () and A. Maresca ()

No 2015-EP03, Economics Department Working Papers from Department of Economics, Parma University (Italy)

Abstract: This paper highlights how the heterogeneity of manufacturing firms impacted their performance and survival during the “Great Recession”. The findings indicate that firms that assumed a strategically proactive and innovative strategy in the pre-crisis period showed better economic performance during the crisis in terms of both sales and value added. The evidence also shows that the youngest firms and those that had a lower level of financial exposure were favored in terms of performance. Finally, the results also confirm the increased importance of different technological regimes. In contrast, survival estimates demonstrate the non-significance of pre-crisis strategic profiles: ceteris paribus, the results indicate that the most innovative, internationalized and dynamic firms did not register a greater likelihood of survival than other businesses. This result casts doubt on the efficiency and direction of the selection process.

Keywords: Crisis and Restructuring; Heterogeneity, Growth; Firms’ Performance; Firms’ Survival; Manufacturing Industry; Italy (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-eff and nep-sbm
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
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