Proactive and Reactive Attitude to Crisis : Evidence from European Firms

• Autorzy: Jan Brzozowski , Marco Cucculelli
• Języki publikacji: EN

Abstrakty

EN

Objective: The aim of this study is to investigate the behaviour of European firms in the time of the economic crisis in 2008-2009. We analyse the determinants of proactive strategies in the context of innovation and the range of products offered by every firm on the market.

Research Design & Methods: Based on a large and representative sample of 14 750 (EFIGE dataset) firms from Austria, Germany, France, Hungary, Italy, Spain and the UK, we estimate the logit model for two measures of proactive strategy: the investment behaviour and the introduction of new products on the market.

Findings: We find evidence that the experience of the former crisis by the company is associated with the adoption of proactive behaviour in the case of investments in innovation, and reactive behaviour in the case of the product offer range.

Implications & Recommendations: As the public support for innovative investments proved to be rather ineffective, the most promising direction for public policies in the times of crisis are those that facilitate the access to external financing.

Contribution & Value Added: Our paper contributes to the development of knowledge on the dynamics of company behaviour in the wake of the economic crisis in 2008, and to the better understanding of the determinants of proactive behaviour of enterprises within the context of rising uncertainty. (original abstract)

Słowa kluczowe

EN

Crisis situations; Investment; Product

PL

Sytuacje kryzysowe; Inwestycje; Produkt

• Czasopismo: Entrepreneurial Business and Economics Review
• Rocznik: 2016
• Tom: 4
• Numer: nr 1 Economics of Higher Education
• Strony: 181--191

Twórcy

autor

Jan Brzozowski

• Università Politecnica delle Marche, Ancona, Italy; Cracow University of Economics, Poland

autor

Marco Cucculelli

• Università Politecnica delle Marche, Ancona, Italy

Bibliografia

• Altomonte, C., & Aquilante, T. (2012). The EU-EFIGE/Bruegel-unicredit dataset. Bruegel working paper (No. 2012/13).
• Antonioli, D., Bianchi, A., Mazzanti, M., Montresor, S., & Pini, P. (2011, January). Economic crisis, innovation strategies and firm performance. Evidence from Italian firm-level data. In SIE annual meeting.
• Archibugi, D., Filippetti, A., & Frenz, M. (2013). Economic crisis and innovation: Is destruction prevailing over accumulation?. Research Policy, 42(2), 303-314.
• Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 18(1), 105-123.
• Carbonara, G., & Caiazza, R. (2010). How to turn crisis into opportunity: perception and reaction to high level of uncertainty in banking industry. Foresight, 12(4), 37-46.
• Clarke, G. R., Cull, R., & Kisunko, G. (2012). External finance and firm survival in the aftermath of the crisis: Evidence from Eastern Europe and Central Asia. Journal of Comparative Economics, 40(3), 372-392.
• Cucculelli, M., & Bettinelli, C. (2015). Corporate governance in family firms, learning and reaction to recession. Evidence from Italy. Futures, http://dx.doi.org/10.1016/j.futures.2015.10.011
• Filippetti, A., & Archibugi, D. (2010). Innovation in times of crisis: the uneven effects of the economic downturn across Europe. MPRA Paper No. 22084.
• Freeman, C., Clark, J., & Soete, L., (1982). Unemployment and Technical Innovation. Frances Pinter, London.
• Geroski, P. A., & Walters, C. F., (1995). Innovative activity over the business cycle. The Economic Journal 105 (431), 916-928.
• Latham, S. (2009). Contrasting Strategic Response to Economic Recession in Start-Up versus Established Software Firms. Journal of Small Business Management, 47(2), 180-201.
• Leung, S., & Horwitz, B. (2010). Corporate governance and firm value during a financial crisis. Review of Quantitative Finance and Accounting, 34(4), 459-481.
• Li, Y., Chen, H., Liu, Y., & Peng, M. W. (2014). Managerial ties, organizational learning, and opportunity capture: A social capital perspective. Asia Pacific Journal of Management, 31(1), 271-291.
• Liu, C., Uchida, K., & Yang, Y. (2012). Corporate governance and firm value during the global financial crisis: Evidence from China. International Review of Financial Analysis, 21, 70-80.
• Mainela, T., Puhakka, V., & Servais, P. (2014). The concept of international opportunity in international entrepreneurship: a review and a research agenda. International Journal of Manage-ment Reviews, 16(1), 105-129.
• Marsen, S. (2014). "Lock the Doors": Toward a Narrative-Semiotic Approach to Organizational Crisis. Journal of Business and Technical Communication, July 2014 vol. 28 no. 3 301-326.
• Mensch, G. O. (1979). Stalemate in Technology: Innovations Overcome the Depression. Cambridge, MA: Ballinger Publishing Company.
• Pavitt, K., Robson, M., & Townsend, J. (1989). Technological accumulation, diversification and organisation in UK companies, 1945-1983. Management Science, 35(1), 81-99.
• Schumpeter, J. A. (1939). Business Cycle: A Theoretical, Historical and Statistical Analysis of the Capitalist Process. New York: McGraw-Hill.
• Smith, D., & Elliott, D. (2007). Exploring the barriers to learning from crisis organizational learning and crisis. Management Learning, 38(5), 519-538.
• Wach, K. (2015). Entrepreneurial Orientation and Business Internationalisation Process: The Theoretical Foundations of International Entrepreneurship. Entrepreneurial Business and Econom-ics Review, 3(2), 9-24.

Identyfikatory

DOI

10.15678/EBER.2016.040111