Management Practices and Resilience to Shocks: Evidence from COVID-19

• 成果类型: Article
• 署名作者: Lamorgese, Andrea; Patnaik, Megha; Linarello, Andrea; Schivardi, Fabiano
• 署名单位: European Central Bank; Bank of Italy; Centre for Economic Policy Research - UK
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.01341
• 发表日期: 2025
• 关键词: management; firm performance; Covid-19

摘要

We use the spread of COVID-19 in Italy, the first Western country hit by the pandemic, to investigate the role of structured management practices in responding to a large shock. We exploit a survey eliciting expected sales growth for 2020 to set up a difference -indifference analysis with repeated cross sections, leveraging the fact that the data collection began prior to the pandemic and continued throughout its spread. We find a sizable effect of such practices on firm performance: a one -standard -deviation increase in the management score increases expected sales growth by 2.3%, against an average drop of 8.3%. Results are confirmed with actual sales growth. Firms with more structured practices were more likely to implement a comprehensive set of changes, including a more intense use of remote work.