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UID:601639fba6da9e51585a69d2ca1d90f2
CATEGORIES:Seminars
CREATED:20150211T150651
SUMMARY:Lunch Seminar: Rafaella Sadun - Harvard Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Never Waste a Good Crisis? Growth and Decentralization in the Great Recessi
 on\nAbstract:\nWe argue that decentralization is particularly beneficial to
  firm performance in “bad times”. We present a model where bad times increa
 se the importance of rapid action, and improve the alignment of incentives 
 of managers within firms. We test this idea exploiting the 2008-2009 Great 
 Recession using firm-level cross country panel data combined with our surve
 y data on firm organization. Firms who decentralized more decisions to loca
 l managers prior to the (industry- country specific) recession shock had be
 tter sales growth and TFP growth than their more centralized peers. Firms t
 hat scored one standard deviation above the mean on our decentralization me
 asure shrank half as slowly in industries hit by a crisis. This relationshi
 p is particularly strong in environments where uncertainty increased most s
 everely and where pre-existing agency problems were greatest.\n
DTSTAMP:20260406T001334Z
DTSTART:20141013T130000Z
DTEND:20141013T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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