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Article
Publication date: 8 February 2013

Anis Chowdhury, Iyanatul Islam and Donald Lee

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment…

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Abstract

Purpose

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment, informal and vulnerable employment, working poor and youth unemployment, and on public health – hunger and malnutrition, suicides, domestic violence and child abuse. In all fronts, the Great Recession had serious adverse impacts and morphed into a global social crisis. The situation is made worse due to obsessions with fiscal consolidation in the midst of tepid and uncertain recovery. The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

Design/methodology/approach

The paper is a general review and it draws on the findings of the United Nations flagship publication, Report of the World Social Situation 2011. It is an analytical narrative of impacts of on‐going economic crisis.

Findings

The paper finds a worsening employment situation – rise in unemployment, informal and vulnerable employment, youth unemployment, and working poverty. It also finds adverse public health impacts in terms of rise in malnutrition and hunger, suicide rates, domestic violence and child abuse. Finally the paper finds that policies matters in mitigating worst impacts as well as sustaining recovery.

Research limitations/implications

The findings are tentative as the social impacts of economic crisis become obvious after a long time lag.

Originality/value

The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

Details

International Journal of Social Economics, vol. 40 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 17 October 2016

Eustathios Sainidis and Andrew Robson

This paper aims to assess the impact of 2008 recession (Great Recession)-led environmental turbulence on the manufacturing small and medium enterprise (SME) sector and its…

Abstract

Purpose

This paper aims to assess the impact of 2008 recession (Great Recession)-led environmental turbulence on the manufacturing small and medium enterprise (SME) sector and its related competitive priorities.

Design/methodology/approach

A mixed methods research strategy, consisting of a survey of 104 manufacturing SMEs located in the UK, complemented by 17 in-depth interviews with senior management representatives from this survey group.

Findings

Senior managers have prompted a realignment of competitive manufacturing priorities accounting for external financial and market conditions. Differing competitive priorities post-recession are given to various areas of manufacturing decision-making, the greatest impact being on manufacturing costs. Manufacturing flexibility, performance in meeting customer deliveries and enhancing supplier selection are merited to increase priority with relatively little change for process technology, quality and environmental practices.

Research limitations/implications

The sample of survey participants was relatively small, therefore prohibiting an assessment of differences in competitive priorities by sub-sectors of manufacturing SMEs. This was offset by a healthy number of informative, in-depth interviews that provided a richness of examples and insight into the shifting priorities for the sector.

Practical implications

Clear priorities have emerged around reducing manufacturing costs, being more flexible in manufacturing and improving outward performance relating to customers and suppliers.

Originality/value

This builds on established manufacturing strategy constructs and points to necessary competitive priority realignment focused on the performance areas listed above.

Details

Management Research Review, vol. 39 no. 10
Type: Research Article
ISSN: 2040-8269

Keywords

Book part
Publication date: 27 January 2022

Manuela Gomez-Valencia, Camila Vargas, Maria Alejandra Gonzalez-Perez, Indianna Minto-Coy, Miguel Cordova, Karla Maria Nava-Aguirre, Fabiola Monje-Cueto, Cyntia Vilasboas Calixto Casnici and Freddy Coronado

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and…

Abstract

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:

  1. What has been done in the past to rebuild social, economic and environmental balance after global crises?

  2. Where (geographical region) did the analysis on measures taken concentrate?

  3. When have scholars analysed past measures to rebuild business and society after a global crisis?

  4. How did the past measures to rebuild business and society after the global crisis take place?

  5. Who promotes the measures to rebuild business and society after a global crisis takes place?

  6. Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

What has been done in the past to rebuild social, economic and environmental balance after global crises?

Where (geographical region) did the analysis on measures taken concentrate?

When have scholars analysed past measures to rebuild business and society after a global crisis?

How did the past measures to rebuild business and society after the global crisis take place?

Who promotes the measures to rebuild business and society after a global crisis takes place?

Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.

Details

Regenerative and Sustainable Futures for Latin America and the Caribbean
Type: Book
ISBN: 978-1-80117-864-8

Keywords

Book part
Publication date: 6 January 2016

Catherine Doz and Anna Petronevich

Several official institutions (NBER, OECD, CEPR, and others) provide business cycle chronologies with lags ranging from three months to several years. In this paper, we…

Abstract

Several official institutions (NBER, OECD, CEPR, and others) provide business cycle chronologies with lags ranging from three months to several years. In this paper, we propose a Markov-switching dynamic factor model that allows for a more timely estimation of turning points. We apply one-step and two-step estimation approaches to French data and compare their performance. One-step maximum likelihood estimation is confined to relatively small data sets, whereas two-step approach that uses principal components can accommodate much bigger information sets. We find that both methods give qualitatively similar results and agree with the OECD dating of recessions on a sample of monthly data covering the period 1993–2014. The two-step method is more precise in determining the beginnings and ends of recessions as given by the OECD. Both methods indicate additional downturns in the French economy that were too short to enter the OECD chronology.

Book part
Publication date: 20 October 2011

Mikael Hilmersson, Hans Jansson and Susanne Sandberg

Purpose – This study sets out to establish experiential knowledge profiles of small- and medium-sized enterprises (SMEs) entering emerging markets and to examine how the…

Abstract

Purpose – This study sets out to establish experiential knowledge profiles of small- and medium-sized enterprises (SMEs) entering emerging markets and to examine how the different abilities contained in these profiles impact the sustainability of market positions in the new turbulent era of global business.

Methodology – We analyse a sample of 203 entries into emerging markets by Swedish SMEs. The data collected on site at all sample firms is analysed in two sequential stages. First, an exploratory factor analysis is performed to derive four types of experiential knowledge. Second, a cluster analysis is performed to establish experiential knowledge profiles among the entering SMEs.

Findings – The result of the analysis shows that experiential knowledge is a multi-dimensional construct consisting of four main types. Moreover, emerging market entering SMEs are shown to develop different knowledge profiles. We suggest that Masters are well prepared for such periods. Learners most probably will experience high levels of uncertainty, whereas Country and Customer Experts face less uncertainty due to their specialisation on either host market or customer knowledge.

Originality – The chapter shows that the experiential knowledge base of emerging market entering SMEs is an important indicator of the readiness for turbulent times. Firms will be able to sustain market positions differently depending on which type of knowledge profile they belong to.

Article
Publication date: 10 November 2014

Ahmet Özçam

Traditionally, the Laffer effect has been discussed in the context of endogenous growth models or in the case of the labor market with respect to willingness to supply…

Abstract

Purpose

Traditionally, the Laffer effect has been discussed in the context of endogenous growth models or in the case of the labor market with respect to willingness to supply more labor given a tax incentive on wages. The paper adopts an inductive approach to discuss it in the context of a product's market, say automobile industry in Turkey.

Design/methodology/approach

The author revisits the ad valorem tax model on a product and investigates how the elasticities of demand and supply and the tax rate are related to the Laffer effect. The author considers a special case where demand curve is non-linear and the supply curve is completely elastic. This specific model fits the practical case where the Turkish government expected the auto sellers to pass fully the temporary partial tax concession onto the consumers during the global crisis in 2009.

Findings

The author showed that the demand elasticitiy must be calculated neither at the intersection of the initial equilibrium nor that of the final equilibrium points, but somewhere else. The author defined a pass-through coefficient which was different from the classical burden of tax concept, calculating the degree of pass-through of a tax decrease from firms to consumers. Moreover, the author found a one-way relationship between the overall tax revenues of the government and a single sector.

Research limitations/implications

The case of tax revenues where both the demand and supply curves are non-linear and non-extreme must be solved.

Practical implications

The author showed that the government's dual expectation of both boosting the economy, increasing employment and raising its tax revenues can sometimes be consistent given a usual upward sloping supply curve. In the case of a perfectly elastic supply curve, the tax revenues can even be higher with a higher level of equilibrium quantity.

Social implications

The Turkish government aiming to support the production and employment in this leading export industry, may have expected this temporary tax decrease to be passed completely onto the consumers by the producers. However, this did not happen as producers’ prices to the consumers did not decrease as much as the amount of tax. This paper shows that the after tax elasticities and the current level of tax rate must have been compared.

Originality/value

The author pointed out to the importance of being clear in explicitly indicating at which points the elasticities derived from some function (tax revenue function) of equilibria variables (price and quantity) must be interpreted. In this paper, doing many numerical calculations allowed us to notice the proper point of calculation of the demand elasticity, which is the after-tax price along the “no tax demand curve”. Moreover, a pass-through coefficient is defined which is different from the classical burden of tax concept.

Book part
Publication date: 4 August 2017

Camilla Jensen

Past research suggests that a financial crisis event has a dual and ambiguous effect on the exporting strategy of subsidiaries of multinational firms in a value chain and…

Abstract

Past research suggests that a financial crisis event has a dual and ambiguous effect on the exporting strategy of subsidiaries of multinational firms in a value chain and offshoring perspective. From a total volume perspective exports are expected to contract due to a decline in demand (demand shock) from other subsidiaries downstream in the value chain. While in a comparative perspective multinational subsidiaries are found to perform relatively better than local firms that are integrated differently (arms’ length) in global production networks (e.g., offshoring outsourcing). This chapter tries to reconcile these findings by testing a number of hypothesis about global integration strategies in the context of the Global Financial Crisis (GFC) and how it affected exporting among multinational subsidiaries operating out of Turkey. Controlling for the impact that exchange rate depreciations and volatility has on firm-level exports the study shows that the particular global event studied had no additional impact on individual firms’ exports. Since multinational subsidiaries are more insulated from these effects they are able to expand rather than contract their global integration strategies throughout the course of the GFC.

Details

Breaking up the Global Value Chain
Type: Book
ISBN: 978-1-78743-071-6

Keywords

Book part
Publication date: 6 September 2021

Sabrina Seeler, Olga Høegh-Guldberg and Dorthe Eide

Based on a news media review, this chapter explores how micro enterprises (MEs) and small and medium-sized enterprises (SMEs) within the Norwegian tourism sectors were…

Abstract

Based on a news media review, this chapter explores how micro enterprises (MEs) and small and medium-sized enterprises (SMEs) within the Norwegian tourism sectors were impacted by COVID-19 in early 2020. It examines central stakeholders' and tourism SMEs and MEs first responses to the pandemic. Similar to previous crises and disasters, the case of COVID-19 demonstrates the reliance on top-down management approaches, notably governmental compensation schemes and subsidies. Given the magnitude of the impacts related to travel bans and border closures, response mechanisms remained largely insufficient. The media reviews reveals that in the first months after the COVID-19 pandemic outbreak, Norwegian tourism SMEs and MEs have responded in five ways that are to some extent time-displaced yet continue simultaneous: (1) early response to business survival, (2) smaller operational changes, (3) employee layoff and bankruptcies, (4) innovation and alternative income sources and (5) gradual reopening. The Norwegian tourism recovery will strongly rely on domestic tourism which requires a reorientation of communication strategies and Norwegianization (Fornorsking) of product development and innovation. Some Norwegian destinations have already demonstrated that high dependability on international tourists and often disintegrated tourism development may threaten sustainability and prosperity of local communities, and post-COVID-19 recovery strategies will be needed that mitigate the dependence on international markets, mono-seasons or tourism as a mono-industry.

Article
Publication date: 9 November 2012

Andreas Wallo, Henrik Kock and Peter Nilsson

The purpose of this article is to present the results of a study of an industrial company's top management team (TMT) that fought to survive an economic crisis…

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Abstract

Purpose

The purpose of this article is to present the results of a study of an industrial company's top management team (TMT) that fought to survive an economic crisis. Specifically, the article seeks to focus on describing the TMT's composition, group processes, and work during a period of high external pressure; analysing the TMT's work in terms of an organisational learning process; and discussing factors that may have enabled the TMT to make appropriate strategic decisions during the crisis.

Design/methodology/approach

The empirical foundation of this article is a longitudinal case study of a Swedish industrial company during the economic recession of the late 2000s. Data were collected through observations of meetings involving the TMT from 2009 to 2011 and through semi‐structured interviews with TMT managers.

Findings

Two empirical themes – “accelerating” and “braking” – illustrate actions taken by the TMT during the crisis. Accelerating involves activities aimed at accelerating the company out of the downturn, whereas braking involves activities aimed at reducing costs. The findings suggest that the TMT exhibited the ability to handle processes of exploration and exploitation during the crisis and that learning occurred at the individual, group, and organisational levels.

Practical implications

A practical implication of this study is the importance for TMTs to work simultaneously with processes of exploration and exploitation when fighting to survive an economic crisis and to designate time for learning processes in daily work.

Originality/value

The study contributes to the field by empirically showing the processes of organisational learning in practice and by highlighting the relevance of organisational learning research to understanding the performance and work of top management teams in organisations.

Details

European Journal of Training and Development, vol. 36 no. 9
Type: Research Article
ISSN: 2046-9012

Keywords

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