Business recovery in the European Union after the global financial crisis: lessons for the Coronavirus pandemic

IF 0.7 Q2 AREA STUDIES Eastern Journal of European Studies Pub Date : 2021-01-01 DOI:10.47743/ejes-2021-SI11
Consuela-Elena Popescu, Alexandra Horobet, G. Vrînceanu, L. Belaşcu
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引用次数: 1

Abstract

The present paper undertakes an analysis of the manufacturing sector performance in the European Union after the 2007-2009 Global financial crisis, with the aim of discovering the lessons to be learned for the post-pandemic world. We employ aggregate data at industry level and use a methodology based on mean difference tests and two-samples Kolmogorov-Smirnoff tests. We find a varied panorama of industry recovery in EU after the 2007-2009 crisis, albeit with different paces depending on size, ownership, and level of technological intensity. There is evidence of a higher flexibility of smaller companies, reflected mostly in productivity gains, and a focus of larger businesses on profitability, supported by their size. Moreover, better personnel cost management has led to a drop in the importance of personnel costs in turnover. Our results are valuable for businesses that needed to survive during the pandemics, as they show that higher business flexibility might support a quicker recovery.
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全球金融危机后欧盟的商业复苏:冠状病毒大流行的教训
本文对2007-2009年全球金融危机后欧盟制造业的表现进行了分析,目的是发现大流行后世界可以吸取的教训。我们采用行业层面的汇总数据,并使用基于均值差异检验和双样本Kolmogorov-Smirnoff检验的方法。我们发现,在2007-2009年危机后,欧盟的工业复苏呈现出不同的全景,尽管其速度取决于规模、所有权和技术强度水平。有证据表明,规模较小的公司具有更高的灵活性,这主要反映在生产率的提高上,而规模较大的公司则更注重盈利能力,这得益于它们的规模。此外,更好的人事成本管理导致人事成本在人员流动中的重要性下降。我们的研究结果对需要在大流行期间生存下来的企业很有价值,因为它们表明,更高的业务灵活性可能支持更快的恢复。
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来源期刊
CiteScore
1.30
自引率
16.70%
发文量
3
审稿时长
10 weeks
期刊介绍: The Eastern Journal of European Studies (EJES) seeks to provide a forum for multidisciplinary and interdisciplinary dialogue between ideas, and a framework for theoretical and empirical analyses covering major topics in European studies: European history, politics, European economy and European policies, EU community law, European culture and society. EJES encourages studies focusing on Central and Eastern Europe (including Eastern Neighbourhood) in order to better understand its transformations induced by the integration process and to address its specific challenges by supporting scientific debates on the general European theory and practice. Furthermore, the editorial board regularly invites distinguished guest editors to coordinate thematic issues.
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