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This research aims to comprehensively examine the impacts of various levels of the life cycle stages of firms (LCSF) on restructuring charges and to investigate the impact of institutional ownership on the correlation between LCSF and restructuring charges. This study employs panel data that is run using a two-step system GMM. The dataset covers the years 2000 to 2023 and consists of 7,570 observations of firm-year of non-utility and non-financial companies. The results show that the charges of restructuring have the propensity to rise (or fall) as a firm moves to either growth or maturity (or introduction or decline) stage. Also, under institutional ownership, a firm changing to growth or maturity (or introduction or decline) stage leads to a significant increase (or minor decrease) in restructuring charges. The information on the correlation between LCSF and restructuring charges will assist the investors in forecasting the alterations in the restructuring costs as firms cross the various stages of their life cycles. Moreover, the effects of institutional ownership on this relationship will be useful in informing investors on how to best invest in stocks. To the best of our knowledge, no previous study has investigated the effects of LCSF on restructuring charges and the moderating effect of institutional ownership in the relationship. This research paper is aimed at filling this gap and offering new information.

Two cornerstones of empirical and policy analysis of firms, in macro, labor and industrial organization, are the determinants of the firm size distribution and the determinants of sorting between workers and firms. We propose a unifying theory of production where management resolves a tradeoff between hiring more versus better workers. The span of control or size is therefore intimately intertwined with the sorting pattern. We provide a condition for sorting that captures this tradeoff between the quantity and quality of workers and that generalizes Becker's sorting condition. A system of differential equations determines the equilibrium allocation, the firm size, and wages, and allows us to characterize the allocation of the quality and quantity of labor to firms of different productivity. We show that our model nests a large number of widely used existing models. We also augment the model to incorporate labor market frictions in the presence of sorting with large firms.

How do small firms manage their alliance strategies with large firms? This study compares the relative impacts of exploration and exploitation alliances with large firms on small firms' valuation. Integrating the literatures on the exploration/exploitation paradigm and alliance governance, we argue that exploitation alliances with large firms will on average generate higher values for small firms than exploration alliances with large firms due to a heightened risk of appropriation in exploration alliances. However, if small firms can manage their alliances with large firms via proper alliance governance, they will increase their valuations from exploration alliances with large firms. Analyses of the U.S. biopharmaceutical industry from 1984 to 2006 largely support our hypotheses.

PurposeThe purpose of this paper is to measure TFP growth and job reallocation in the Vietnamese manufacturing industry after the Doimoi period.Design/methodology/approachThe study uses firm-level panel data from Vietnam’s annual enterprise survey data for 2000–2016 period in the Vietnamese manufacturing industry using Olley–Pakes static and dynamic productivity decomposition methods.FindingsThe aggregate productivity estimated from the WRDG method increased 2.323 percent, of which over 40 percent is due to the reallocation toward more productive firms. Olley–Pakes dynamic decomposition according to ownership, scale and industry shows that the contribution of private and state-owned firms and the contribution of small and medium firms and large firms to the TFP growth are 133, −33 percent, 58.56 and 41.44 percent, respectively. The within-firm productivity and net entry components are the main reasons for TFP growth rather than reallocation. The results show that the composition of the aggregate TFPs, estimated from WRDG, OP, LP and ACF, is correlated very high (over 80 percent) except for net entry components.Research limitations/implicationsThe major limitation of this study is that the authors compute an aggregate productivity index using actual employment-based shares (still misallocation in labor), rather than optimal employment-based shares (no misallocation in labor).Originality/valueJob reallocation between industries is attracting attention in developing countries, especially transition economies. However, knowledge about job reallocation among industries is limited. This paper assesses the level of job reallocation among private and state-owned firms, small and medium firms and large firms in Vietnam.

Firms of differing sizes make FWAs available to employees, with varying performance outcomes. Research on the financial outcomes of FWAs is sparse and tends to focus on large firms. This study investigates the associations between FWAs and return on labour (ROL) as well as the relevance of these associations to small, medium and large firms, using a sample of 3244 employees working in 602 businesses. The findings show negative associations between flexible leave as FWA and ROL for all firms. Job-sharing has financial value for firms with 100 or more workers, with the majority being females but it is not feasible in small firms due to limited employee numbers. Flexible work hours pay off for firms with up to 99 employees but the financial outcomes become negative thereafter, requiring closer monitoring in larger firms. The findings indicate that firm size is relevant to FWA regulations and negotiations with implications for employers, employees and policymakers.

We use the prolonged Greek crisis as a case study to understand how a lasting economic shock affects the innovation strategies of firms in economies with moderate innovation activities. Adopting the 3-stage CDM model, we explore the link between R&D, innovation, and productivity for different size groups of Greek manufacturing firms during the prolonged crisis. At the first stage, we find that the continuation of the crisis is harmful for the R&D engagement of smaller firms while it increased the willingness for R&D activities among the larger ones. At the second stage, among smaller firms the knowledge production remains unaffected by R&D investments, while among larger firms the R&D decision is positively correlated with the probability of producing innovation, albeit the relationship is weakened as the crisis continues. At the third stage, innovation output benefits only larger firms in terms of labor productivity, while the innovation-productivity nexus is insignificant for smaller firms during the lasting crisis.

Recent research on corporate social responsibility (CSR) suggests the need for further exploration into the relationship between small and medium-sized enterprises (SMEs) and CSR. SMEs rarely use the language of CSR to describe their activities, but informal CSR strategies play a large part in them. The goal of this article is to investigate whether differences exist between the formal and informal CSR strategies through which firms manage relations with and the claims of their stakeholders. In this context, formal CSR strategies seem to characterize large firms while informal CSR strategies prevail among micro, small, and medium-sized enterprises. We use a sample of 3,626 Italian firms to investigate our research questions. Based on a multistakeholder framework, the analysis provides evidence that small businesses* use of CSR, involving strategies with an important impact on the bottom line, reflects an attempt to secure their license to operate in the communities; while large firms rarely make attempts to integrate their CSR strategies into explicit management systems.

In exploring the downsides of partnering with large firms, extant literature has typically focused on the external perspective and the alliance characteristics of small firms. We argue that jointly considering the internal dimension of firm capability together with the external perspective promises to yield a fuller understanding of the nature and consequences of a small firm's relationships with large partners. We analyze a longitudinal dataset on the alliance activities and growth of small, independent studios in the U.S. motion picture industry during 1990–2010. Our findings indicate that small firms that engage in higher levels of alliance activity with large partners, i.e., the major studios, realize lower growth benefits from their internal capability.

This paper investigates project success factors (SF) and project success criteria (SC) in large firms and aims to identify which contribute the most to project success. The results of this study are based on a survey of large firms in Slovenia and Serbia. A sample of 175 large firms is included. The Mann-Whitney test was used to compare groups across countries and between the COVID-19 and post COVID-19 periods. A comparison study of project SF and SC between the period of COVID-19 crisis and post COVID-19 is presented. Findings suggest a high degree of alignment between both countries: both prioritise user appreciation as the most important project SC and clear goals and objectives were identified as the most critical project SF. The results also show that a well-defined project management process is the most critical factor for successful project implementation. Project managers were constantly the most dominant decision makers on projects during and after the COVID-19 period. Analysis shows no significant differences between project SF and SF during and after the COVID-19 period, indicating that large companies are resilient in managing project success.

The purpose of this study was to analyze the current state and dynamics of the innovative behavior of medium and large manufacturing firms in Peru and Ecuador. It has been shown that the factors that enhance or enable the possibilities of innovation in organizations can be internal or external. This study took a quantitative approach, and regression models were applied to samples composed of firms. The relationships between external factors and business resources following the implementation of innovation were analyzed, as was the impact that these factors had on sales performance, considering the effect of the size and age of the firms. The innovations most implemented in firms in Ecuador were processes, and in Peru, organizational innovations were predominant. There were no external factors or business resources statistically related to these types of innovation for each country. For Peruvian firms, the age of the firm presented an inverse relationship to its performance. The study confirms the results of other studies conducted in Peru, and for Ecuador, these findings represent one of the first contributions on this topic. This study contributes to the discussion of the effects, in emerging Latin American countries, of a firm’s age on its ability to innovate.