NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Cheng Chen

John E. Walker Department of Economics
College of Business
Clemson University
Clemson, SC 29634

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliations: Clemson University and Faculty of Business and Economics, The University of Hong Kong

NBER Working Papers and Publications

February 2019Import Competition, Heterogeneous Preferences of Managers, and Productivity
with Claudia Steinwender: w25539
Empirical evidence on the relationship between import competition and firm productivity is mixed. We explore a new dimension of firm heterogeneity by focusing on different types of managers. Using Spanish firm-level data, we show that import competition leads to productivity increases for family-managed firms that are initially unproductive. Productivity changes are driven by family management as opposed to family ownership or non-managing family members. This evidence is consistent with a model in which family managers care more about the survival of their firm than professional managers, which triggers additional effort when the firm is faced with an increased bankruptcy risk. We show evidence consistent with this mechanism.
 
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