Coping with high decline: firms’ resilience to adversity
研究企业突然大幅收缩（高衰退）的原因，以及哪些因素帮助企业在高衰退后实现更好的增长，发现改进生产流程和投资人力资本的企业表现更佳。
Abstract This work investigates the factors that precipitate a firm’s sudden high decline, which is defined as a short-term heavy contraction in firm size, and examines firms’ performance in the aftermath of a high-decline (HD) event. The empirical analysis reveals patterns of HD events over the business cycle and across markets, providing insights into the factors that enable firms’ resilience in terms of better growth performance after an HD event. Firms that upgrade their production processes and invest in enhancing their human capital show better growth trajectories in the aftermath of an HD event.