British bosses lag behind some of their peers. Why?
typical plot of a British period drama. The setting is a stately home. His Lordship is amply endowed with English virtues: reserve, fair play and a sizeable chunk of Northumberland. But he lacks commercial nous and his education does not help. Chronic mismanagement has driven the family estate to the edge of insolvency. The hunt is on for a dashing—and, more importantly, rich—The British establishment has been fretting about its administrative abilities for decades.
The results allow for a ranking of countries based on differences in their firms’ management practices. Such differences are not just large; they also persist across borders. Among the’s findings is the fact that companies’ offices abroad tend to be managed as well as those in their home country, meaning that the London branch of an American business, say, will typically be managed as well as its offices in New York or Chicago.
If the factors associated with good management seem intuitive, just how much it matters is still startling. The correlation between a high management score and productivity is so strong that management seems to account for more of the difference between the most and least productive firms within countries than factors like research and development spending or use of.
Start with the role of family firms. They form the backbone of many economies, including productive and well-managed ones like Germany. But one of the best predictors that a firm will be very poorly managed is that it is family-owned and has a chief executive whose position is due to inheritance, and specifically to being the eldest male child.
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