Bossonomics? Why Management Matters
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John Van Reenen, Professor of Economics and Director of the Centre for Economic Performance at the London School of Economics, and the Denning Visiting Professor in Global Business and the Economy at Stanford’s Graduate School of Business, offered an FSI Director’s seminar on March 4, looking at “Management Matters: Firm Level Evidence from Around the World.” Finding a dearth of empirical evidence on international management practices, and how they affect business performance and productivity across firms and across countries, Van Reenen and colleagues Nick Bloom, Christos Genakos, and Rafaella Sadum set out to remedy that deficit.
Van Reenen and colleagues developed a new methodology to measure global management practices, scoring firms in three areas: how well they track what goes on inside their firms, how they set targets and trace outcomes, and how effectively they use incentives to address and reward performance. Drawing on interview data from 5,000 firms in 15 countries across the Americas, Asia, and Europe, the researchers found that better performance is correlated with better management. U.S. firms had the highest average management practice scores followed by Germany, Sweden, and Japan.
Asking why management practices vary so much, they found that multinational firms and firms operating in highly competitive markets have better management practices, while family owned firms and firms facing extensive labor market regulation have the worst. These four factors accounted for half of the variation in management practice scores across firms and across countries.
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Management Matters: Firm Level Evidence From Around the Globe
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John Van Reenen has established an international reputation as a scholar of the economics of consequences and causes of innovation. He works on the applied econometrics of industrial organization and labor economics, especially areas relating to productivity growth, management and organizational practices, R&D, anti-trust, intellectual property, policy evaluation and investment decisions.
John Van Reenen has been a full Professor of Economics at the London School of Economics, and Director of the Centre for Economic Performance since 2003. He graduated with a First from Cambridge University (Queens College) with the highest mark in a decade before completing a Masters degree (with distinction) from the LSE, and doing his PhD at University College London in 1993. He has been a Visiting Professor at the University of California, Berkeley, and a Professor at University College London. He has published over 40 refereed papers in international journals, including the American Economic Review and the Quarterly Journal of Economics. He has also been an editor of many journals, including the Journal of Economic Literature, Journal of Industrial Economics, and the Review of Economic Studies. He has served as a senior advisor to the UK Prime Minister, Secretary of State for Health, and the European Commission. Formerly, he was a partner in an economic consultancy company, Lexecon, and Chief Technology Officer in a software start-up. He frequently appears in newspapers, radio, and TV.
John Van Reenen, Professor of Economics and Director of the Centre for Economic Performance at the London School of Economics, and the Denning Visiting Professor in Global Business and the Economy at Stanford’s Graduate School of Business, offered an FSI Director’s seminar on March 4, looking at “Management Matters: Firm Level Evidence from Around the World.” Finding a dearth of empirical evidence on international management practices, and how they affect business performance and productivity across firms and across countries, Van Reenen and colleagues Nick Bloom, Christos Genakos, and Rafaella Sadum set out to remedy that deficit.
Van Reenen and colleagues developed a new methodology to measure global management practices, scoring firms in three areas: how well they track what goes on inside their firms, how they set targets and trace outcomes, and how effectively they use incentives to address and reward performance. Drawing on interview data from 5,000 firms in 15 countries across the Americas, Asia, and Europe, the researchers found that better performance is correlated with better management. U.S. firms had the highest average management practice scores followed by Germany, Sweden, and Japan.
Asking why management practices vary so much, they found that multinational firms and firms operating in highly competitive markets have better management practices, while family owned firms and firms facing extensive labor market regulation have the worst. These four factors accounted for half of the variation in management practice scores across firms and across countries.
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John Van Reenen
Denning Visiting Professor in Global Business and the Economy, Stanford Graduate School of Business, and Professor of Economics and Director, Centre for Economic Performance, London School of Economics
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NATO expert Elizabeth Sherwood-Randall named to national security posts
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Elizabeth Sherwood-Randall, a senior research scholar at the Freeman Spogli Institute's Center for International Security and Cooperation (CISAC), has been named special assistant to the president and senior director for European affairs at the National Security Council.
Prior to her appointment, Sherwood-Randall served as a founding senior adviser to the Preventive Defense Project (PDP), a Stanford-Harvard initiative that focuses on security problems and threats. She also was an adjunct senior fellow at the Council on Foreign Relations.
"We are delighted that President Obama has asked Liz to advise him on European issues critical to our mutual political, military, and economic security, particularly during these challenging economic times," said Coit D. Blacker, director of the Freeman Spogli Institute and the Olivier Nomellini Professor in International Studies.
"Liz brings a wealth of experience and knowledge that will help strengthen effective, constructive relationships between this country and our friends and allies in Europe."
- Coit Blacker
This is the second time Sherwood-Randall has served in the executive branch. From 1994 to 1996 during the first Clinton administration, she was deputy assistant secretary of defense for Russia, Ukraine, and Eurasia. In this role, she developed and implemented regional security policy toward the newly independent states of the former Soviet Union, including Russia, Ukraine, the Caucasus, and Central Asia, and also established defense and military relationships. Sherwood-Randall was instrumental in extending NATO's Partnership for Peace program across Eurasia and in building the foundation for cooperation between Russia and NATO in the joint peacekeeping operation in Bosnia. For her work at the Pentagon, she was awarded the Department of Defense Distinguished Service Medal by then-Secretary of Defense William Perry, who now co-directs the PDP at Stanford.
"I am delighted that Liz has been selected for this important job," Perry said. "Her achievements during her tenure at the Pentagon while I was secretary of defense were significant and far-reaching. I expect in her new role at the National Security Council she will make equally powerful contributions."
From 2007 to 2008, Sherwood-Randall was a member of the Review Panel on Future Directions for Defense Threat Reduction Agency Missions and Capabilities to Combat Weapons of Mass Destruction. In 2008, she served on the National Security Strategy and Policies Expert Working Group that advised the Commission on the Strategic Posture of the United States, which Perry also leads.
Prior to her service in the Department of Defense, Sherwood-Randall was co-founder and associate director of Harvard's Strengthening Democratic Institutions Project. She also has served as chief foreign affairs and defense policy adviser to then Sen. Joseph R. Biden, Jr., and as a guest scholar in foreign policy studies at the Brookings Institution.
Sherwood-Randall earned a bachelor's degree from Harvard College and a doctorate in international relations from Oxford, where she was a Rhodes Scholar in 1981.
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Workshop on Public Opinion, Institutions and Representation in the European Union
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It is often said that there is a disconnect between EU voters and political
elites, whether it be with respect to the idea of European integration in
general, the specific objectives of European integration, the steps to be taken
to achieve those objectives, the institutions that are to take those steps, or
merely the understanding of these various aspects of European
integration.
The purpose of this one-day workshop is to study public opinion in the EU and the way it is represented in the principal EU institutions. The workshop will focus on such issues as the representation of the poor, referendums, voting in the European Parliament, the Commission appointment process, the European Court of Justice’s political constraints, and the implementation of EU laws and legislative politics at the member state level.
The purpose of this one-day workshop is to study public opinion in the EU and the way it is represented in the principal EU institutions. The workshop will focus on such issues as the representation of the poor, referendums, voting in the European Parliament, the Commission appointment process, the European Court of Justice’s political constraints, and the implementation of EU laws and legislative politics at the member state level.
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Christophe Crombez
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christophe.crombez@stanford.edu
Senior Research Scholar at The Europe Center
Christophe Crombez is a political economist who specializes in European Union (EU) politics and business-government relations in Europe. His research focuses on EU institutions and their impact on policies, EU institutional reform, lobbying, party politics, and parliamentary government.
Crombez is Senior Research Scholar at The Europe Center at the Freeman Spogli Institute for International Studies at Stanford University (since 1999). He teaches Introduction to European Studies and The Future of the EU in Stanford’s International Relations Program, and is responsible for the Minor in European Studies and the Undergraduate Internship Program in Europe.
Furthermore, Crombez is Professor of Political Economy at the Faculty of Economics and Business at KU Leuven in Belgium (since 1994). His teaching responsibilities in Leuven include Political Business Strategy and Applied Game Theory. He is Vice-Chair for Research at the Department for Managerial Economics, Strategy and Innovation.
Crombez has also held visiting positions at the following universities and research institutes: the Istituto Italiano di Scienze Umane, in Florence, Italy, in Spring 2008; the Department of Political Science at the University of Florence, Italy, in Spring 2004; the Department of Political Science at the University of Michigan, in Winter 2003; the Kellogg Graduate School of Management at Northwestern University, Illinois, in Spring 1998; the Department of Political Science at the University of Illinois at Urbana-Champaign in Summer 1998; the European University Institute in Florence, Italy, in Spring 1997; the University of Antwerp, Belgium, in Spring 1996; and Leti University in St. Petersburg, Russia, in Fall 1995.
Crombez obtained a B.A. in Applied Economics, Finance, from KU Leuven in 1989, and a Ph.D. in Business, Political Economics, from Stanford University in 1994.
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Karen Long Jusko
Stanford University
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Joseph Jupille
University of Colorado
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Simon Hug
University of Geneva
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Fabio Franchino
University of Milan
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Cliff Carrubba
Emory University
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Thomas König
University of Mannheim
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Jonathan Rodden
Stanford University
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