Employment, Output and Productivity Adjustment During the Great Recession: The

INTERNATIONAL PRODUCTIVITY MONITOR 103 Chart 1: Distribution of Managerial Quality at Firm Level by Country during the Pre-crisis Period (2003-2008) Note: The first number in the parenthesis after the name of each country corresponds to the median value of the MQ indicator and the second number corresponds to the number of firms covered by the survey in the country. [...] The countries right targets, track the right out- with the highest MQc are Japan and the comes, and take appropriate action if United States and the ones with the small- the two are inconsistent? est MQc are Poland, Ireland and Spain. [...] butions.7 The countries with the highest Estimation Results MQ median value are Japan (3.28) and the United States (3.29), and the ones with the For heuristic purposes, we first report smallest are Poland (2.90), Ireland (2.83) findings concerning the average impact of and Spain (2.75). [...] As can be seen on the MQ on our variables of interest and then Chart 1, Ireland and Japan are also the two report its industry-specific impact, which countries with the most spread-out distri- depends on the industry-specific size of the butions. [...] Van Reenen (2007) “Measuring variables is related to the size of the shocks: and Explaining Management Practices Across Firms and Countries,”Quarterly Journal of Eco- the bigger are the shocks the larger are nomics, Vol.