Based on the performance of Portuguese companies during the sovereign debt crisis, we find that newly hired managers have become relatively more effective in achieving better performance for the companies. When compared to managers who have been with the organisation longer, newly hired managers outperform by around 18 per cent, both in terms of total sales and value added.
There is a simple magic in organising the technological stages in numerals followed by a zero point. The zero point signals change and new beginnings. This simplifying algebra was applied by Pier Luigi Sacco to the evolution of culture, in its relationship with society. In the abstract, culture is individualistic, ascetic, and absolutely spontaneous. But as a social phenomenon, culture transforms society and at the same time reflects the transformations of politics, economics and technology. So let us simplify.
José Tavares is a professor of conomics at Universidade Nova de Lisboa and an affiliated researcher at the Centre for Economic Policy Research (CEPR) in London. He obtained his PhD in Economics at Harvard University, specialising in Political Economy and Macroeconomics. He has taught at Harvard University, the University of California Los Angeles (UCLA) and Catholic University. José's research focuses on a wide range of issues, including the relationship between democracy and economic growth, the macroeconomic cost of gender discrimination, and the role of globalisation in fighting corruption, and has been published in academic journals including the Journal of Monetary Economics, the Review of Economics and Statistics, the Journal of Public Economics, and volumes published by Harvard University Press, MIT Press and Princeton University Press.