decentralization from US administrative data and 10 OECD countries, we find that firms that delegated more power from the Central … relatively better. We show that the data support our model over alternative explanations such as recession-induced reduction in …

simply reflect contingent management styles? We collect data on core management practices from over 11,000 firms in 34 … estimate it using panel data to recover parameters including the depreciation rate and adjustment costs of managerial capital … predictions in our data. Finally, building on our model, we find that differences in management practices account for about 30% of …