may then force managers to improve the productivity of the firm in order to ensure survival. While this hypothesis has … managers. Using Spanish firm-level data, we compare how familymanaged and professionally-managed firms react to import … competition shocks. We find that import competition leads to productivity increases in family-managed firms that are initially …

, higher productivity plants, account for the bulk of sales, and also sell externally most of the inputs they produce. In a … "spinouts": managers of input divisions can start their own firms, making customized inputs formerly provided internally subject … lead to inefficiently low entry. Vertically integrated firms can fight back by hiring managers for their input divisions …