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10.15240/ ul/001/2022-3-005
FIRM AGILITY AND DIGITALISATION LESS
HELPFUL THAN EXPECTED DURING
THE COVID-19 PANDEMIC, BUT VALUABLE
IN THE LONGER RUN
Tjaša Redek1, Tomaž Ča e 2, Ba ba a Ča e 3, Ma ej Če ne4,
Ma jaž Koman5
1 Uni e si y o Ljubljana, School o Economics and Business, Depa men o Economics, Slo enia, ORCID:
0000-0003-3100-7208, [email p o ec ed];
2 Uni e si y o Ljubljana, School o Economics and Business, Depa men o Managemen and O ganisa ion,
Slo enia, ORCID: 0000-0003-1256-4471, [email p o ec ed];
3 Uni e si y o Ljubljana, School o Economics and Business, Depa men o Ma ke ing, Slo enia, ORCID:
0000-0003-0005-7288, [email p o ec ed];
4 Uni e si y o Ljubljana, School o Economics and Business, Depa men o Managemen and O ganisa ion,
Slo enia, ORCID: 0000-0001-5049-588X, [email p o ec ed];
5 Uni e si y o Ljubljana, School o Economics and Business, Depa men o Economics, Slo enia, ORCID:
0000-0002-4164-9784, [email p o ec ed].
Abs ac : Fi ms’ pe o mance du ing exogenous c ises depends on se e al ac o s, om s a egic
o esigh , inancial eadiness, and a numbe o i m-speci ic as well as sec o al aspec s, also
including luck and go e nmen suppo . The aim o his pape is o in es iga e he ex en o which he
‘c isis eadiness’ o i ms, de ined by ac o s like a p oac i e s a egic app oach, digi alisa ion, and
inancial cons ain s, as well as he eliance on o a ailabili y o go e nmen suppo , is esponsible
o he ou come du ing he COVID-19 c isis compa ed o he long- un con ibu ion made by hese
ac o s. The empi ical in es iga ion uses a unique combina ion o i m-le el balance shee da a and
unique su ey da a conce ning he s a egic ocus and implemen a ion o Indus y 4.0. While he
li e a u e sugges s ha digi alisa ion, a s a egic p oac i e app oach, and c isis eadiness (i sel
depending on se e al ac o s) impac ed he i ms signi ican ly du ing he COVID-19 c isis, he
esul s show i m pe o mance p ima ily depended on o he (sec o al) aspec s se ing as a majo
exogenous ac o impac ing hei pe o mance. Du ing he c isis, digi alisa ion was addi ionally
men ioned as an impo an adjus men ac o . Howe e , using i m-le el da a we show ha while
companies we e able o mi iga e ce ain impac s o he supply and demand shocks igge ed by
COVID-19 using hei in e nal esou ces and cha ac e is ics, including s a egic elemen s, he
bigges explana o y ac o emains he sec o in ol ed. This leads o impo an manage ial and
policy ecommenda ions, p incipally s essing he impo ance o p oac i i y and agili y o i ms’
long- un pe o mance, whe eas in he sho un he s a e mus help mi iga e he e ec s.
Keywo ds: COVID-19, i m pe o mance, c isis eadiness, digi alisa ion, i m-le el e idence.
JEL Classi ica ion: D22, E32, O32.
APA S yle Ci a ion: Redek, T., Ča e , T., Ča e , B., Če ne, M., & Koman, M. (2022). Fi m Agili y
and Digi aliza ion Less Help ul han Expec ed Du ing he COVID-19 Pandemic, bu Valuable
in he Longe Run. E&M Economics and Managemen , 25(3), 69–87. h ps://doi.o g/10.15240/
ul/001/2022-3-005
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In oduc ion
The wo ld had only jus bounced back om he
2009 c isis when in 2020 COVID-19 igge ed
one o he bigges c ises in almos a cen u y,
acco ding o he OECD (2020b), causing
a majo dis up ion o wo ld heal h, economic
ac i i y, well-being, and jobs. Es ima ed GDP
pe o mance in 2020 shows he 27 membe s
o he Eu opean Union on a e age los 6.1%
o GDP compa ed o 2019 and a ound 660,000
jobs, despi e subs an ial go e nmen suppo .
The g ea es decline was seen in I aly, losing
almos 11% o GDP o e 2019. Spain, G eece,
and C oa ia los 8% o mo e o GDP, being hi
la gely due o hei dependence on ou ism.
CEE economies los be ween 2.7% (Poland)
and 5.6% (Slo enia) o GDP (Eu os a , 2021).
While agg ega e es ima es ha e been
a ailable o a ew mon hs, e y li le e idence
can be ound on he c isis’ impac on he i m
le el and he con ibu ion made by a ious
ac o s o di e ences in i m pe o mance
in 2019. The unp eceden ed simul aneous
supply and demand shock caugh many i ms
o gua d. While in heo y c isis eadiness on
he i m le el depends on se e al ac o s, om
ma ke dynamism, he gene al unce ain y i ms
ace in no mal condi ions, i m inancial and
non- inancial pe o mance (Pa nell, 2021), i m
s a egy and size as well as pe cei ed likelihood
o a c isis (Baah e al., 2020; Golube a, 2021;
Pa nell, 2021), hese elemen s a e insu icien
o explain he ac ual di e ences be ween
companies. Li e a u e also sugges s ha
a highe le el o digi alisa ion was an ad an age
due o he abili y o adjus as e , i.e., build digi al
esis ance, and ha i would also widen he gap
be ween leade s and lagga ds in he K-shaped
eco e y (Bai e al., 2021; Bo e , 2021). While
one can ind e idence ocussed on a ce ain
sec o (e.g., ou ism, hospi ali y, heal h), li le
gene al e idence is a ailable conce ning he
impac o ex e nal, en i onmen al, in e nal,
and i m-le el ac o s on coun y-le el o c oss-
coun y i m pe o mance du ing he COVID-19
c isis.
The aim o his pape is o in es iga e i m
pe o mance du ing he c isis by s udying he
de e minan s o sales and alue added. The key
esea ch ques ion is o wha ex en did ‘c isis
eadiness’, de ined by a p oac i e s a egic
app oach, digi alisa ion, inancial cons ain s as
well as eliance on o a ailabili y o go e nmen
suppo (e.g., u lough schemes), con ibu ed
o i ms’ ela i e pe o mance once he
ex e nal ac o s a e con olled o , as la gely
de e mined by indus y ype, i ms’ posi ion
in he global alue chain, di e si ica ion o
ma ke s. The analysis elies on a combina ion
o h ee da ase s: (1) an adminis a i e i m-
le el; popula ion-wide da abase o inancial
s a emen s o 120,000 i ms pe yea , along
wi h: (2) In e na ional Fede a ion Robo ics
da a o include he digi alisa ion aspec on he
sec o al le el. Fo a subpopula ion o i ms,
(3) de ailed su ey da a on a i m’s p oac i e
and eac i e app oaches, Indus y 4.0, and
inancial and non- inancial obs acles a e used
o complemen he analysis and acili a e
a con as be ween i ms ha a e gene ally
mo e o less ‘c isis- eady’ i ms.
The analysis o e s se e al impo an
insigh s in o he impac o he c isis on i ms.
While a mo e p oac i e app oach is impo an
in he long un and in ha ime ame mo e
p oac i e i ms do ha e highe alue added
pe employee, he analysis also shows ha
in 2020 he e ec o di e en s a egies was
no signi ican . The mos impo an ac o
was he sec o al aspec . This holds impo an
implica ions o bo h managemen and
policymake s, s essing he alue o sec o -
speci ic suppo .
In he con inua ion, he pape i s p o ides
he heo e ical backg ound, de ining he
de e minan s o c isis eadiness and hei
expec ed impac on i m pe o mance. Following
a desc ip ion o he me hodology, he esul s
a e p esen ed and discussed, including he
limi a ions and sugges ions o u u e esea ch.
1. Theo e ical Backg ound and
Hypo hesisDe elopmen
1.1 Fi mAgili y,Mo i a ion,
Pe o mance,andC isisReadiness
Fi m pe o mance depends on se e al ac o s,
om ex e nal mac oeconomic, indus y and
ma ke de e minan s as well as business
en i onmen ac o s, bu also on se e al
i m-le el de e minan s. We a e pa icula ly
in e es ed in he i m’s in insic mo i a ion as
a de e minan o i m pe o mance. Two se s
o i m mo i es a e in es iga ed: p oac i e and
eac i e. P oac i e mo i es include expec ed
compe i i e ad an age, e enue, and u no e
g ow h (Ča e e al., 2019), ma ke sha e
inc ease, imp o ed p oduc i i y, speed and
lexibili y, achie emen o economies o scale,
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e iciency and mo i a ion, decision-making, and
o he s (Zimme man & Bly he, 2013). Reac i e
mo i es e lec i ms’ eac ions o changes in he
en i onmen (Alonso-Almeida e al., 2015) and
a e also impo an o i m pe o mance. These
include p essu es om he compe i ion, buye s
and supplie s, he equi emen s o pa ne s
wi hin global alue chains (e.g., equi emen s
o ho izon al and e ical in eg a ion), and
eac ion o equi emen s om a mo e
compe i i e business en i onmen , such as
egula o y changes and o he p essu es om
he ou side. Companies wi h s onge p oac i e
mo i a ion and a s onge eac i e d i e can
be expec ed o pe o m be e . We call hese
companies mo e agile. Empi ical esea ch
shows ha he ‘business as usual’ app oach
leads o compa a i ely wo se long- e m esul s.
Fo example, in Slo enia, lagga d i ms ha e
been cha ac e ised by he ‘business as usual’
app oach and, despi e hem acknowledging
he lag, ha e no adjus ed hei s a egy
(P ašnika , 2010). On he con a y, he bes
i ms we e highly mo i a ed by bo h in e nal
desi es o g ow, inno a e, and s eng hen hei
compe i i e posi ions. They also abso bed he
a ailable in o ma ion om he en i onmen and
eac ed quickly o p essu es om supplie s and
buye s. No mally, hey also ope a ed in mo e
dynamic en i onmen s, which equi ed quick
eac ions o main ain hei long- e m compe i i e
posi ion (P ašnika , 2010; P ašnika e al.,
2017). Mo i es a e no impo an jus o he
achie emen o he i m’s be e pe o mance
bu also in ela ion o o he b oade goals. Fo
example, P ajogo (2011) es ablishes a posi i e
ela ionship be ween mo i a ion, ope a ional
pe o mance and implemen a ion and b oade
en i onmen al goals (gene al ela ionships).
1.2 C isisPe o manceandC isis
Readiness
In Ma ch 2020, he COVID-19 ou b eak was
decla ed a pandemic. By hen, he economic
impac was al eady ob ious. COVID-19
in luenced economies and companies ia
h ee key channels: con ainmen measu es,
supply-side in luences, and demand-side
e ec s (OECD, 2020a). The ini ial con ainmen
eac ions by go e nmen s e e ed o qua an ine,
a el bans, and es ic ions and closu es
o public places. These es ic ions placed
se ious s ain on he supply side, hampe ing
he no mal o ganisa ion o p oduc ion and
business p ocesses in bo h manu ac u ing and
se ices and dis up ing p ocesses in global
alue chains and in e na ional ade. Some
ac o ies empo a ily closed due o bo h heal h
issues and supply- ela ed p oblems (supply
chain and p o ision o se ices). The demand
side was also a ec ed. The g ea e unce ain y,
con ainmen measu es, and changed li es yles
( emo e wo k, home-schooling) impac ed
pa e ns o demand and he s uc u e o
consump ion, no ably in some se ice
sec o s ( e ail, hospi ali y, pe sonal se ices)
(Domadenik e al., 2020).
The Eu opean economy was signi ican ly
a ec ed by he i us. O e all, he 2020 da a
show ha GDP declined ac oss he EU-27
(2020) by 6.1%, and in Slo enia by 5.5%.
While in 2020 he COVID-19 c isis was milde
han he impac o he 2009 c isis, he e ec is
s ill expec ed o be mo e ully e ealed in he
nex ew yea s. Mo e de ailed da a show ha
in Slo enia o he se ices (NACE R, S, T)
espec i ely declined by 29%, 31% and 17%
in he i s and hi d qua e s o 2020 and i s
qua e o 2021. Hospi ali y los 21% in he i s
qua e o 2020 and p o essional se ices 19%.
In con as , manu ac u ing ‘only’ los 15.3%
in he same qua e (S a is ical O ice o he
Republic o Slo enia, 2021). The decline is e y
p onounced in e enue gene a ion and alue
added, while employmen was mode a ely
a ec ed, declining om 76.4% o 75.6%,
whe eas he unemploymen a e ose om
4.5% o 5% (Eu os a , 2021).
In he longe un, Baldwin and di Mau o
Wede (2020) poin o “ he accumula ion o
‘economic sca issue’”, which e e s o he
long- e m channels o in luence and hei
endu ing e ec s. These e e o he lowe
angible and in angible (including echnological)
in es men and loss o po en ial ou pu , los
compe i i eness, loss o i m-speci ic in angible
capi al, loss o human capi al, de e io a ion o
skills, which a e pa icula ly dange ous amid
he echnological ans o ma ion and inc eased
global compe i ion, impac ing bo h i m g ow h
and he abili y o su i e (Be iol e al., 2019;
Pe eshybkina e al., 2017; Picca ozzi e al.,
2018; Po es, 2020). Howe e , he e ec s o
hese aspec s emain o be obse ed.
C isis eadiness on he i m le el is ano he
i al aspec . C isis eadiness e e s o p epa ing
a i m o add ess c isis e en s p oac i ely,
a e , o mi iga e he e ec s o a c isis (Pa nell,
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2021). O cou se, whe he his in ol es c isis
managemen o no depends on he i m’s
size, dynamics o he en i onmen , e c. I can
be obse ed om an in e nal pe spec i e,
a manage ial pe spec i e and also om
a inancial pe spec i e because i ms wi h mo e
cash esou ces and a e less indeb ed a e likely
o o e come he c isis be e . Empi ical e idence
sugges s ha accumula ed deb in an unce ain
en i onmen can cause he ampli ica ion o he
c isis and a se ies o ailed i ms due o a c edi
c unch (Bole e al., 2018). F om he manage ial
and o ganisa ional pe spec i e, c isis eadiness
also e e s o de eloping a ce ain s uc u e,
cul u e, eac i eness o agili y. Mills and
Ke emah (2020) a gue ha agili y ma e s,
while Dykes e al. (2020) belie e ha bo h
speed and agili y ma e . Following Pa nell
(2021), we con end ha i ms ope a ing in mo e
dynamic ma ke s (including hose unde g ea e
p essu e om compe i o s, buye s, e c) b inging
a highe le el o unce ain y will lead he i m o
become mo e agile and mo e p epa ed o ace
changes. In addi ion, in e nal p oac i e mo i es
can be expec ed o con ibu e posi i ely o
c isis eadiness. S ill, gi en he ex en o he
COVID-19 c isis and he simul aneous and
unp eceden ed supply and demand shocks, he
ques ion is whe he a i m’s eadiness was able
o signi ican ly impac i s pe o mance amid
such hea y ex e nal es ic ions.
1.3 Implemen a iono New
Technologies, Indus y 4.0,
Digi alisa ion, and COVID-19
Indus y 4.0 o he 4 h Indus ial Re olu ion has
been changing he na u e o p oduc ion and
doing business gene ally. Wi h key echnologies
anging om digi al p ocess managemen
sys em (e.g., ERP, CRM, RFID) o obo isa ion,
sma ac o ies, a i icial in elligence as
well as ‘simple’ echnologies, he na u e o
doing business has been changing apidly.
Companies implemen new echnologies wi h
many mo i es, bu p ima ily due o he expec ed
long- e m s a egic bene i s o e sho - e m
e iciency (e.g., cos sa ings and lexibili y)
(Če ne e al., 2017). Al hough echnology
enhances pe o mance, i can b ing addi ional
social cos s (Chiacchio e al., 2018; G ae z &
Michaels, 2018; Rüßmann e al., 2015; Thoben
e al., 2017). Du ing he COVID-19 c isis, he
expec a ion ollowing he lockdowns was ha
he mo e echnologically ad anced i ms, i ms
ha could he e o e mo e easily swi ch o e o
emo e wo k o pu many o hei p ocesses on-
line (e.g., e-comme ce), we e less a ec ed by
he shock o be e e ained hei compe i i e
posi ion in he pandemic (Be iol e al., 2019;
Bo e , 2021; Golube a, 2021). Howe e ,
e idence is sca ce and ails o ully inco po a e
aspec s o he sec o al pe spec i e.
1.4 Fi mPe o mance
Fi m pe o mance is a mul idimensional concep
(Fe nández-Temp ano & Teje ina-Gai e, 2020;
Golube a, 2021) measu ed by he e u n on
asse s, e u n on in es men , e u n on equi y,
bu also i m goals like sus ainabili y (Zabka
& Redek, 2020). While any comp ehensi e
assessmen o i m pe o mance should
also be mul idimensional, elying on a se o
inancial and non- inancial indica o s (Lebas
& Euske, 2002), empi ical analyses ocus on
ei he measu ing he achie emen o long- e m
s a egic goals, alue added, p o i abili y, i m
g ow h (using alue added, ROA, ROI, sales
g ow h, p o i abili y g ow h, also co po a e
epu a ion, cus ome loyal y, e c) and moni o ing
hei sho - e m e iciency and measu emen o
he achie emen o ope a ional goals (cos s,
sales, quali y, e c) (Ča e e al., 2019). S udies
ha e employed ei he alue added (Iazzolino
& Laise, 2013; Lang o d & Haynes, 2015;
Shubi a, 2019), e u n on asse s, in es men s
o equi y o a combina ion o hese (Giudici &
Bona en u a, 2018; Naka ani, 2019; Pa k e al.,
2019; Sewchu an e al., 2019; Viscon i, 2020;
Yanagi, 2018) as indica o s o longe - e m i m
pe o mance. The alue added app oach is
he mos es ablished in economics (A ellano
& Bond, 1991; Le insohn & Pe in, 2003; Olley
& Pakes, 1996; Ro iga i & Mollisi, 2018) o
measu ing i m pe o mance in he longe e m.
In he sho un, especially in a c isis like
COVID-19, o he measu es o pe o mance
a e impo an , chie ly e enue, in es men , and
employmen elas ici y o demand. We ocus
on e enue in he analysis as such da a a e
cu en ly he mos eliable and ollowing Bachas
e al. (2020), who a gue ha COVID-19 c ea ed
a e enue shock. They added ha he analysis
p edic ed ha less han hal o he i ms would
emain p o i able by he end o 2020, abou
5–10% o he o mal agg ega e annual pay oll
would be los , and i m exi a es would double.
In he USA as well, he da a show ha COVID-19
had a signi ican nega i e sales impac . This
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was mos p ominen in he 2nd qua e o
2020, wi h an a e age loss o 29% seen in
sales (Bloom e al., 2021). Ye , he o e all
p onounced nega i e e ec e eals signi ican
he e ogenei y, “wi h o e 40% o i ms epo ing
ze o o a posi i e impac , while almos a qua e
epo losses o mo e han 50%” (Bloom e al.,
2021). In Slo enia, some indus ies, among
hem cons uc ion, inance and insu ance, in
pa in o ma ion and communica ion echnology
and some b anches o manu ac u ing, ha e
eco ded a signi ican inc ease (S a is ical
O ice o he Republic o Slo enia, 2021; see
also Oblak, 2021; Čehajić & Košak, 2021).
The EU and na ional go e nmen s helped he
hea ily a ec ed economy (Dau i & Elezi, 2022;
Milano ić & S amenko ić, 2022) and jobs
du ing he pandemic wi h conside able suppo
p og ammes du ing he lockdowns, ocused on
e aining employmen and job u lough schemes
(Republic o Slo enia, 2021b), and an ambi ious
eco e y plan o Eu ope concen a ed on
boos ing pos -COVID-19 g ow h wi h R&D,
he g een ansi ion, and inc easing gene al
esilience (Eu opean Commission, 2021).
Following he li e a u e, we a gue ha
p oac i e i ms a e on a e age mo e success ul
han eac i e ones and achie e highe alue
added pe employee in he longe un.
H1: Mo e agile i ms achie e highe e enue
g ow h pe employee o e he long un.
H2: Mo e agile i ms a e on a e age mo e
success ul han less agile ones and achie e
highe alue added pe employee o e he
longe un.
H3: Expo s has a posi i e impac on alue
added and mo e agile i ms a e mo e expo -
o ien ed.
On he con a y, gi en he sudden
unexpec ed supply- and demand-side (OECD,
2020) shocks, we hypo hesise ha he 2020
pe o mance was a ec ed mo e by ex e nal
ac o s han i m-le el de e minan s.
H4: Du ing he COVID-19 pe iod in 2020,
di e ences in pe o mance among i ms did no
depend on agili y, bu p ima ily depended on
in e nal ac o s ela ed o liquidi y as well as he
indus y and o he ex e nal ac o s (including
expo o ien a ion, access o c edi ).
H5: Digi alisa ion and he use o new
echnologies posi i ely impac ed he
pe o mance o i ms du ing he c isis.
H6: Go e nmen suppo had a posi i e
impac on i ms’ pe o mance.
2. Resea ch Me hodology
2.1 Da a
The analysis elies on a combina ion o h ee
da ase s. The i s is he popula ion da ase
wi h balance shee and income s a emen
da a o all i ms in Slo enia (in o al, a ound
120,000 pe yea ). These da a a e o be used
while analysing he inancial pe o mance o
i ms in he sample. This da ase allows us
o also p esen he sample in compa ison o
he gene al Slo enian popula ion o i ms.
Second, we use da a om a as su ey
conduc ed among Slo enian companies in
2018/2019 wi h a ocus on Indus y 4.0. The
su ey ques ionnai e comp ised 29 ques ion
se s wi h sub-ques ions. I in es iga ed: (1) he
use o new echnologies, in en ion o use,
and unde s anding o he need o u u e use;
(2) mo i es o he implemen a ion and use
o new echnologies (p oac i e and eac i e
mo i es o i ms o in es men s and o he
mo i es (use ulness, ease o use, abso p i e
capaci y, e c); (3) obs acles o implemen a ion
( inancial and non- inancial, pe cei ed isks);
(4) he ac ual use o echnologies (which
p ocesses, in ensi y o use, in en ion o u u e
use); (5) i m pe o mance, Indus y 4.0 esul s
and impac s on i m pe o mance (e iciency,
s a egic goals); and (6) i m demog aphics.
The su ey was comple ed by 218 manage s,
mainly o la ge companies. Thi d, In e na ional
Fede a ion o Robo ics da a a e used o con ol
o he gene al use o echnology in he sec o .
The sample o i ms s udied in he su ey
comp ised a o al o 218 companies. Da a we e
collec ed in 2018 and 2019. Mos companies
(41.7%) we e medium (50–249 employees),
14% o i ms we e la ge, he es we e small.
All companies we e en e p ises – he g oup
comp ised no sole-p op ie o s. Manu ac u ing
(NACE C) was he sec o o 168 companies,
while he es came om di e en se ices
wi h wholesale and e ail ade (NACE G) and
p o essional and scien i ic se ices (NACE M)
domina ing. We in es iga e he pe o mance o
companies be ween 2017 and 2020, assuming
ha he companies we e ope a ing in a simila
in e nal and ex e nal en i onmen al eady
1 yea p io o he su ey. In addi ion, we
assume ha in 2020 he companies we e as
agile as hey we e in 2019 when he da a we e
collec ed, i.e., he in e nal en i onmen has no
changed since 2019 (when he da a collec ion
ended) and ha he ( inancial) esul s in 2020
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74 2022, XXV, 3
Business Adminis a ion and Managemen
also e lec he eadiness o i ms de eloped in
2018–2019.
2.2 Me hodology
A combina ion o s a is ical and econome ic
app oaches was used o s udy he con ibu ion o
a i m’s s a egic beha iou o i s pe o mance in
he sho e m in bo h 2020 and he longe e m.
Su ey Da a and Empi ical Es ima ion
The key a iables o di iding i ms in o
mo e and less agile i ms we e based on he
su ey. Scales o measu ing he in ensi y and
impo ance o p oac i e and eac i e mo i es
ha shape i m beha iou we e buil using
es ablished scales om he li e a u e (Tab.
1 wi h a ele an e e ence o each ac o ).
Each mo i e was measu ed using a se o ou
s a emen s e alua ed on a 7-poin Like scale
(Tab. 1).
P oac i e and eac i e mo i es push
companies o adjus mo e quickly o he ma ke
o o d i e he change hemsel es. We assume
ha companies which a e mo e d i en by ei he
p oac i e o eac i e mo i es a e mo e agile.
To es ima e he le el o p oac i e o eac i e
beha iou , he a e age alue o all p oac i e o
eac i e mo i es was calcula ed. The co ela ion
(0.96; sig. 0.000) shows ha he i ms which a e
mo e eac i e a e also mo e p oac i e. Bo h a e
hus conside ed as an indica o o agili y. Fi ms
we e hus di ided in o wo g oups based on he
median alue o he sum o bo h p oac i e and
eac i e ac o s o disc imina e be ween hose
unde g ea e p essu e om ou side ac o s as
well as hei p oac i e d i e and a e he eby
Reac i e P oac i e
Supplie p essu e (Obal, 2017);
Buye p essu e (Obal, 2017);
Compe i o p essu e (Obal, 2017);
En i onmen compe i i eness
(Dill, 1958; Volbe da & an B uggen, 1997)
Expec ed compe i i e ad an age (Obal, 2017);
Expec ed e iciency imp o emen s (Weiss e al., 1999);
Fi m epu a ion (Weiss e al., 1999)
Minimum sco e 4; maximum sco e 28 Minimum sco e 3; maximum sco e 21
Sou ce: own
Tab. 1: Fi m mo i es o change
Fig. 1: A e age alue o eac i e and p oac i e mo i es in he wo g oups
Sou ce: own
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Business Adminis a ion and Managemen
mo e agile han hose ha a e less eac i e and
less p oac i e in o al. Fi ms in he mo e agile
g oup had bo h he sum o he p oac i e ac o s
and he sum o eac i e ac o s abo e hei
espec i e median alues. In o al, among he
218 i ms, 82 i ms we e no highly mo i a ed,
while 136 we e in he highly mo i a ed, mo e
agile g oup. Fig. 1 summa ises hei p oac i e
and eac i e mo i es. Su ey da a we e used
o es ima e selec ed di e ences be ween i ms,
bu also as an inpu o he p oduc ion unc ion
es ima ion.
2.3 Empi icalApp oach oEs ima ing
he P oduc ion Func ion
In he longe un, we ollow he s anda d
app oach o es ima ing p oduc i i y by
explaining he elas ici y o alue added
o a se ies o explana o y a iables. The
p oduc ion unc ion es ima ion was done using
he p odes module, elying on he Le insohn-
Pe in es ima o s (Le insohn & Pe in, 2003),
wi h he Acke be g-Ca es-F aze co ec ion in
he empi ical es ima ion (Ro iga i & Mollisi,
2018).
Reg ession analysis was unde aken o
es ima e he impo ance o in angible capi al
o i m p oduc i i y in he longe un. The
eg essions ollowed he s anda d app oach. In
o de o explo e he impac o in angible asse s
on i m pe o mance, we ocus on explo ing
he co ela ion be ween i m p oduc i i y and
in angible asse s. We es ima e a ela i ely
pa simonious p oduc ion unc ion:
ln ( alue added)i = α + β1ln(capi al)i +
+ β2 ln(employ)i + δAi + β3j Xj + γI + δT + εi (1)
whe e alue addedi , capi ali and employi a e
alue added (as he di e ence be ween sales
and ma e ials and se ices cos s), ixed asse s,
while employi is he a e age numbe o ull- ime
employees. We also conside he impo ance o
inancial indica o s (cash a ailabili y, sho - e m
deb ), digi alisa ion (numbe o di e en Indus y
4.0 echnologies used, numbe o digi alised
p ocesses), expo -o ien a ion (sha e o expo s
in o al sales) and i m agili y (A). We u he
con ol o ime (T) and indus y (I) ixed e ec s
in all speci ica ions. εi is he e o e m.
In he sho un, we a e especially
in e es ed in sales. While i ms canno impac
ixed cos s in he sho un e y much, he
impac on alue added would be unde he
conside able in luence o he cos s uc u e.
On he o he hand, sales exhibi he e ec o
he c isis mo e di ec ly. In addi ion, i is mo e
unde he in luence o he i m’s agili y o i s
abili y o make he igh decisions. We also look
a he inancial indica o s as abo e since hey
a e e y impo an in he e y sho un (e.g.,
abili y o pay ma e ials), and a he indus y.
We also include among he o he explana o y
echnological aspec s, as men ioned abo e.
Due o he limi ed numbe o obse a ions, OLS
is applied. Desc ip i e s a is ics a e p o ided in
Tab. A1 in he Appendix.
ln(sales)i = α + β1ln(capi al)i +
+ β2ln(ma e ial_cos s)i +
+ β3ln(employ)i + δAi + β3j Xj + γI + εi
(2)
3. Resea ch Resul s
3.1 Compa a i ePe o manceo Fi ms
in he Longe Run
Fi ms ha a e mo e d i en by ex e nal eac i e
mo i es o in e nal p oac i e mo i es o bo h
pe o m be e in he longe un. This is es ed
using bo h pe cei ed pe o mance as well as
he i ms’ inancial s a emen s da a. Sales pe
employee in he mo e agile g oup was mo e
han wice he le el han in he less agile g oup,
€327,000 compa ed o €149,000. In bo h cases,
he dis ibu ions o sales pe employee (Fig.
2) a e skewed, al hough he mo e agile g oup
has a s onge igh ail. Simila is seen o he
dis ibu ion o alue added pe employee. In he
mo e agile g oup, alue added pe employee
in he p e-COVID-19 pe iod was €522,000 pe
employee compa ed o €451,000 in he less
agile g oup. Mo eo e , he median alues o
bo h sales and alue added pe employee show
he mo e agile g oup pe o med s a is ically
signi ican ly be e (Fig. 2, Tab. 2).
The mo e agile companies a e on a e age
bigge , wi h 195 employees in compa ison o
164 employees, ye he di e ences a e no
s a is ically signi ican (p = 0.1113). The mo e
agile companies a e also mo e expo -o ien ed,
wi h o al expo s on a e age ep esen ing 57%
o all sales compa ed o ‘jus ’ 48.6% in he less
agile g oup, wi h he di e ence being highly
s a is ically signi ican . The Slo enian economy
is highly expo -o ien ed wi h expo s a a ound
80% o GDP, anging o example om 2016
o 2020 be ween 77.6% and 84.8% o GDP
(S a is ical O ice o he Republic o Slo enia,
2021).The mos expo -o ien ed company e en
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76 2022, XXV, 3
Business Adminis a ion and Managemen
expo ed all o i s p oduc s and was in he mo e
agile g oup.
The mo e agile g oup was also signi ican ly
mo e digi alised. On a 4-poin sel -e alua ion
scale o he in ensi y o digi alisa ion (no ice,
pa ially digi alised, ad anced, digi al
champion), 45% o he less agile g oup we e
no ices and ano he 46% pa ially digi alised.
In he mo e agile g oup, 16% in o al we e
ei he digi al champions o ad anced use s,
and only 31% we e no ices. F om he 16
a ailable Indus y 4.0 echnologies (see Fig.
3), on a e age he mo e agile g oup used 5.4
di e en echnologies, while he less agile one
jus 2.9 (signi icance 0.000). When compa ing
he numbe o digi alised business p ocesses,
he mo e agile had on a e age 3.31 p ocesses
digi alised, while he less agile had only 0.79.
Among he mo e agile i ms, e en 50% had in
place digi alised inance and accoun ing and
49.3% business planning. Mo e han 40% o
he agile i ms had digi alised pu chasing and
p oduc ion. The si ua ion is comple ely di e en
in he less agile g oup. A me e 13.4% o he
g oup digi alised accoun ing and inance – and
his was also he business p ocess ha was he
mos digi alised.
As sel - epo ed, he mo e agile g oup was
also mo e likely o excel abo e he indus y
a e age han he less agile one (Fig. 4). The
di e ences we e s a is ically signi ican in sales
and p o i g ow h, ma ke sha e g ow h, in
success wi h he in oduc ion o new p oduc s
and se ices, and ( he mos highly signi ican )
Fig. 2: Dis ibu ion o e enue pe employee, alue added pe employee,
and employmen
Sou ce: own
Mean Median p5 p95 S d. de . Min Max N
Value added pe
employee** (in €)
Less agile 45,147 37,608 19,367 86,931 27,719 1,870 218,501 249
Mo e agile 52,190 39,487 17,998 104,527 58,011 −1,874 733,774 409
Re enue pe
employee** (in €)
Less agile 148,714 111,872 49,776 296,859 154,309 20,794 1,432,748 249
Mo e agile 326,946 125,186 45,186 491,194 1,558,217 18,407 19,900,000 409
Ne e u n on asse s Less agile 7.03% 4.86% 0.00% 20.32% 7.94% −3.11% 58.05% 252
Mo e agile 6.02% 5.02% 0.00% 16.19% 5.65% −4.06% 41.97% 409
Numbe o employees Less agile 164.0 63.7 11.4 734.1 306.0 0.0 1,928.6 249
Mo e agile 195.1 73.6 12.3 781.0 437.6 0.0 4,390.7 409
Expo s sha e*** Less agile 48.61% 48.72% 0.00% 98.67% 35.84% 0.00% 99.98% 249
Mo e agile 57.00% 67.19% 0.74% 98.74% 34.79% 0.00% 100.00% 409
Sou ce: Agency o he Republic o Slo enia o Public Legal Reco ds and Rela ed Se ices (2021)
No e: Signi ican di e ences: * 5%; ** 1%; *** 0.1%.
Tab. 2: Compa ison o i m pe o mance be ween 2017 and 2019
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in he i m’s epu a ion. The di e ence in alue
added as he mos impo an indica o o
a i m’s pe o mance is s a is ically signi ican
no only be ween he wo g oups, bu also when
compa ed o he indus y a e age, con i ming
he alidi y o he sel -assessmen .
To es he impo ance o a i m’s agili y om
he pe spec i e o i s pe o mance in he longe
un, he Olley-Pakes es ima ion me hod wi h
an ACF co ec ion employing he p odes S a a
module was used, es ima ing he elas ici y o
alue added o a s anda d se o p oduc i i y
de e minan s wi h addi ional con ols, he i s
including agili y, hen he le el o echnological
ad ancemen being measu ed by he numbe
o di e en Indus y 4.0 echnologies used in
Fig. 3: Sha e o all i ms in he g oup wi h digi alised p ocesses
Sou ce: Su ey o he Agency o he Republic o Slo enia o Public Legal Reco ds and Rela ed Se ices (2021)
Fig. 4:
Pe cei ed ela i e assessmen o i ms compa ed o he indus y a e age* (le )
and alue added pe employee om inancial s a emen da a o manu ac u ing
(NACE C) ( igh )
Sou ce: Su ey o he Agency o he Republic o Slo enia o Public Legal Reco ds and Rela ed Se ices (2021)
No e:
Like scale: 1 = much wo se han indus y a e age; 7 = much be e han indus y a e age.
Signi ican di e ences: * 5%; ** 1%; *** 0.1%; † 10%.
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Business Adminis a ion and Managemen
Appendix
Va iable Obs Mean S d. de . Min Max
Value added pe employee 879 49,233.99 51,672.26 −1,873.681 837,373.5
Re enue pe employee 879 256,652 1,228,867 18,406.59 1.99e+07
Subsidies om he s a e 883 5,877.148 22,438.83 0.00 216,549
Employmen 883 181.67 395.67 0.00 4,429.14
Sha e o expo s in e enue 879 0.53 0.35 0.00 1.00
Supplie p essu e 724 3.07 1.26 0.75 6.25
Buye p essu e 720 3.32 1.39 1.00 6.5
Compe i o p essu e 720 3.99 1.46 1.00 6.75
En i onmen compe i i eness 681 5.44 1.33 1.00 7.00
Expec ed compe i i e ad an age 681 4.83 1.23 1.00 7.00
Expec ed e iciency 681 5.13 1.21 0.75 7.00
Expec ed epu a ion 681 5.58 1.39 1.00 7.00
Numbe o echnologies used 883 4.45 3.44 0.00 16.00
Numbe o digi alised p ocesses 883 2.35 2.79 0.00 9.00
Sou ce: Agency o he Republic o Slo enia o Public Legal Reco ds and Rela ed Se ices (2021)
Tab. A1: Desc ip i e s a is ics o key a iables
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