¿Para qué acumulas? Gestionar los recursos no utilizados ante una recesión económica generalizada

What are you accumulating for? Managing slack resources in the face of a generalized economic downturn


DOI: https://doi.org/10.6018/rcsar.482211
Palabras clave: Beneficios, Crisis económica, Reinversión

Agencias de apoyo

  • Research group GIRCO (Grupo de Investigación sobre Recursos y Capacidades Organizativas), funded by the Spanish Ministerio de Economía y Competitividad (grant no. ECO2017-84364-R)


Las investigaciones realizadas hasta la fecha han demostrado que una empresa puede acumular un exceso de recursos por diversas razones. Pero, ¿cómo utilizan los directivos este exceso de recursos en una crisis económica generalizada?  Este estudio pretende averiguar cómo aplican las empresas estos recursos cuando se enfrentan a una crisis financiera y a un colapso económico, con el fin de dar respuesta a las cuestiones poco exploradas sobre las formas en que las empresas consumen sus recursos holgados. Mediante el análisis de una muestra de 449 empresas industriales españolas durante el periodo 2006-2017, y la aplicación de la Modelización Latente del Crecimiento, se observa la evolución de los distintos indicadores de holgura y rendimiento para la identificación de comportamientos dispares entre empresas con altas y bajas dotaciones iniciales de recursos de holgura. Los resultados también muestran que cada tipo de holgura sirve a un propósito diferente y, por tanto, su consumo o utilización muestra claras divergencias.


Los datos de descargas todavía no están disponibles.


Agarwal, R., Barney, J. B., Foss, N. J., & Klein, P.G. (2009). Heterogeneous resources and the financial crisis: Implications of strategic management theory. Strategic Organization, 7(4), 467–484. https://doi.org/10.1177/1476127009346790

Alessandri, T., Cerrato, D., & Depperu, D. (2014). Organizational slack, experience, and acquisition behavior across varying economic environments. Management Decision, 52 (5), 967-982. https://doi.org/10.1108/MD-11-2013-0608

Argilés-Bosch, J.M., Garcia-Blandón, J., Ravenda, D., & Martínez-Blasco, M. (2018). An empirical analysis of the curvilinear relationship between slack and firm performance. Journal of Management Control, 29 (3–4), 361–397. https://doi.org/10.1007/s00187-018-0270-4

Arogyaswamy, K., Barker, V.L., & Yasai-Ardekani, M. (1995). Firm turnarounds: an integrative two-stage model. Journal of Management Studies, 32 (4), 493–525. https://doi.org/10.1111/j.1467-6486.1995.tb00786.x

Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211-250. https://doi.org/10.1007/s11156-012-0340-x

Barker, V.L., & Mone, M.A. (1994). Retrenchment: cause of turnaround and consequence of decline? Strategic Management Journal, 15, 195–205. https://www.jstor.org/stable/2486782

Baker, T., & Nelson, R. (2005). Creating Something from Nothing: Resource Construction Through Entrepreneurial Bricolage. Administrative Science Quarterly, 50, 329-366. https://doi.org/10.2189/asqu.2005.50.3.329

Barbero, J. L., Martínez, J. A., & Moreno, A. M. (2020). Should Declining Firms Be Aggressive During the Retrenchment Process? Journal of Management, 46(5), 694-725. https://doi.org/10.1177/0149206318811563

Barker, V. L., & Duhaime, I. M. (1997). Strategic Change in the Turnaround Process: Theory and Empirical Evidence. Strategic Management Journal, 18(1), 13–38. http://www.jstor.org/stable/3088193

Barnard, C (1940). The Functions of the Executive. Cambridge, MA: Harvard University Press.

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108

Bentley, F. S., & Kehoe, R. R. (2020). Give Them Some Slack—They’re Trying to Change! The Benefits of Excess Cash, Excess Employees, and Increased Human Capital in the Strategic Change Context. Academy of Management Journal, 63(1), 181-204. https://doi.org/10.5465/amj.2018.0272

Bergh, D. D., & Fairbank, J. F. (2002). Measuring and Testing Change in Strategic Management Research. Strategic Management Journal, 23(4), 359–366. http://www.jstor.org/stable/20060503

Bollen, K. A, & Curran, P J (2006). Latent curve models: A structural equation perspective. Hoboken, NJ: John Wiley and Sons.

Bourgeois, L. J. (1981). On the Measurement of Organizational Slack. Academy of Management Review, 6 (1), 29–39.

Bourgeois, L. J. (1981). On the Measurement of Organizational Slack. The Academy of Management Review, 6(1), 29–39. https://doi.org/10.2307/257138

Bradley, S.W., Shepherd, D.A., & Wiklund, J. (2011). The importance of slack for new organizations facing ‘tough’ environments. Journal of Management Studies, 48 (5), 1071–1097. https://doi.org/10.1111/j.1467-6486.2009.00906.x

Bromiley, P. (1991). Testing a Causal Model of Corporate Risk Taking and Performance. Academy of Management Journal, 34, 37-59. https://doi.org/10.5465/256301

Brozovic, D. (2018). Strategic flexibility: A review of the literature. International Journal of Management Reviews, 20(1), 3-31. https://doi.org/10.1111/ijmr.12111

Campello, M., Giambona, E., Graham, J.R., & Harvey, C.R. (2011). Liquidity management and corporate investment during a financial crisis. The Review of Financial Studies, 24 (6), 1944–1979. https://doi.org/10.1093/rfs/hhq131

Carnes, C.M., Xu, K., Sirmon, D.G., & Karadag, R. (2019). How Competitive Action Mediates the Resource Slack–Performance Relationship: A Meta-Analytic Approach. Journal of Management Studies, 56 (1), 57–90. https://doi.org/10.1111/joms.12391

Chakravarthy, B. (1986). Measuring Strategic Performance. Strategic Management Journal, 7, 437-458. https://doi.org/10.1002/smj.4250070505

Chen, B.-W., & Wei, T.-H. (2017). An Empirical Study on the Relationship among Slack Resources, Resource Deployment, Turnaround Strategy, and Turnaround Performance. International Journal of Organizational Innovation, 10 (1), 210-228.

Chen, Y.-M., Yang, D.-H., & Lin, F.-J. (2013). Does Technological Diversification Matter to Firm Performance? The Moderating Role of Organizational Slack. Journal of Business Research, 66, 1970-1975. https://doi.org/10.1016/j.jbusres.2013.02.020

Cheng, J., & Kesner, I. (1997). Organizational Slack and Response to Environmental Shifts: The Impact of Resource Allocation Patterns. Journal of Management, 23, 1- 18. https://doi.org/10.1016/S0149-2063(97)90003-9

Chiu, Y.-C., & Liaw, Y.-C. (2009). Organizational slack: is more or less better? Journal of Organizational Change Management, 22 (3), 321–342. https://doi.org/10.1108/09534810910951104

Chou, C. P., Bentler, P. M., & Pentz, M. A. (1998). Comparisons of two statistical approaches to study growth curves: The multilevel model and the latent curve analysis. Structural Equation Modeling: A Multidisciplinary Journal, 5(3), 247-266. https://doi.org/10.1080/10705519809540104

Chrisman, J., & Patel, P. (2012). Variations in R&D Investments of Family and Nonfamily Firms: Behavioral Agency and Myopic Loss Aversion Perspectives. Academy of Management Journal, 55, 976-997. http://www.jstor.org/stable/23317622

Cyert, R. M., & March, J. G. (1956). Organizational Factors in the Theory of Oligopoly. The Quarterly Journal of Economics, 70(1), 44–64. https://doi.org/10.2307/1884512

Cyert, R.M., & March, J.G. (1963). A behavioral theory of the firm. Englewood Cliffs, NJ: Prentice-Hall.

Daniel, F., Lohrke, F.T., Fornaciari, C.J., & Turner, R.A. (2004). Slack resources and firm performance: A meta-analysis. Journal of Business Research, 57 (6), 565–574. https://doi.org/10.1016/S0148-2963(02)00439-3

Deb, P., David, P., & O’Brien, J. (2017). When is cash good or bad for firm performance?. Strategic Management Journal, 38 (2), 436–454. https://doi.org/10.1002/smj.2486

Dewitt, R.-L. (1998). Firm, Industry, and Strategy Influences on Choice of Downsizing Approach. Strategic Management Journal, 19(1), 59–79. http://www.jstor.org/stable/3094180

Dolmans, S. A. M., Van Burg, E., Reymen, I., & Romme, A. G. L. (2014). Dynamics of Resource Slack and Constraints: Resource Positions in Action. Organization Studies, 35, 511-549. https://doi.org/10.1177/0170840613517598

Dougherty, D., & Bowman, E. H. (1995). The effects of organizational downsizing on product innovation. California Management Review, 37(4), 28-44. https://doi.org/10.2307/41165809

Duncan, T. E., & Duncan, S. C. (2004). An introduction to latent growth curve modeling. Behavior therapy, 35(2), 333-363. https://doi.org/10.1016/S0005-7894(04)80042-X

Dutta, D., Malhotra, S., & Zhu, P. (2016). Internationalization Process, Impact of Slack Resources, and Role of the CEO: The Duality of Structure and Agency in Evolution of Cross-Border Acquisition Decisions. Journal of World Business, 51(2), 212-225. https://doi.org/10.1016/j.jwb.2015.07.001

Evans, J. S. (1991). Strategic Flexibility for High Technology Manoeuvres: A Conceptual Framework. Journal of Management Studies, 28, 69-89. https://doi.org/10.1111/j.1467-6486.1991.tb00271.x

Ferrer, E., Hamagami, F., & McArdle, J. J. (2004). Modeling latent growth curves with incomplete data using different types of structural equation modeling and multilevel software. Structural Equation Modeling, 11(3), 452-483. https://doi.org/10.1207/s15328007sem1103_8

Finkelstein, S., & Hambrick, D. C. (1990). Top-Management-Team Tenure and Organizational Outcomes: The Moderating Role of Managerial Discretion. Administrative Science Quarterly, 35(3), 484–503. https://doi.org/10.2307/2393314

Flammer, C., & Ioannou, I. (2016). To Save or to Invest? Strategic Management during the Financial Crisis. Resource Based Strategy & Policy eJournal. http://dx.doi.org/10.2139/ssrn.2621247

Francis, J. D., & Pett, T. L. (2004). Retrenchment in Declining Organizations: Towards an Integrative Understanding. Journal of Business and Management, 10(1). Available at https://jbm.johogo.com/pdf/volume/1001/1001-39-52.pdf

Gadepalli, S. D. V., & Ray, S. (2017). Slack as an Antecedent to the Entry of Large Firms into the Base of the Pyramid Product Markets. Academy of Management Proceedings, 15705. https://doi.org/10.5465/AMBPP.2017.15705abstract

George, G. (2005). Slack Resources and the Performance of Privately Held Firms. The Academy of Management Journal, 48(4), 661–676. http://www.jstor.org/stable/20159685

Gral, B. (2014). How Financial Slack Affects Corporate Performance: An Examination in an Uncertain and Resource Scarce Environment. Wiesbaden (Germany): Springer Gabler. https://doi.org/10.1007/978-3-658-04552-4

Greenley, E., Greenley, G.E., & Oktemgil, M. (1998). A Comparison of Slack Resources in High and Low Performing British Companies. Journal of Management Studies, 35, 377–398. https://doi.org/10.1111/1467-6486.00098

Guthrie, J. P., & Datta, D. K. (2008). Dumb and Dumber: The Impact of Downsizing on Firm Performance as Moderated by Industry Conditions. Organization Science, 19(1), 108–123. http://www.jstor.org/stable/25146166

Hair, J.F., Anderson, R.E., Tatham, R.L., & Black, W.C. (1998). Multivariate Data Analysis (5th ed.). Upper Saddle River, NJ: Prentice Hall.

Hambrick, D. C. (2007). The Field of Management’s Devotion to Theory: Too Much of a Good Thing? The Academy of Management Journal, 50(6), 1346–1352. http://www.jstor.org/stable/20159476

Helfat, C. E. (2007). Stylized facts, empirical research and theory development in management. Strategic Organization, 5(2), 185-192. https://doi.org/10.1177/1476127007077559

Hendrick, R. (2006). The Role of Slack in Local Government Finances. Public Budgeting and Finance, 26, 14-46.

Hu, L. T., Bentler, P.M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modeling: a multidisciplinary journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305- 360. https://doi.org/10.1016/0304-405X(76)90026-X

Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. http://www.jstor.org/stable/1818789

Jiang, Z., & Lie, E. (2016). Cash holding adjustments and managerial entrenchment. Journal of Corporate Finance, 36, 190-205. https://doi.org/10.1016/j.jcorpfin.2015.12.008

Jung, C., Foege, J.N., & Nüesch, S. (2020). Cash for contingencies: How the organizational task environment shapes the cash-performance relationship. Long Range Planning, 53(3), 101885, https://doi.org/10.1016/j.lrp.2019.05.005

Karacay, M. (2017). Slack-performance relationship before, during and after a financial crisis: empirical evidence from European manufacturing firms. Doctoral dissertation, University of Birmingham.

Keum, D. D. (2019). Cog in the wheel: Resource release and the scope of interdependencies in corporate adjustment activities. Strategic Management Journal, 41(2), 175-197. https://doi.org/10.1002/smj.3093

Kim, C., & Bettis, R. A. (2014). Cash is surprisingly valuable as a strategic asset. Strategic Management Journal, 35(13), 2053-2063. https://doi.org/10.1002/smj.2205

Klingebiel, R., & Adner, R. (2015). Real options logic revisited: The performance effects of alternative resource allocation regimes. Academy of Management Journal, 58(1), 221-241. http://www.jstor.org/stable/43590162

Latham, S.F., & Braun, M. (2009). Assessing the Relationship between Financial Slack and Company Performance During an Economic Recession: An Empirical Study. International Journal of Management, 26 (1), 33–40.

Latham, S. F., & Braun, M. R. (2008). The Performance Implications of Financial Slack during Economic Recession and Recovery: Observations from the Software Industry (2001-2003). Journal of Managerial Issues, 20(1), 30–50. http://www.jstor.org/stable/40604593

Lavie, D. (2012). The case for a process theory of resource accumulation and deployment. Strategic Organization, 10(3), 316-323. https://doi.org/10.1177/1476127012452822

Lecuona, J.R., & Reitzig, M. (2014). Knowledge worth having in ‘excess’: The value of tacit and firm-specific human resource slack. Strategic Management Journal, 35 (7), 954–973. https://doi.org/10.1002/smj.2143

Lessne, G. J., & Hanumara, R. C. (1988). Growth Curve Analysis in Marketing: Method and Application. Journal of Marketing Research, 25(4), 391–396. https://doi.org/10.2307/3172950

Lim, D. S., Celly, N., Morse, E. A., & Rowe, W. G. (2013). Rethinking the effectiveness of asset and cost retrenchment: The contingency effects of a firm's rent creation mechanism. Strategic Management Journal, 34(1), 42-61. https://doi.org/10.1002/smj.1996

Lin, W.-T. (2014). How do Managers Decide on Internationalization Processes? The Role of Organizational Slack and Performance Feedback. Journal of World Business, 49, 396-408. https://doi.org/10.1016/j.jwb.2013.08.001

Linn, R. L. (1981). Measuring pretest–posttest performance changes. In R. Berk (ed.), Educational Evaluation Methodology: The State of the Art (84–109). Baltimore, MD: Johns Hopkins University Press.

Love, E.G., & Nohria, N. (2005). Reducing slack: The performance consequences of downsizing by large industrial firms, 1977-93, Strategic Management Journal, 26 (12), 1087–1108. https://doi.org/10.1002/smj.487

Marlin, D., & Geiger, S.W. (2015). A reexamination of the organizational slack and innovation relationship, Journal of Business Research, 68 (12), 2683–2690. https://doi.org/10.1016/j.jbusres.2015.03.047

Marlowe, J. (2005). Fiscal Slack and Counter‐Cyclical Expenditure Stabilization: A First Look at the Local Level. Public Budgeting and Finance, 25(3), 48-72. https://doi.org/10.1111/j.1540-5850.2005.00367.x

McNichols, M. F., & Stubben, S. R. (2018). Research design issues in studies using discretionary accruals. Abacus, 54 (2), 227-246. https://doi.org/10.1111/abac.12128

Meier, I., Bozec, Y., & Laurin, C. (2013). Financial Flexibility and the Performance During the Recent Financial Crisis. International Journal of Commerce and Management, 23, 79-96. https://doi.org/10.1108/10569211311324894

Mellahi, K., & Wilkinson, A. (2010). A study of the association between level of slack reduction following downsizing and innovation output. Journal of Management Studies, 47 (3), 483–508. https://doi.org/10.1111/j.1467-6486.2009.00872.x

Meredith, W., & Tisak, J. (1990). Latent curve analysis. Psychometrika, 55(1), 107-122. https://doi.org/10.1007/BF02294746

Mishina, Y., Pollock, T.G., & Porac, J.F. (2004). Are more resources always better for growth? Resource stickiness in market and product expansion. Strategic Management Journal, 25 (12), 1179–1197. https://doi.org/10.1002/smj.424

Morrow, J. L., Johnson, R. A., & Busenitz, L. W. (2004). The Effects of Cost and Asset Retrenchment on Firm Performance: The Overlooked Role of a Firm’s Competitive Environment. Journal of Management, 30(2), 189-208. https://doi.org/10.1016/j.jm.2003.01.002

Namiki, N. (2013). The Impact of Slack Reduction on Performance Turnaround during the Great Recession: The Case of US Electronics Companies. Rikkyo Rusiness Review, 6, 56-62.

Namiki, N. (2015). The Role of Slack Reduction on Performance Turnaround during the Great Recession: The Case of Japanese Machinery Companies. Rikkyo Rusiness Review, 8, 74-80.

Namiki, N. (2016). Financial Slack, Financial Slack Reduction and Firm Performance during the Great Recession: The Case of Small-sized Japanese Electronics Companies. Rikkyo Rusiness Review, 9, 3-12.

Nason, R. S., & Patel, P. C. (2016). Is cash king? Market performance and cash during a recession. Journal of Business Research, 69(10), 4242-4248. https://doi.org/10.1016/j.jbusres.2016.03.001

Nohria, N., & Gulati, R. (1997). What is the Optimum Amount of Organizational Slack?: A Study of the Relationship Between Slack and Innovation in Multinational Firms. European Management Journal, 15(6), 603-611. https://doi.org/10.1016/S0263-2373(97)00044-3

Nohria, N., & Gulati, R. (1996). Is slack good or bad for innovation? Academy of Management Journal, 39 (5), 1245–1264. Nohria, N., & Gulati, R. (1996). Is Slack Good or Bad for Innovation? The Academy of Management Journal, 39(5), 1245–1264. https://doi.org/10.2307/256998

Paeleman, I., & Vanacker, T. (2015). Less is More, or Not? On the Interplay between Bundles of Slack Resources, Firm Performance and Firm Survival. Journal of Management Studies, 52 (6), 819–848. https://doi.org/10.1111/joms.12135

Peng, M., Li, Y, Xie, E., & Su, Z. (2010). CEO Duality, Organizational Slack, and Firm Performance in China. Asia Pacific Journal of Management, 27, 611-624. https://doi.org/10.1007/s10490-009-9161-4

Penrose, E.T. (1959). The Theory of the Growth of the Firm. New York: John Wiley and Sons Inc.

Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2016). Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance. Strategic Management Journal, 37(2), 262-279. http://www.jstor.org/stable/43897940

Pitelis, C. N. (2007). A Behavioral Resource-Based View of the Firm: The Synergy of Cyert and March (1963) and Penrose (1959). Organization Science, 18(3), 478–490. http://www.jstor.org/stable/25146113

Revilla, A. J., & Fernández, Z. (2013). The dynamics of company profits: A latent growth model. Strategic Organization, 11(2), 180-204. https://doi.org/10.1177/1476127012471339

Rico, M., Pandit, N. R., & Puig, F. (2021). SME insolvency, bankruptcy, and survival: an examination of retrenchment strategies. Small Business Economics, 57, 111–126. https://doi.org/10.1007/s11187-019-00293-z

Robbins, D. K., & Pearce, J. A. (1992). Turnaround: Retrenchment and Recovery. Strategic Management Journal, 13(4), 287–309. http://www.jstor.org/stable/2486616

Schumacker, R.E., & Lomax, R.G. (2004). A beginner's guide to structural equation modelling (2nd edition). New York, USA: Psychology Press. https://doi.org/10.4324/9781410610904

Sharfman, M. P., Wolf, G., Chase, R. B., & Tansik, D. A. (1988). Antecedents of Organizational Slack. The Academy of Management Review, 13(4), 601–614. https://doi.org/10.2307/258378

Singh, J. V. (1986). Performance, Slack, and Risk Taking in Organizational Decision Making. The Academy of Management Journal, 29(3), 562–585. https://doi.org/10.2307/256224

Singh, M., & Davidson, W. (2003). Agency Costs, Ownership Structure and Corporate Governance Mechanisms. Journal of Banking and Finance, 27, 793-816. https://doi.org/10.1016/S0378-4266(01)00260-6

Song, M. S., & Choi, S. (2017). The Impact of Performance Feedback and Slack on Target Selection. Academy of Management Proceedings, 1. https://doi.org/10.5465/AMBPP.2017.12939abstract

Stan, C., Peng, M., & Bruton, G. (2014). Slack and the Performance of State-Owned Enterprises. Asia Pacific Journal of Management, 31, 473-495. https://doi.org/10.1007/s10490-013-9347-7

Tan, J. (2003). Curvilinear relationship between organizational slack and firm performance: Evidence from Chinese State enterprises. European Management Journal, 21 (6), 740–749. https://doi.org/10.1016/j.emj.2003.09.010

Tan, J., & Peng, M. W. (2003). Organizational Slack and Firm Performance during Economic Transitions: Two Studies from an Emerging Economy. Strategic Management Journal, 24(13), 1249–1263. http://www.jstor.org/stable/20060619

Tang, Y., Qian, C., Chen, G., & Shen, R. (2015). How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36(9), 1338–1357. http://www.jstor.org/stable/43897844.

Tangpong, C., Abebe, M., & Li, Z. (2015). A temporal approach to retrenchment and successful turnaround in declining firms. Journal of Management Studies, 52(5), 647-677. https://doi.org/10.1111/joms.12131

Tsang, E. W. K. (2006). Behavioral assumptions and theory development: The case of transaction cost economics. Strategic Management Journal, 27(11), 999-1011. https://doi.org/10.1002/smj.553

Vanacker, T., Collewaert, V., & Zahra, S.A. (2017). Slack resources, firm performance, and the institutional context: Evidence from privately held European firms. Strategic Management Journal, 38 (6), 1305–1326. https://doi.org/10.1002/smj.2583

Voss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The Effects of Slack Resources and Environmental Threat on Product Exploration and Exploitation. The Academy of Management Journal, 51(1), 147–164. http://www.jstor.org/stable/20159499

Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. http://www.jstor.org/stable/3088143

Weinzimmer, L. G. (2000). A replication and extension of organizational growth determinants. Journal of Business Research, 48(1), 35-41. https://doi.org/10.1016/S0148-2963(98)00073-3

Wenzel, M., Stanske, S., & Lieberman, M. B. (2021). Strategic responses to crisis. Strategic Management Journal, 42(2), O16-O27. https://doi.org/10.1002/smj.3161

Williams, L. J., Vandenberg, R. J., & Edwards, J. R. (2009). 12 structural equation modeling in management research: A guide for improved analysis. Academy of Management Annals, 3(1), 543-604. https://doi.org/10.1080/19416520903065683

Wiseman, R. M., & Bromiley, P. (1996). Toward a Model of Risk in Declining Organizations: An Empirical Examination of Risk, Performance and Decline. Organization Science, 7(5), 524–543. http://www.jstor.org/stable/2635289

Wiseman, R., & Bromiley, P. (1991). Risk‐Return Associations: Paradox or Artifact? An Empirically Tested Explanation. Strategic Management Journal, 12(3), 231-241. https://doi.org/10.1002/smj.4250120306

Yang, Y. (2019). Do accruals earnings management constraints and intellectual capital efficiency trigger asymmetric cost behaviour? Evidence from Australia. Australian Accounting Review, 29(1), 177-192. https://doi.org/10.1111/auar.12250

Zona, F. (2012). Corporate Investing as a Response to Economic Downturn: Prospect Theory, the Behavioural Agency Model and the Role of Financial Slack. British Journal of Management, 23 (S1), S42–S57. https://doi.org/10.1111/j.1467-8551.2012.00818.x

Cómo citar
Agustí, M. A., Galán, J. L., & Acedo, F. J. (2024). ¿Para qué acumulas? Gestionar los recursos no utilizados ante una recesión económica generalizada: What are you accumulating for? Managing slack resources in the face of a generalized economic downturn. Revista de Contabilidad - Spanish Accounting Review, 27(1), 49–62. https://doi.org/10.6018/rcsar.482211