The Malmquist Productivity measure for UK-listed firms in the aftermath of the global financial crisis

Using a Bootstrap Malmquist Productivity Index approach, this paper investigates productivity changes of 24 high capitalization firms, listed in the London Stock Exchange over the period from 2009 to 2016. In the aftermath of the global financial crisis, we find evidence of technological and technical efficiency variations for our sample of industrial firms. Specifically, we show that, on average, only 26.2% of the examined firms managed to perform a positive increase in their Total Factor Productivity for the investigated period. There is an apparent deterioration in the technological efficiency for all firms, enhancing the view that these companies avoided investing in new technologies. However, in general, an improvement of technical efficiency is observed, meaning that firms improve the allocation of their available inputs in the production process.