The purpose of this research is to compare work values of surviving and non‐surviving managers during a period of general economic recession in Hong Kong associated with the Asian financial crisis.
Involving a natural field experiment, data on work values were collected from ethnic Chinese Hong Kong managers employed by local companies. The two sub‐samples were established over the period of study, from 1995 to 1998, but all variables concerning these two groups were measured in 1995, well before the Asian financial crisis struck in 1997.
Results indicate that survivors attached more importance to independence in work and to have influence in the organisation than the non‐survivors. On the other hand, non‐surviving managers attached more importance to responsibility and to have an opportunity to meet people and interact with them than survivors.
In future studies, the longitudinal investigation can be improved, non‐Asian locations could be included, and more work values as well as other personal characteristics can be added.
The findings may have consequences for the strategic retention of managerial staff.
As opposed to the traditional perspective, that firms in dire straits may lose their best and brightest first, the findings suggest that in a general economic recession, it could be possible to retain managers capable to ride out the crisis.
