Market reactions to announcements of corporate downsizing actions and implementation strategies

• 成果类型: Article
• 署名作者: Nixon, RD; Hitt, MA; Lee, HU; Jeong, E
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Louisville; Ewha Womans University; University System of Ohio; Bowling Green State University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.423
• 发表日期: 2004
• 页码: 1121-1129
• 关键词: downsizing; human capital; implementation; reallocation strategies; disengagement incentives

摘要

This study examines the affects of downsizing actions and implementation strategies on market performance. While downsizing actions reduce costs, they also produce a loss of valuable human capital. In support of this argument, the capital that can exceed the benefits resulting from the lay-offs. In support of this argument, the results showed that downsizing had a negative effect on market returns and the effects grow increasingly negative with larger downsizing actions. However, the market reacts more positively to downsizing actions when reallocation strategies are used and to large downsizing actions when disengagement incentives are applied. The results of this research suggest the importance of carefully managing valuable resources to create positive returns. Copyright (C) 2004 John Wiley Sons, Ltd.