Literature Review Women on boards and in TMTS and firm performance132 Table 5 2 Temporal distribution of announcements on planned layoffs by banks Total 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Year 8 8 4 24 28 31 18 28 20 25 16 210 No of Announcements 3 81 3 81 1 90 11 43 13 33 14 76 8 57 13 33 9 52 11 90 7 62 100 Percent 34 850 22 600 10 740 101 544 96 605 43 509 32 030 40 842 33 238 94 528 43 671 554 157 Layoffs 4 356 2 825 2 685 4 231 3 450 1 389 1 779 1 459 1 662 3 781 2 729 2 639 Layoffs mean 3 9 4 1 3 3 3 5 4 1 2 1 2 3 1 8 4 6 3 5 2 0 2 9 Layoff ratio mean This table shows the temporal distribution of announcements on planned reductions in workforce by banks in absolute values and percenta ges Column Layoffs displays the total number of planned layoffs per year whereas column Layoffs mean presents the mean value for the number of employees to be made redundant The mean value for the planned staff reduction as a percentage of total staff is displayed in column Layoff ratio mean The announcements are further analyzed regarding the rationale behind the layoffs and affected divi sions Special consideration is firstly given to the stated reason for the planned redundancies The stated reasons are in fact not mutually exclusive Classification is performed based on the primary reason for the reduction in workforce The main given reasons for staff cuts are mergers and acqui sitions general restructuring of the organization efforts to reduce costs declining demand or poor past financial performance Further arguments are recognized under other reasons Derived from the provided arguments the staff cuts can be classified as proactive or reactive mea sures The procedure largely follows that of Lee 1997 Capelle Blancard and Tatu 2012 and Fraunhoffer et al 2014 A layoff is categorized as proactive if it is carried out on the bank s own initiative typically aiming at reducing costs or in creasing efficiency However cost reductions and reorganization can also be reactive measures if undertaken in response to a crisis situation Lay offs in response to a fall in demand or poor past financial performance are always categorized as reactive layoffs Moreover I examine whether investment banking is affected I am particularly interested in the capital market reactions to dis missals of employees from this division as salary levels are notably high within this division but its employees are valuable human capital from the bank s perspective In a third of all cases banks announce that employees from this division are to Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 132
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