Literature Review Women on boards and in TMTS and firm performance 133 be released I also analyze whether the redundan cies resulted from branch closures Almost a fifth of announcements provides branch closures as the major reason for the planned layoffs The respec tive country s strictness of employment protection legislation is determined according to OECD data covering the years 2004 to 2013 2016a The OECD indicator takes into account legislation on individu al and collective dismissals The most mentioned reasons for staff cuts are cost cutting 60 and reorganization 57 Declining demand 22 is the least mentioned reason apart from other reasons 14 In the pre crisis years 2004 to 2006 a period of rising stock markets cost reduction 7 and reorganization 7 are the main reasons for staff cuts whereas no references are made to a fall in demand or poor past performan ce The picture changes considerably during the cri sis years 2007 to 2009 reactive reasons dominate this period While cost cutting and restructuring remain major reasons 17 each 16 announced layoffs are attributable to poor past financial per formance and ten have their source in declining demand In post crisis years 2010 to 2014 proac tive strategies clearly dominate Cost cutting and reorganization are named three times more fre quently than all other reasons I further consider firm specific financial figures such as return on equity ROE the cost income ratio or personnel expenses per employee as control variables in my analysis The following table 5 3 presents descriptive sample statistics Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 133
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