Literature Review Women on boards and in TMTS and firm performance 137 reaction is most pronounced for reactive layoff strategies and least negative for proactive layoff strategies The results suggest that layoff announ cements by banks generally have a decreasing ef fect on shareholder value It seems reasonable to conclude that capital markets recognize and assess the risk associated with the loss of human capital Through releasing employees banks risk losing both their key source of earnings and their main links to the customers Reductions in equity value are likely to be highest if stock markets percei ve the reasoning behind the planned staff cuts as reactive Moreover I observe that the stock price reaction occurs prior to the actual event day This observation is in line with previous findings and in dicates leakage of information Lin Rozeff 1993 Table 5 4 presents the stock price reactions by un derlying strategy for different event windows Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 137
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