Literature Review Women on boards and in TMTS and firm performance 145 Table 5 7 Determinants of the abnormal stock return on the announcement day Event specific variables Constant Employees affected LN Percentage layoff Crisis Strict labor law Investment banking Branches M A Reorganization Cost Cutting Fall in Demand Poor past performance proactive Firm Specific control variables Assets Employee Sales Employee Personnel expenses Employee ROE Cost income Year fixed effects AR 0 0 Model I 0 000 0 07 0 003 0 86 0 000 0 06 0 005 1 33 0 004 0 53 0 016 0 31 0 006 1 43 0 009 1 33 0 008 1 47 0 001 0 02 0 003 0 42 Model II 0 007 0 71 0 005 1 48 0 001 0 41 0 006 1 48 0 003 0 84 0 008 1 52 Model III 0 001 0 60 0 001 0 17 yes yes yes 0 007 1 93 0 008 0 15 0 004 1 00 0 029 1 83 0 029 1 6 0 029 1 58 0 008 0 86 0 005 0 53 0 006 0 64 0 006 1 58 0 006 1 91 0 007 3 07 0 001 0 74 0 001 0 87 0 001 0 90 0 014 1 41 0 016 1 55 0 016 1 41 0 008 1 49 Model V 0 005 0 79 0 000 0 82 0 004 1 06 0 041 0 62 0 01 1 3 0 003 0 79 Model IV 0 006 1 09 Model VI 0 002 0 21 0 000 0 09 0 000 0 09 0 006 1 46 0 004 0 86 0 003 0 84 Obs Adj R 2 F statistic Prob F 210 0 022 2 20 F 10 199 1 66 0 094 210 0 045 4 49 F 15 194 1 58 0 083 210 0 0261 2 61 F 5 204 1 53 0 183 210 0 004 0 36 F 15 194 0 99 0 471 210 0 068 6 80 F 10 199 1 19 0 298 210 0 043 4 26 F 20 189 1 16 0 289 Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 145
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