Literature Review Women on boards and in TMTS and firm performance146 Furthermore I find statistically significant results for various financial performance figures The po sitive effects of personnel expenses per employee may be interpreted as meaning that capital mar kets perceive the announced layoffs as a necessary adjustment of increased personnel expenses My findings are consistent with the results of Knau er and Lachmann 2011 regarding the personnel expenses ratio but in contrast with the results of Nixon et al 2004 The variable can also be seen as a proxy for investment banking Similarly positive effects are observed for the va riable cost income ratio Increasing cost income ratios indicate decreasing efficiency of the orga nization A reduction in workforce is likely to be perceived as a measure which is liable to improve the cost income ratio and hence the bank s effi ciency In both cases staff cuts may be considered as long overdue The negative effects of the variable assets per employee indicate that capital markets assess the planned dismissals by a solidly capitalized bank as a negative sign Releasing employees that genera ted these assets in the past likely means a loss of valuable human capital I find no significant results for changes in return on equity and net sales27 per employee The following table 5 8 presents the determinants of the abnormal stock return in the three days event window 1 1 27 Net Sales represent specifically for banks interest and fees on loans interest on fe deral funds interest on bank deposits interest on state county and municipality funds interest on U S government and federal agencies securities federal funds sold and secu rities purchased under resale agreements lease financing net leasing revenue income from trading accounts foreign exchange income investment securities gains losses service charges on deposits other service fees trust income commissions and fees Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 146
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