Literature Review Women on boards and in TMTS and firm performance 147 Table 5 8 Determinants of the cumulative abnormal stock returns 1 1 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 CAAR 1 1 Model I 0 001 0 09 0 007 1 08 0 002 0 14 0 012 1 89 0 003 0 24 0 045 0 61 0 007 0 89 0 008 0 68 0 015 1 56 0 008 0 63 0 013 1 01 Model II 0 004 0 27 0 013 2 21 0 001 0 49 0 007 0 94 0 011 1 87 0 013 1 46 Model III 0 05 1 04 0 000 0 03 yes yes yes 0 015 2 40 0 048 0 62 0 005 0 70 0 055 1 73 0 067 1 86 0 069 1 86 0 028 1 47 0 019 1 07 0 022 1 18 0 008 0 48 0 008 0 62 0 009 0 68 0 000 0 38 0 000 0 42 0 001 0 65 0 037 1 79 0 041 1 92 0 041 1 87 0 156 1 82 Model V 0 004 0 54 0 008 1 16 0 009 1 48 0 068 0 8 0 007 0 98 0 014 2 06 Model IV 0 007 1 22 Model VI 0 017 1 05 0 003 1 19 0 001 0 16 0 012 1 91 0 005 0 67 0 012 1 92 Obs Adj R 2 F statistic Prob F 210 0 029 2 90 F 10 199 2 22 0 018 210 0 073 7 30 F 15 194 1 5 0 1096 210 0 0458 4 58 F 5 204 2 68 0 023 210 0 0244 2 44 F 15 194 1 24 0 244 210 0 093 9 30 F 10 199 1 58 0 116 210 0 0912 9 13 F 20 189 1 23 0 232 Layoffs and shareholder wealth

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 147
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