Employee Downsizing Strategies: Market Reaction and Post Announcement Financial Performance
按裁员策略（收入聚焦、成本削减、工厂关闭）分类研究《财富》500强公司1993-1995年的裁员公告，发现收入聚焦型裁员有正面市场反应，工厂关闭型有微弱负面反应，且收入聚焦型公司公告后三年财务表现显著优于其他两类。
Empirical studies have generally reported insignificant market reactions to employee downsizing. In an effort to reconcile ongoing layoffs with inconclusive empirical results, we segregated our sample by downsizing strategy and examined employee layoff announcements made by Fortune 500 firms during the 1993–1995 period. Unlike previous studies, we find a positive market reaction for layoff announcements related to revenue refocusing. Market reaction with respect to layoff announcements involving cost cutting was insignificant while weak evidence was found for a negative market reaction to layoffs related to plant closings. Consistent with the market reaction, post announcement analysis revealed that downsizing in conjunction with revenue refocusing (plant closing) improved (reduced) firm financial performance and that revenue refocusing firms significantly outperformed cost cutting and plant closing firms over the three–year post announcement period.