Employee Layoffs, Shareholder Wealth and Firm Performance: Evidence from the UK
研究英国上市公司宣布永久裁员前后的财务表现，发现裁员公告引发显著负面股价反应，但裁员后员工生产率和公司专注度提升，裁员是对财务困境的有效回应。
Abstract: We examine the financial performance of UK listed companies surrounding the announcement of permanent employee layoffs. We find that poor operating and stock price performance, increased gearing, and threats from external markets for corporate control precede employee layoffs. Layoff announcements elicit a significantly negative stock price reaction, which is driven by announcements that are reactive to poor financial conditions. We also find that layoffs result in significant increases in employee productivity and corporate focus. We conclude that layoffs represent an efficient response to poor financial conditions, but that their occurrence is strongly dependent on pressure from external control markets.