Corporate Reorganizations: Changes in the Intensity of Labor and Capital Expenditures
基于1989-1997年国际企业样本，通过劳动和资本支出模式变化衡量重组力度，发现控制劳动费用增长的企业年回报更高，且市场对劳动费用削减的反应取决于销售增长与资本支出调整的配合。
Using a new measure that indirectly captures a firm's restructuring efforts on the basis of changes in its labor and capital expenditure patterns, this study examines the link between restructuring and financial performance for an international sample of firms during the years 1989–1997. Results show that firms that curbed the growth in labor expense intensity (labor expense relative to sales), regardless of the accompanying changes in sales or in capital expenditure intensity, had significantly higher annual returns (despite having lower profitability) than firms that expanded their labor intensity. Financial market's response to a reduction in labor expense intensity appears to be more favorable if this reduction is accompanied by a reduction in capital expenditure growth when firms face declining sales, and an increase in capital expenditure growth when firm sales are growing.