Investor Response to Workforce Downsizing: The Influence of Industry Waves, Macroeconomic Outlook, and Firm Performance
基于行为决策理论，研究了行业裁员强度、宏观经济前景变化和企业过往绩效趋势如何影响投资者对裁员公告的反应，发现负面反应在行业裁员浪潮、宏观经济前景变化和企业财务绩效恶化时被放大。
Building on behavioral decision-making theory, we study the extent to which current industry downsizing intensity, changes in future macroeconomic outlook, and a firm’s past performance trend influence the relationship between downsizing magnitude and investor response. Based on the analysis of a large-scale sample of downsizing announcements in the United States over a period of 12 years, our results indicate that negative investor responses to downsizings are amplified in periods of industry downsizing waves, in the face of changes in macroeconomic outlook, and subsequent to deteriorating firm financial performance. Additionally, our empirical results suggest that investors’ cross-level aggregation of these cues has a significant, negative compound effect on downsizing firms’ market valuations.