劳动力
样品(材料)
业务
比例(比率)
实证研究
经济
面子(社会学概念)
货币经济学
社会学
化学
社会科学
哲学
物理
认识论
量子力学
经济增长
色谱法
作者
Matthias Bräuer,Martin Zimmermann
标识
DOI:10.1177/0149206317734901
摘要
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.
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