Factors Driving Companies to Take Layoffs and Their Performance
碩士 === 國立中興大學 === 財務金融系所 === 99 === This study investigates factors driving companies to take layoffs, during the 2001 Internet Bubble (from January 2001 to December 2002) and 2008 Financial tsunami (from September 2008 to March 2009). We examine the post-bubble and post- tsunami performance of th...
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ndltd-TW-099NCHU53040512019-05-15T20:42:09Z http://ndltd.ncl.edu.tw/handle/9p2k4z Factors Driving Companies to Take Layoffs and Their Performance 影響公司裁員因素與績效 Yu-Chin Cheng 鄭榆瑾 碩士 國立中興大學 財務金融系所 99 This study investigates factors driving companies to take layoffs, during the 2001 Internet Bubble (from January 2001 to December 2002) and 2008 Financial tsunami (from September 2008 to March 2009). We examine the post-bubble and post- tsunami performance of these companies. The results show that companies with lower scale, lower excess return, higher debt ratio, greater beta, and lower CEO''s salary tend to cut down the employee to reduce costs during economic shocks. That is, companies with lower development and higher risk are likely to take layoffs to reduce salary expenses during market downturn. In the long run, companies conducting layoffs outperform their matching companies, indicating that, layoffs do improve companies’ performance after economic shocks. The reason can be due to the unemployeement of those employees during economy recession, and they are willing to return to their original workplace, which had a low mitigation effect on their companies. In addition, unlike companies that cut assets, layoff companies could recover their production once they obtain original human resources. 徐俊明 2011 學位論文 ; thesis 32 zh-TW |
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碩士 === 國立中興大學 === 財務金融系所 === 99 === This study investigates factors driving companies to take layoffs, during the 2001 Internet Bubble (from January 2001 to December 2002) and 2008 Financial tsunami (from September 2008 to March 2009). We examine the post-bubble and post- tsunami performance of these companies. The results show that companies with lower scale, lower excess return, higher debt ratio, greater beta, and lower CEO''s salary tend to cut down the employee to reduce costs during economic shocks. That is, companies with lower development and higher risk are likely to take layoffs to reduce salary expenses during market downturn.
In the long run, companies conducting layoffs outperform their matching companies, indicating that, layoffs do improve companies’ performance after economic shocks. The reason can be due to the unemployeement of those employees during economy recession, and they are willing to return to their original workplace, which had a low mitigation effect on their companies. In addition, unlike companies that cut assets, layoff companies could recover their production once they obtain original human resources.
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徐俊明 |
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徐俊明 Yu-Chin Cheng 鄭榆瑾 |
author |
Yu-Chin Cheng 鄭榆瑾 |
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Yu-Chin Cheng 鄭榆瑾 Factors Driving Companies to Take Layoffs and Their Performance |
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Yu-Chin Cheng |
title |
Factors Driving Companies to Take Layoffs and Their Performance |
title_short |
Factors Driving Companies to Take Layoffs and Their Performance |
title_full |
Factors Driving Companies to Take Layoffs and Their Performance |
title_fullStr |
Factors Driving Companies to Take Layoffs and Their Performance |
title_full_unstemmed |
Factors Driving Companies to Take Layoffs and Their Performance |
title_sort |
factors driving companies to take layoffs and their performance |
publishDate |
2011 |
url |
http://ndltd.ncl.edu.tw/handle/9p2k4z |
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