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• W1977020997 abstract "This pdper examines the impact o;f corporate la,-olfs on lrm elfciency levels. The methodologl; used in this paper provides li,esh insights into the elJActs oJ layolJi onJirm and labour -fbrce performance. This paper uses a data envelopment analysis (DEA) approach to provide a benchmark measure for the oper.tting elfciency of rcstructurcd utnpanies that htve reduced stalf numbers and qlso companies that have lound it necessan' to dou,nsize due to tleclining demand lbr its product. We apply this linear pntgramning technique to both pre- and post-lal,oll periods. The f.ndings indicate the sumple of companies that restacture and incorporate layolfs as part ol the process find an increase in efficient-,- while the opposite is fouud for lirms that find it necessar.v to cut stalf due to declining performance. The shtdy also examines the relation betw'een ktytJf; and sharcholder weulth. Thefndings shou, thqt layolJs at ibuted to declining demand are rclated with poor stock market petformqnce in the bng-ter post-layolf period. The eyidence also suggests that Jirms itrolved in reotganisation, and .tubsequentlv layofs, perform strongQ and ue viewed positivel! b]) the market oNer the 2-year post-layolf period. l. INTRODUCTTON n-t trE EcoNoMlc reseirrch surrounding corporate layofls has been quite extensive of late. I Many studies have dealt with the impact of the layoff amouncement on the stock price I of publicly listed companies. There has been less research relating layoff's to subsequent corporate performance. Most studies either use regression techniques or simply individual evaluator measures to interpret effrciency or performance levels. No study to date has employed data envelopment analysis (DEA) to examine the effects oflayoffs on lirm elliciency levels. We analyse the retums to scale in the pre-layoll period and then test the elficiency in the year after the layofis to ascertain the effects of this action on corporate perfomance. The information eifects oflayoffannouncements may be attributed to the future expectations of the company. Positive inlbrmation liom announcing layoffs would be met with the anticipation of improved postperiod performance- The expectation ofenlnnced cash-flows and profits resulting from this type ofcorporate action would stem from a firm that is operating well and chooses to restructure voluntarily so as to become more competitive. Jensen's (1993) argu" @default.
• W1977020997 created "2016-06-24" @default.
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• W1977020997 date "2002-01-01" @default.
• W1977020997 modified "2023-09-23" @default.
• W1977020997 title "The Effrciency and Productivity Implications of Corporate Layoffs" @default.
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