Z Betriebswirtsch

2011

DOI: 10.1007/s11573-011-0504-5

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Kapitalmarktreaktionen auf Personalabbauprogramme: Welchen Einfluss haben Motiv, Umfang und Freiwilligkeit?

Thorsten Knauer

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Literature Review and Set Of Testable Hypotheses5

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Cited by 4 publications

(12 citation statements)

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“…Most of these studies focus on the IJESM 11,2 US capital market. More recent research by Hillier et al (2007) and Vu (2012) concentrate on the UK, and Knauer and Lachmann (2011) and Neus and Walter (2009) examine the German market. Capelle-Blancard and Tatu (2012) and Clarenbach and Davies (2001) broaden the view and examine the reactions in a European context.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…These are for example layoff plans that occur due to declining demand, overcapacities in production or weak market conditions (Collett, 2002(Collett, , p. 1186. Investors are generally expected to react negatively to reactive layoff announcements as they indicate negative business development and thus reduced future cash flows (Fraunhoffer et al, 2014, p. 109;Knauer andLachmann, 2011, p. 1114). Proactive layoff plans are considered " […] those that are part of an overall strategic objective" (Lee, 1997, p. 885).…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…In addition to the classification of announcements as either proactive or reactive, it is also possible to use more detailed descriptions of the motives behind layoff decisions (Farber and Hallock, 2008, p. 2;Hillier et al, 2007, p. 35;Knauer andLachmann, 2011, p. 1120). Hillier et al (2007, p. 471) introduce a set of six motives for layoffs that has since been adapted by other studies.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…"Plant closures", on the one side, indicate reduced costs and also the need to reduce overcapacities. The reaction could go either way but is assumed to be negative as the expectations of future revenue-decreases outweigh the positive reactions on short run cost advantages (Knauer andLachmann, 2011, p. 1113). Layoff announcements following "mergers or acquisitions" cannot be considered as either positive or negative per se.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…Instead, it is assumed that the market already anticipated the realization of synergies in connection with the transaction. Thus, the information about the layoff is already considered in the stock price (Knauer andLachmann, 2011, p. 1114).…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

See 4 more Smart Citations

Stock market reactions to layoff announcements – analysis of the renewable energy sector

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2017

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Purpose This study aims to analyze stock market reactions to layoff announcements in the renewable energy sector. The global renewable energy sector and most of the producers of wind and solar energy equipment are struggling. While changes in the regulation and in the promotion of energy production from renewable sources reduced the attractiveness of these technologies, many involved companies had to downsized their workforce to increase performance. The public often perceives these announcements as a way of increasing shareholder wealth at the cost of the employees. Support for this claim is often given in the form of isolated case study considerations. However, the case may be different for the renewable energy sector as changes in the overall institutional environment have sustainably deteriorated the prospects of this industry. Design/methodology/approach This study analyses stock market reactions of 65 layoff announcements made by companies in the renewable energy industry in the years from 2005 to 2014. The reactions are measured by cumulative abnormal returns, which are obtained by using the event study methodology. Findings It shows a significantly negative market reaction to the announcement of a layoff plan on the event day. The findings are generally in line with our expectations and underline the negative perspectives of the sector from a capital market point of view and the declining importance of the sector with respect to employment numbers. Originality/value The results of this study are important for investors when estimating the capital market reactions to layoff announcements and when they form their own expectations regarding possible future layoff announcements. For the public, the results are of interest as the prejudice, that layoff plans are used to increase shareholder wealth, can be dismantled. The opposite is shown.

“…Most of these studies focus on the IJESM 11,2 US capital market. More recent research by Hillier et al (2007) and Vu (2012) concentrate on the UK, and Knauer and Lachmann (2011) and Neus and Walter (2009) examine the German market. Capelle-Blancard and Tatu (2012) and Clarenbach and Davies (2001) broaden the view and examine the reactions in a European context.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…These are for example layoff plans that occur due to declining demand, overcapacities in production or weak market conditions (Collett, 2002(Collett, , p. 1186. Investors are generally expected to react negatively to reactive layoff announcements as they indicate negative business development and thus reduced future cash flows (Fraunhoffer et al, 2014, p. 109;Knauer andLachmann, 2011, p. 1114). Proactive layoff plans are considered " […] those that are part of an overall strategic objective" (Lee, 1997, p. 885).…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…In addition to the classification of announcements as either proactive or reactive, it is also possible to use more detailed descriptions of the motives behind layoff decisions (Farber and Hallock, 2008, p. 2;Hillier et al, 2007, p. 35;Knauer andLachmann, 2011, p. 1120). Hillier et al (2007, p. 471) introduce a set of six motives for layoffs that has since been adapted by other studies.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…"Plant closures", on the one side, indicate reduced costs and also the need to reduce overcapacities. The reaction could go either way but is assumed to be negative as the expectations of future revenue-decreases outweigh the positive reactions on short run cost advantages (Knauer andLachmann, 2011, p. 1113). Layoff announcements following "mergers or acquisitions" cannot be considered as either positive or negative per se.…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

“…Instead, it is assumed that the market already anticipated the realization of synergies in connection with the transaction. Thus, the information about the layoff is already considered in the stock price (Knauer andLachmann, 2011, p. 1114).…”

Section: Literature Review and Set Of Testable Hypothesesmentioning

confidence: 99%

See 3 more Smart Citations

Stock market reactions to layoff announcements – analysis of the renewable energy sector

¹

,

²

,

³

2017

View full text Add to dashboard Cite

Purpose This study aims to analyze stock market reactions to layoff announcements in the renewable energy sector. The global renewable energy sector and most of the producers of wind and solar energy equipment are struggling. While changes in the regulation and in the promotion of energy production from renewable sources reduced the attractiveness of these technologies, many involved companies had to downsized their workforce to increase performance. The public often perceives these announcements as a way of increasing shareholder wealth at the cost of the employees. Support for this claim is often given in the form of isolated case study considerations. However, the case may be different for the renewable energy sector as changes in the overall institutional environment have sustainably deteriorated the prospects of this industry. Design/methodology/approach This study analyses stock market reactions of 65 layoff announcements made by companies in the renewable energy industry in the years from 2005 to 2014. The reactions are measured by cumulative abnormal returns, which are obtained by using the event study methodology. Findings It shows a significantly negative market reaction to the announcement of a layoff plan on the event day. The findings are generally in line with our expectations and underline the negative perspectives of the sector from a capital market point of view and the declining importance of the sector with respect to employment numbers. Originality/value The results of this study are important for investors when estimating the capital market reactions to layoff announcements and when they form their own expectations regarding possible future layoff announcements. For the public, the results are of interest as the prejudice, that layoff plans are used to increase shareholder wealth, can be dismantled. The opposite is shown.

Performanceabhängigkeit der Vorstandsvergütung in der Finanz- und Wirtschaftskrise – eine Analyse fixer und variabler Vergütungskomponenten unter Berücksichtigung von Corporate Governance-Mechanismen

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2013

Corporate Governance in Mittelständischen Unternehmen

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No abstract

Motive für große Personalabbaupläne, der Verlust von Humankapital und Börsenreaktionen – Eine Analyse der globalen Luftfahrtindustrie

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et al. 2014

Arbeit – Eine Neubestimmung

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No abstract

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