The Effect of Downsizing on Firm Performance：Accounting for Endogeneity When Assessing Strategy Performance

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曾子容(Tzu-jung Tseng) 查詢紙本館藏

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人力資源管理研究所

論文名稱

(The Effect of Downsizing on Firm Performance：Accounting for Endogeneity When Assessing Strategy Performance)

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摘要(中)

組織精簡為組織面對環境變動及營運困難時常採用的策略，透過有效運用人力及降低成本以維持獲利。本篇論文目的在探討組織精簡對於組織績效的影響，其中考量了組織特性，如：研發密集度、成長率及資本密集度。本論文認為外部董事比例及高階經理人變動薪比例為組織精簡傾向的決定性因素，考量了策略的內生性，運用處理效果模型(treatment-effect model)控制自我選擇偏誤。
本篇論文的樣本是由台灣經濟新報(TEJ)資料庫選擇了698家上市公司，蒐集2008至2009年的數據衡量組織是否進行組織精簡。這段期間，許多組織正遭逢金融危機所帶來的經濟不景氣，研究發現高達41.1%的組織在這段期間曾進行組織精簡。績效改變則是用2007至2009年的平均三年前績效，與2010至2012年進行組織精簡後的平均三年績效差異來衡量。
本篇論文證實了組織精簡對於組織績效改變有正向影響。透過簡單線性迴歸與處理效果模型結果的差異，證明自我選擇偏誤會顯著影響組織精簡對績效改變的效果。此外，本論文發現組織的研發密集度會正向調節組織精簡對績效的影響，而高階經理人的變動薪比例會正向影響進行組織精簡的傾向。

摘要(英)

This study aims to exam downsizing effect on firm performance when considering companies’ characteristics including R&D intensity, growth rate and capital intensity. This article proposes that proportion of outside directors and proportion of executive incentive pays are determinations of downsizing. Accounting for endogeneity, this study uses treatment-effect model to control self-selection bias.
There are 698 listed companies from Taiwan Economics Journal database (TEJ) in samples. This study collects data from 2008 to 2009 to measure downsizing. This was the period when corporations confronted economic downturn caused by financial crises. It is found that about 41.1% companies had downsized at that time. Performance change is measured by the difference of prior averaged ROA (2007 to 2009) and averaged ROA after downsizing (2010 to 2012).
This study validates positive effect of downsizing on performance change. It is found that results from OLS regression and treatment-effect model are different, showing that self-selection bias significantly influences downsizing effect on performance change. In addition, this study shows that R&D intensity positively moderates downsizing effect on performance change. Moreover, proportion of executive pays is positively related to tendency of downsizing.

關鍵字(中)

★ 組織精簡
★ 績效
★ 內生性
★ 處理效果模型

關鍵字(英)

★ downsizing
★ performance
★ endogeneity
★ treatment-effect model

論文目次

CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEW 3
2.1 THE EFFECT OF DOWNSIZING ON FIRM PERFORMANCE 3
2.1.1 DOWNSIZING AND FIRM PERFORMANCE 3
2.1.2 DOWNSIZING AND TREATMENT-EFFECT MODEL 5
2.1.3 DOWNSIZING UNDER DIFFERENT CORPORATIONS CHARACTERISTICS 6
2.2 DETERMINATION OF DOWNSIZING 9
2.2.1 BOARD MONITORING AND DOWNSIZING 9
2.2.2 EXECUTIVE INCENTIVES AND DOWNSIZING 10
CHAPTER 3 METHODS 12
3.1 RESEARCH FRAMEWORK 12
3.2 SAMPLE AND DATA COLLECTION 13
3.3 MEASURES 14
CHAPTER 4 RESULTS 21
4.1 DESCRIPTIVE STATISTICS ANALYSIS 21
4.2 REGRESSION RESULTS 22
4.3 TREATMENT-EFFECT MODEL 24
CHAPTER 5 CONCLUSION 31
5.1 DISCUSSION 31
5.2 MANAGERIAL IMPLICATION 34
5.3 LIMITATIONS AND DIRECTIONS FOR FUTURE RESEARCH 35
REFERENCES 37

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指導教授

陳明園(Ming-Yuan Chen)

審核日期

2014-7-16

推文