The Performance Consequences of Operational Restructurings

Lori Holder-Webb, Thomas Lopez () and Philip Regier

Review of Quantitative Finance and Accounting, 2005, vol. 25, issue 4, 319-339

Abstract: This study provides new evidence on the long-term performance effects of operational restructurings. While managers claim that restructurings increase the efficiency and profitability of companies, prior studies using accounting data have reached mixed conclusions regarding the post-restructuring operational effectiveness of these events. Using metrics that provide control for firm and industry performance in the absence of restructuring, and examining a time horizon extending five years subsequent to the restructuring, our results are not consistent with an improvement in operating performance resulting from restructuring after controlling for ex ante expectations of firm and industry performance. Copyright Springer Science + Business Media, Inc. 2005

Keywords: restructuring; operating performance; operational restructurings (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s11156-005-5458-7

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