Workforce reduction and firm performance: Evidence from French firm data

Benedicte Reynaud

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Abstract: Using a large annual data base of French firms (1994-2000), this article examines the determinants of a workforce reduction of publicly-listed and non-listed companies and their consequences on firm performance. Firstly, workforce reduction appears to be a defensive response to an adverse economic shock. However, publicly-listed firms anticipate better than the others the decision to cut jobs. Secondly, using a Difference in Differences model, the estimates indicate that there has been a very small but significant improvement in the major performance indicators of the non-listed companies. For listed-companies, the estimates are no significant.

Keywords: worforce reduction; layoff; financial performance; return on equity; selection bias; réduction d'emploi; licenciement; performance financière; retour sur fonds propres; biais de sélection (search for similar items in EconPapers)
Date: 2010-02
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00564828v1
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Citations: View citations in EconPapers (3)

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Working Paper: Workforce reduction and firm performance: Evidence from French firm data (2010)
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