Downsizing implementation and financial performance

In the present study we explore the relationship between downsizing decisions and corporate financial performance after top management has decided to downsize. Our focus is on the financial consequences arising from the amount of downsizing and the use of disengagement incentives. For this purpose, we use a sample of downsizing announcements in the Spanish press from 1995 up to 2001. Although the results show that the amount of downsizing is not significantly related to post-downsizing profitability, the evidence provided supports the finding that the use of disengagement incentives (which motivate workers to leave the organization) is negatively related to firm performance. Our analysis helps to understand the role that strategic downsizing decisions play in explaining observed variance in the performance of downsized firms. Thus, it advances scholarly organizational research by reinforcing the concept that corporate performance is not only contingent on strategies, but also influenced by the means through which these strategies are implemented

Does downsizing improve organizational performance? An analysis of Spanish manufacturing firms

The objective of this study is to examine the effect of downsizing on corporate performance, considering a sample of manufacturing firms drawn from the Spanish Survey of Business Strategies during the 1993- 2005 period. No significant differences in post-downsizing performance arise between companies which downsize and those that do not. Likewise, we find that substantial workforce reductions through collective dismissals do not either lead to improved performance levels. Downsizing, therefore, may not be a way for managers to increase performance, particularly in a context like the Spanish one, where the labour market is characterized by a high protection of employees’ rights and substantial contract termination costs

Financial forecasts of SMEs in IPOs: fact or fiction?

Este artículo valora el proceso de previsión financiera de las pequeñas y medianas empresas (PYME) en sus salidas a bolsa. Específicamente, se analiza la calidad de las previsiones de beneficios realizadas y se exploran los factores que determinan la precisión de tales previsiones. Este estudio considera todas las empresas que han salido a cotizar al Mercado Alternativo Bursátil español (MAB). Los resultados muestran que los directivos de las empresas del MAB han sido mayoritariamente optimistas y altamente imprecisos en la estimación de los beneficios futuros.This article assesses the financial forecasts of small and medium-sized enterprises (SMEs) in their process of initial public offering (IPO). In particular, the quality of earnings forecasts is analysed and the determinants of accuracy of earning forecasts are explored. To this end, the empirical study considers all the companies listed on the Spanish Alternative Stock Market (MAB). The results show that managers of newly listed Spanish SMEs have mostly been optimistic and highly inaccurate when estimating their future earnings

Relaciones y vida laboral de tres generaciones de profesionales en Cali-Colombia

Sociedad & Economía #20. Año 2011Trayectorias Laborales, Estrategias Relacionales, Clases Medias Profesionales, Generaciones

Determinant factors of pull up performance in trainedathletes

Aim: to investigate the relationship among pull up and lat pull exercises and differentanthropometric dimensions in trained athletes. Methods: twenty-five males were evaluated for maximum number of pull ups, one-repetitionmaximum lat pull (1RM Lat Pull), lat pull repetitions at 80% 1RM (Lat Pull at 80% 1RM), latpull repetitions at a load equivalent to body mass (Lat Pull at BM-load), and differentanthropometric variables. Furthermore, the subjects were divided in higher (HPG, n = 12) andlower pull up performance (LPG, n = 13) to compare the differences in the variables analyzedbetween both levels. Results: pull ups were significantly correlated with Lat Pull at BM-load (r = .62, P < .01) butneither with 1RM Lat Pull (r = .09) nor with Lat Pull at 80% 1RM (r = -.15). Pull ups showed asignificant (P < .05) negative relationship with body mass (BM, r = -.55), lean body mass(LBM, r = -.51), and fat mass (FM, r = -.52), while BM and LBM were significantly correlatedwith 1RM Lat Pull (r = .55, P < .05). HPG showed significantly (P < .05) lower BM (0/3/97%),FM (1/3/97%) and LBM (1/4/95%) than LPG. Furthermore, HPG attained significantly (P < .05– .001) greater performance in Lat Pull at BM-load (100/0/0%) and 1RM Lat Pull•BM-1(96/3/2%) than LPG. Conclusion: these findings suggest that pull up and lat pull exercises have common elements.Moreover, the anthropometric dimensions seem to influence differently on both exercises,depending on the strength indicator evaluated

Plant Growth Promotion and Biocontrol of Pythium ultimum by Saline Tolerant Trichoderma Isolates under Salinity Stress

This present study evaluates three isolates of Trichoderma as plant growth promoting or biological control agents: Trichoderma aggressivum f. sp. europaeum, Trichoderma saturnisporum, and the marine isolate obtained from Posidonia oceanica, Trichoderma longibrachiatum. The purpose is to contribute to an overall reduction in pesticide residues in the fruit and the environment and to a decrease in chemical fertilizers, the excess of which aggravates one of the most serious abiotic stresses, salinity. The tolerance of the different isolates to increasing concentrations of sodium chloride was evaluated in vitro, as well as their antagonistic capacity against Pythium ultimum. The plant growth promoting capacity and effects of Trichoderma strains on the severity of P. ultimum on melon seedlings under saline conditions were also analysed. The results reveal that the three isolates of Trichoderma, regardless of their origin, alleviate the stress produced by salinity, resulting in larger plants with an air-dry weight percentage above 80% in saline stress conditions for T. longibrachiatum, or an increase in root-dry weight close to 50% when T. aggressivum f. sp. europaeum was applied. Likewise, the three isolates showed antagonistic activity against P. ultimum, reducing the incidence of the disease, with the highest response found for T. longibrachiatum. Biological control of P. ultimum by T. aggressivum f. sp. europaeum and T. saturnisporum is reported for the first time, reducing disease severity by 62.96% and 51.85%, respectively. This is the first description of T. aggressivum f. sp. europaeum as a biological control agent and growth promoter. The application of these isolates can be of enormous benefit to horticultural crops, in both seedbeds and greenhouses

Improving scope sensitivity in contingent valuation: joint and separate evaluation of health states

We present data of a contingent valuation survey, testing the effect of evaluation mode on the monetary valuation of preventing road accidents. Half of the interviewees was asked to state their willingness to pay (WTP) to reduce the risk of having only 1 type of injury (separate evaluation, SE), and the other half of the sample was asked to state their WTP for 4 types of injuries evaluated simultaneously (joint evaluation, JE). In the SE group, we observed lack of sensitivity to scope while in the JE group WTP increased with the severity of the injury prevented. However, WTP values in this group were subject to context effects. Our results suggest that the traditional explanation of the disparity between SE and JE, namely, the so-called “evaluability,” does not apply here. The paper presents new explanations based on the role of preference imprecision