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

The present study focusses on the controversial issues between human resource management and international capital markets. It analyzes the impact of layoff announcements on the market value of the global airline sector while utilizing the event study methodology. Between 2003 and 2012, 84 redundancy plans were announced by 22 airlines. The empirical evidence underlines that there is no generalization of the capital market’s reaction to these announcements; it is rather the very specific layoff motive that drives the market perception. In particular, proactive measures with a focus on restructuring show a positive impact on the shareholder value.