[农业]性能萨菲.pdf

Journal of Economics and Business 61 (2009) 216–237 Contents lists available at ScienceDirect Journal of Economics and Business Interaction effects of restructuring decisions on operating profit following performance shocks Alfred Yawson ∗ School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia a r t i c l e i n f o a b s t r a c t Article history: This paper examines the interaction effects of restructuring activ- Received 16 February 2007 ities for a sample of Australian firms experiencing significant Received in revised form 15 April 2008 declines in operating performance. Our sample firms respond to Accepted 22 April 2008 performance shocks with both financial and corporate restructur- ing and they achieve significant improvements in operating profits JEL classification: in each of the first 3 years following the shocks. We find that finan- G32 G34 cial and corporate restructuring have both contemporaneous and lagged impact on operating performance. Most importantly, we Keywords: show that the interaction of restructuring events has a strong influ- Operating performance ence on the corporate recovery process. We conclude that financial Restructuring actions and corporate restructuring play complementary as well as inter- Interaction effects active role in reversing a decli