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Early Retirement Programs and Firm Performance

Wallace N. Davidson III, Dan L. Worrell and Jeremy B. Fox
The Academy of Management Journal
Vol. 39, No. 4 (Aug., 1996), pp. 970-984
Published by: Academy of Management
Stable URL: http://www.jstor.org/stable/256719
Page Count: 15
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Early Retirement Programs and Firm Performance
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Abstract

Early retirement programs are increasingly used as a human resources strategic response to changes in the business environment. For the period 1982-92, we found that investors tended to view early retirement programs favorably. These positive market responses further appeared to be influenced by the institutional rationale for a workforce reduction, the timing of a reduction's announcement, firm size, the restriction of an early retirement program to white-collar employees, and the physical size of the public announcements of a program.

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