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Mergers, acquisitions and downsizing: evidence from a financial sector.

Introduction

Why organizations do Mergers or acquire other organization? Does it really help an organization who does a merger or acquire other organization? In last decade, we have seen a lot of mergers and acquisition (M&A) in the financial sector, particularly in the banking sector of Pakistan and after merging or acquiring, downsizing be the next step of those organizations. Our topic is actually based on the Employment Impact of M&A in Banking and Financial Service Sector. The main reason for choosing this topic is to encompass glance at the negative effects of M&A on the employees including executives.

After the M&A, employees of both the organizations i.e. target and acquiring get anxious & psychosomatic due to which their efficiency decreases and as a consequence the organization suffers as a whole. Not only the employees are psychologically disturbed but also the executives get fired and turnover rate also increases in the situation of M&A.

Merger and acquisition is a global phenomenon, with an estimated 4,000 deals taking place every year. From the last decade the value of worldwide M&A has grown dramatically at the rate of 42% a year. Every company wants to grow its business either by internal expansion or by external expansion. In the case of internal expansion, a firm grows gradually over time in the normal course of the business through acquisition but in external expansion, a firm acquires a running business and grows overnight through mergers.

From the last one decade, a large number of international and domestic banks all over the globe are engaged in merger and acquisition activities. One of the foremost objectives behind the M&A in the banking sector is to reap the benefits of economies of scale. It forms of horizontal merger because the merging entities are involved in the same kind of businesses or commercial activities. Through M&A, the banks look for strategic benefits in the banking sector.

It's no secret that plenty of mergers don't work. Those who advocate mergers will argue that the merger will cut costs or boost revenues by more than enough to justify the price premium. Historical trends show that roughly two thirds of big mergers will disappoint on their own terms, which means they will lose value on the stock market. The motivations that drive mergers can be flawed and efficiencies from economies of scale may prove elusive.

Since a majority of mergers end up with the elimination of overlapping functions and positions, the first 100 days are likely to be those when staff are most uncertain about jobs, career prospects and the disappearance of their own corporate culture. There has been a decline in permanent employment, increased job instability and insecurity, and rapid growth of various non-standard forms of work, including part-time and temporary employment. For many reasons these may not reflect actual job reductions and some of the reasons will help explain frequent discrepancies between the announced and actual job impact of individual M&A.

In case of mergers and acquisitions companies forget that they are actually dealing with people who are basic resource which will make the merger work at every level and need to be treated with respect and sensitivity. The fact is that human factor has not been taken into account and that is the main reason for failure of half of the mergers. Most of the time in case of mergers and acquisitions, teams are usually put together to oversee M&A operations. These teams almost always comprise specialists in legal and financial issues as well as experts in strategy but do not include human resource directors. With the help of mergers and acquisitions in the banking sector, the banks can achieve significant growth in their operations and minimize their expenses to a considerable extent.

Another important advantage behind this kind of merger is that in this process, competition is reduced because merger eliminates competitors from the banking industry. In some cases, financially distressed banks are also subject to takeovers or mergers in the banking sector and this kind of merger may result in monopoly and job cuts. Negative effects of mergers and acquisitions become stronger when there is lack of clear, honest, friendly and frequent communication to the intact work force.

The creation of formal, internal communications mechanisms as early as possible in the process is necessary to limit the anxiety that will otherwise be fuelled by rumor, the grapevine, or even outside news reports. Employees complain that their first knowledge that their employer is involved in a merger or acquisition is often from the morning news before setting off for work. Job losses in individual firms are usually exacerbated by increased use of information and communications technologies in the newly merged organization and the outsourcing of functions previously performed by employees. Financial institutions around the world are not only closing traditional outlets as a result of M&A but are also reducing staff at remaining offices by making use of new technology to overhaul back office and other support operations.

To reduce the possibilities of failure in M&A, some management experts have recommended that human capital be placed at the centre of the process, or at least be given equal attention to that assigned to economic and financial considerations. According to this school of thought, such a redirection would enable acquirers to select the most compatible acquisition targets from a human resource perspective and make integration that much easier.

The research study is conducted to check out whether the employees working in different fields of life are affected by pre and post M&A situation or not? And to what extent M&A situation influence them? And if they are affected by this so are they able to cope up with this situation or not? And finally to evaluate that which measures should be taken as precautions to handle the problems occurs after M&A situation? For this purpose questionnaire survey will be conducted from three banks includes National Bank of Pakistan (Public Sector), Standard Chartered Bank (Private Sector) and Royal Bank of Scotland (Private Sector) and two insurance companies including State life Insurance Corporation Pakistan (Public Sector) and EFU Life Assurance (Private Sector).

We have focused on employees of financial sector of Pakistan, who are working in the banks or insurance companies which are either involved in mergers and acquisitions activity or in future want to do so. Purpose of conducting research on employees of banks and financial institutions is to measure the extent of psychological stress through which all the employees has to be passed and ultimately get annoyed and dissatisfied from their jobs and eventually the organization suffers as a whole.

Literature Review

In order to study the impact of Mergers and Acquisitions on the Employees' Psychology the past era researches related to the topic has been reviewed in order to analyze and extract the prolific results.

According to Cooper and Cartwright (1993), after the mergers and acquisitions employees and executives working in organization badly affected from the situational changes. This alteration ultimately results in contentment deficiency towards their job and upshot their competency at its lower level which eventually affects the organization as a whole. In their article, researcher also provided a systematic empirical analysis of the effects of take over and merger activity on firm employment in the United Kingdom.

According to Olatunji and Uwalomwa (2009), numerous bank recruits have experienced copious psychosomatic effects of mergers and acquisition. It was also discussed that acquisition is repeatedly seen to clinch pessimistic impacts on employee's behavior, resulting in counterproductive practices, absenteeism, low morale and job dissatisfaction. This paper studied the effects of merger and acquisition on the morale and psychology of employees in the Nigerian banking sector and how it affects employee's productivity. Researchers also identified the different stages in mergers and acquisition and also the problems that may emerge at each stage of mergers and acquisition integration process.

Covin, Sightler and Kolenko (1996) explore post acquisition attitudes and behaviors and the impact of merger satisfaction on attitudinal and behavioral outcome variables. Research outcome demonstrate momentous differences in merger satisfaction both within and between acquiring firm and acquired firm employees. It was observed that level of individual satisfaction with a merger was also found to be strongly associated with several key attitudinal and demographic variables, including satisfaction with supervision, satisfaction with career future and company identification, communication with top management, agreement with the acquiring company' s mission statement, turnover intent, and union status.

Merger article provides an introduction to the themes of this special issue on "connectivity in merging organizations". The growing impact of mergers and acquisitions on organizations, industries and economies has generated substantial research interest in the ensuing change processes from strategic, human resource and cultural perspectives. However, this research has focused on cultural differences between merging firms and how these differences may be bridged. This focus has provided important intimidating dynamics of these processes (Angwin and Vaara, 2005).

This paper argues that knowledge on organizational culture has acquired authority and constitutes a truth on mergers, a truth saturated with both enabling and constraining power effects. This rule has involved a process of disciplinary normalization in merger integration with the result that culture has become naturalized to organization. This research shows that the implications of critically examining organizational culture in this way are twofold: first, it opens up space for other merger discourses, and second, it enables positioning of merger accounts within cultural discourses in a way that forwards productive rather than divisive effects in theory and practice (Raid, 2005).

According to Giessner, Terry and Tauber (2006), employees of merging organizations often show resistance to the merger. The employees' support depends on the companies' pre-merger status and on the merger pattern which is based on an inter group perspective, three studies were conducted to investigate the influence of pre-merger status (high, low) and merger pattern on participants' support for a pending organizational merger. So the cram of the research illustrates the preferential integration equality & transformation by the entire low status group whereas the high status group favored integration proportionality and assimilation.

Kiessling, Harvey and Heames (2008) confer about examining the perception of employees about mergers and acquisitions. Merger article indicate that significant validation in the use of labor reduces joint output in post-merger situation. Canvasser also discussed about that negative effect which is particularly pronounced in the case of related and especially hostile mergers. Conyon, Girma and Wright (2001) provide a systematic empirical analysis of the effects of takeover and merger activity on firm employment in the United Kingdom. Outcome delegate that significant rationalizations in the use of labor occur as firms reduce joint output and increase efficiency post-merger. These effects are particularly pronounced in the case of related and especially hostile mergers.

Merger article provides the discursive construction of success and failure in narratives of post-merger integration. Vaara (2002) conducted a research which is based on extensive interview material from eight Finnish-Swedish mergers and acquisitions, the empirical analysis leads to distinguishing four types of discourse i.e. rationalistic, cultural, role-bound and individualistic that narrators employ in recounting their experiences. The suggested scrutiny is, as a result of making use of these discursive strategies and moves, success stories are likely to lead to overly optimistic or, in the case of failure stories, overly pessimistic views on the management's ability to control these change processes.

Focal point of the research article is studying the merger of the head offices of two public service organizations in Sweden which was used to examine differences in the meanings that employees attach to the organizations involved and their expectations of the new merged organization. Dackert, Brenner and Johansson (2003) conducted a research with the help of two-stage methodology with a survey questionnaire based on the elicited constructs. The results showed that both groups expected one of them to be dominant after the merger. Members of this organization expected to change very little, while employees in the non-dominant group felt themselves to be threatened by the prospect of merger and this led them to emphasize their own distinctiveness.

According to Probst (2003), organizational restructuring has primarily been conducted using self-report cross-sectional data. He used a Solomon four-group design in order to examine the effects of an organizational restructuring and protesting. Results suggested that the organizational restructuring had consistent negative effects on employee levels of job security, organizational commitment, perceptions of time pressure, psychological well-being, and turnover intentions which alongside affects the organizational performance.

Merger literature worked on the organizational identification to predict turnover intentions in Japanese and British commercial and academic organizations. In both studies and in both countries, the authors anticipated that identification with the organization substantially and significantly predicted turnover intentions. The authors hypothesized that subjective norms would be a significantly stronger predictor of turnover intentions in a collectivist setting. This prediction was supported. Although social identity is sturdily allied with turnover intentions across both cultures, the subjective normative aspects of group membership are significantly more strongly associated in the Japanese organizations (Hinkle, 1998).

According to Hogan and Barton (2001), worker turnover has been of keen interest for both managers and researchers. Based upon the literature, a structural measurement model incorporating four core antecedents of turnover (i.e., demographic characteristics, work environment, job satisfaction, and turnover intent) was developed and tested using a national sample of American workers. The domino effect is, the work environment is more important in shaping worker job satisfaction than are demographic characteristics, and that job satisfaction is a highly salient precursor of turnover intent. Finally, job satisfaction is a key mediating variable between the work environment and turnover intent.

The study developed and tested a model of job uncertainty for survivors and victims of downsizing. Research data was collected from three samples of employees each representing three phases of the downsizing process before the announcement of the redeployment of staff, during the implementation of the downsizing. And the study demonstrates that levels of job uncertainty and personal control had a direct relationship with emotional exhaustion and job satisfaction. In addition, there was evidence to suggest that personal control arbitrate the relationship between job uncertainty and employee adjustment (Paulsen, Rooney and Bordia, 2005).

Precisely, mergers and acquisitions can leave the favorable/unfavorable impact on the employees' psychological behaviors in banking sector. And the results of the past era researches showed that the most of the time employees' psychological behavior affected negatively by the event of mergers and acquisitions and also creates mental stress which ultimately decreases the satisfaction level among employees and management. M&A creates negative reactions on the part of the employees and often seen to have negative impacts on employee's behavior, resulting in counterproductive practices, absenteeism, low morale and job dissatisfaction. Because open, timely, and accurate communication with employees may effectively reduce the negative psychological and behavioral consequences and helps in thereby reducing employee's anxiety, uncertainty, confusion, rumor activity and labor turnover.

Levels of job uncertainty, personal control and job satisfaction improved and/or stabilized over the downsizing process. During the implementation phase, survivors experienced higher levels of personal control than victims, but both groups of employees reported similar levels of job uncertainty. Another important thing which has been ignored consistently is that communication during a merger needs to vary in its openness, depending on the nature of the information to be communicated, the goals of the organization, the specific needs and concerns of the employees, and the different needs and expectations of acquiring and acquired company employees.

Finally, it is concluded that the administrative problems not solely responsible for employees' psychological disturbance, the main factor is mergers and acquisition situation which negatively affects the employees' psychological behavior which ultimately increases dissatisfaction level and job insecurity among employees and in order to make Mergers and Acquisitions successful in terms of employment we must take strong actions in response of that.

Methodology

"Merger and Acquisition do create Employees' Psychological disturbance in banking and financial service sector, in the presence of administrative problems whereas Employees' Psychology diverges according to organizational environment irrespective of the merger and acquisitions."

Above problem statement helps in exploring the extent of psychological stress which all the employees has to be faced in the presence of awful administrative situation and ultimately get annoyed and dissatisfied from their jobs and eventually the organization suffers as a whole. Generally, the purpose of this paper is to excavate reflective understanding of different employment factors which can either directly or indirectly affected by mergers and acquisitions situation. Quantitative research method is helpful in order to analyze the impact of M&A situation on the employees' psychological agony. For this merger study, the assistance of both; primary data i.e. questionnaire survey and secondary data i.e. past era researches and case studies has been reviewed. Target market for this research study was 50 individuals of financial service sector including banks i.e. National Bank of Pakistan (Public Sector), Standard Chartered Bank (Private Sector) and Royal Bank of Scotland (Private Sector) and insurance companies i.e. State life Insurance Corporation Pakistan (Public Sector) and EFU Life Assurance (Private Sector).

For data collection, 50 Structured Questionnaires has been circulated in order to get accurate and specific results. The questionnaire was designed in such a way that people can easily understand and pick the answer of the questions asked. Questionnaire included twenty three questions, out of which twenty two were multiple choice questions. One suggestion question was also added in the end of questionnaire which shows the scrutiny of employees to overcome the problem occur due to M&A. After data gathering process results has been interpreted and analyzed through the assistance of SPSS tool by applying Correlation Analysis which is used to check the consistency of relationship between variables and Regression Analysis to analyze the extent of the variables' reliability.

[ILLUSTRATION OMITTED]

The paper is focusing on the four important variables (i.e. Dependent, Independent, Moderating and Intervening). Employees' Psychological Disturbance is the dependent variable as only the organizational and economical effect of M&A has been taken in view. Because of that, employees are also badly influenced by the M&A situation and have been taken into account. Mergers and Acquisitions is independent variable which influenced the employees' psychology and ultimately creates psychological distress.

The Organizational Environment is our moderating variable as the organizational environment can moderate the effect of the M&A on Employees' Psychology in either positive or negative manner. If the organizational environment is friendly and open then employees can easily cope up with the situation otherwise negative impact can be strong. And lastly, the intervening variable i.e. Administrative Problems. As intervening variable makes the connection between dependent and independent variable more specific and clear so administrative problems can also helps in understanding the extent of affect of M&A on Employees Psychological Disturbance more clearly.

Findings and Results

REGRESSION

(Gender wise Response)

Analysis:

The above analysis estimates the conditional expectation of the dependent variable given the independent variable. Analysis basically focuses on the extent of the changes in the typical value of the dependent variable when the variations occur in independent variable. In this analysis dependent variable is gender differences and independent variable is gender. On the basis of above analysis, Ho (Null Hypothesis) is accepted as the t = -.401 which is less than the 1.96 and goes in the favor of statement i.e. t < 1.96. And it shows that with the change in independent variable, dependent variable remains unchanged because no relationship exists between the above two variables which implies that impact of gender on dependent variable is insignificant.

(Sector wise Response)

Analysis:

The above analysis estimates the average value of the dependent variable when the independent variable is held fixed. Less commonly, the focus is on the conditional distribution of the dependent variable given the independent variables. In this analysis dependent variable is 'company benefited by M&A' and independent variable is 'organization type' which can either be private or public sector. On the basis of above analysis, Ho (Null Hypothesis) is accepted as t < 1.96 where the value of t is "-.455". And it shows that with the change in independent variable, dependent variable remains unchanged because no relationship exists between the above two variables which implies that organization type has insignificant impact on dependent variable.

(Consequence wise Response)

Analysis:

The above analysis used for prediction and forecasting and to understand which among the independent variables are related to the dependent variable, and to explore the forms of these relationships. It has been used to infer causal relationships between the independent and dependent variables. Analysis estimates the average value of the dependent variable when the independent variable is held fixed. In this analysis dependent variable is ' consequence of M&A' and independent variable is 'designation' which can either be upper level, middle level and lower level management. On the basis of above analysis, Ho (Null Hypothesis) is rejected as t < 1.96 where the value of t is "1.426" which shows the insignificant relationship between dependent and independent variable.

(Designation wise Response)

Analysis:

The above analysis estimates the conditional expectation of the dependent variable given the independent variable. Analysis basically focuses on the extent of the changes in the typical value of the dependent variable when the variations occur in independent variable. In this analysis dependent variable is ' Severe affect of organizational restructuring' and independent variable is 'Designation'. On the basis of above analysis, Ho (Null Hypothesis) is accepted as the t = -.564 which is less than the 1.96 and goes in the favor of statement i.e. t < 1.96. And it shows that with the change in independent variable, dependent variable remains unchanged because no relationship exists between the above two variables.

(Age wise Response)

Analysis:

The above analysis estimates the conditional expectation of the dependent variable given the independent variable. Analysis basically focuses on the extent of the changes in the typical value of the dependent variable when the variations occur in independent variable. In this analysis independent variable is 'gender' and dependent variable is 'employees' ability to cope up with psychological stress'. On the basis of above analysis, Ho (Null Hypothesis) is accepted as the t = .835 which is less than the 1.96 and goes in the favor of statement i.e. t < 1.96. And it shows that with the change in independent variable, dependent variable remains unchanged because no relationship exists between the above two variables.

(Organization wise Response)

Analysis:

The above analysis estimates the average value of the dependent variable when the independent variable is held fixed. Less commonly, the focus is on the conditional distribution of the dependent variable given the independent variables. In this analysis dependent variable is 'employees well informed and right to take part in decision making process' and independent variable is 'organization type' which can either be private or public sector. On the basis of above analysis, Ho (Null Hypothesis) is rejected as the value of t is "1.92" which is nearly equals to "1.96". And it shows that with the change in independent variable, dependent variable also changed because slighter relationship exists between the above two variables.

Recommendations and Suggestions

From this research study I have concluded that M&A has strong impact on employees' psychology and create psychological disturbance among employees whether they working in banking sector or any other financial service sector i.e. insurance companies. After doing this research it's very easy to get better understanding about the following things;

* How to reduce employees' psychological disturbance in case of M&A?

* How to decrease the turnover rates and upper management downsizing after Mergers and Acquisitions?

* How to improve employees' efficiency and their satisfaction level towards their jobs in case of mergers and acquisitions?

* How to reduce the effects of anxiety about employee departure on individuals and work groups in an existing company?

* How to avoid staff reductions because downsizing doesn't only means reduction in head count and work reorganization but it is actually destroying the firm's social fabrics.

* How to eliminate the fear of job insecurity among employees and management and tries to lessen the employees' mental stress so that they might put extra effort into their jobs to demonstrate organizational loyalty.

* How to overcome the administrative problems which occurs due to Mergers and Acquisitions?

* How to sustain different employees' benefits plans in order to minimize the pessimistic effects of M&A on employees?

* How to turn into cost efficient and employment efficient at the same time by implementation of economies of scale after mergers and acquisitions?

* How to train human resources executives, organizational consultants, and stress management specialists in order to triumph over the negative impact of M&A on employees?

Results of the research study show that all the above questions can only be answered by focusing on the following points;

* To overcome the destruction of employees' psychological contracts.

* Find out the elements of unpredictability in case of mergers and acquisitions.

* To create deep-seated employees' assumptions.

* Minimize the feelings of loss of control among employees and management after mergers and acquisitions.

* Reduce the fear of betrayal and unfairness among management and employees after mergers and acquisitions.

* To eliminate the environment of anger and mistrust in organization after M&A.

* To overcome the problem of decreased productivity and stunt creativity.

* To avoid the feeling of job insecurity of retained staff after M&A.

* To avoid the generalized stress, demoralization, depression and burnout among employees and management after M&A.

* To overcome the management strain of "survivors' syndrome"

* To overcome the problems arise due to the climate of poor morale among employees and management after M&A.

* Finally, creation of working conditions which are sustainable and conducive in order to achieve the corporate objectives and employees satisfaction.

References

Angwin, D. & Vaara, E. (2005), "Connectivity in Merging Organizations". Organization Studies, Vol.26, No.10, pp. 1445-1453.

Conyon, M., Girma, S., & Wright, P. (2001), "Impact of Mergers and Acquisitions on Company Employment in the United Kingdom". Review of Financial Economics, Vol. 5, No. 2, pp. 181-190.

Cooper, L. & Cartwright, S. (1993), "Psychological Impact of Mergers and Acquisitions on the Individuals". Journal of Human Relations, Vol. 46, No. 3, pp. 327-347.

Covin, T., Sightler, K., & Kolenko, T. (1996), "An Investigation of Post-Acquisition Satisfaction with the Merger". The Journal of Applied Behavioral Science, Vol. 32, No. 2, pp.125-142.

Dackert, P., Brenner, O., & Johansson, C. (2003), "Eliciting and Analyzing Employees' Expectations of a Merger". Human Relations, Vol. 56, No. 6, pp.705-725.

Giessner, S., Terry, D., & Tauber, S. (2006), "The Challenge of Merging: Merger Patterns, Pre merger Status, and Merger Support". Personality and Social Psychology Bulletin, Vol. 32, No. 3, pp.339-352.

Hinkle, S. (1998), "Psychological Attachment to the Group: Cross-Cultural Differences in Organizational Identification and Subjective Norms as Predictors of Workers' Turnover Intentions". Personality and Social Psychology Bulletin, Vol. 24, No. 10, pp. 1027-1039.

Hogan, N. & Barton, S. (2001)," Impact of Job Satisfaction on Turnover Intent". The Social Science Journal, Vol. 38, No. 2, pp. 233-250.

Kiessling, T., Harvey, M., & Heames, J. (2008), "Operational Changes to the Acquired Firm's Top Management Team and Subsequent Organizational Performance". Journal of Leadership and Organizational Studies, Vol.14, No.4, pp.287-302.

Olatunji, O. & Uwalomwa, U. (2009), "Psychological effects of mergers and acquisition on employees". World Review of Entrepreneurship, Management and Sustainable Development, Vol. 5, No.1, pp. 102-115.

Paulsen, N., Rooney, D., & Bordia, P. (2005), "Job Uncertainty and Personal Control during Downsizing". Human Relations, Vol. 58, No. 4, pp.463-496.

Probst, T. (2003), "Exploring Employee Outcomes of Organizational Restructuring". Group Organization Management, Vol. 28, No. 3, pp. 416-439.

Riad, S. (2005), "The Power of Organizational Culture as a Discursive Formation in Merger Integration". Organization Studies, Vol. 26, No. 10, pp. 1529-1554.

Vaara, E. (2002), "On the Discursive Construction of Success/Failure in Narratives of Post-Merger Integration". Organization Studies, Vol. 23, No. 2, pp. 211-248.

Mr. Muhammad Usman Kemal

Assistant Professor, SZABIST, Pakistan

usmankemal@szabist-isb.edu.pk

Ms. Saher Shahid

Academic Researcher

Mr. Muhammad Usman Kemal can be contacted at: usmankemal@szabist-isb.edu.pk
Table 3.1: Does gender differences play an important role in
employees' psychological disturbance arises through mergers/
acquisitions?

 Unstandardized Standardized t Sig.
 Coefficients Coefficients

Model B Std. Error Beta

1 (Constant) 2.560 .473 5.417 .000
 What is your -.120 .299 -.058 -.401 .690
 gender?

(a.) Dependent Variable: Does gender differences play an important
role in employees' psychological disturbance arises through
mergers/acquisitions?

Table 3.2: Which Company gets more benefits from mergers/acquisitions?

Model Unstandardized Standardized t Sig.
 Coefficients Coefficients

 B Std. Beta
 Error

1 (Constant) 1.926 .197 9.761 .000
 What is your -.051 .113 -.065 -.455 .651
 organization
 type?

(a.) Dependent Variable: Which Company gets more benefits from
mergers/acquisitions?

Table 3.3: Which of the following is the most important consequence
of M&A?

Model Unstandardized Standardized t Sig.
 Coefficients Coefficients

 B Std. Error Beta

1 (Constant) 1.412 .380 3.717 .001
 What is your .256 .180 .202 1.426 .160
 designation?

a. Dependent Variable: Which of the following is the most important
consequence of M&A?

Table 3.4: Which one is the most severe affect of the organizational
restructuring?

Model Unstandardized Standardized t Sig.
 Coefficients Coefficients

 B Std. Error Beta

1 (Constant) 2.998 .450 6.666 .000
 What is your -.120 .213 -.081 -.564 .575
 designation?

(a.) Dependent Variable: Which one is the most severe affect of the
organizational restructuring?

Table 3.5: Are employees able to cope up with psychological stress?

Model Unstandardized Standardized t B Std. Sig.
 Coefficients Coefficients Error

 B Std. Error Beta

1 (Constant) 2.411 .496 4.859 .000
 What is .193 .231 .120 .835 .408
 your age?

(a.) Dependent Variable: Are employees able to cope up with
psychological stress?

Table 3.6: Do employees well informed about mergers/acquisitions and
take part in the takeover decisions?

Model Unstandardized Standardized t Sig.
 Coefficients Coefficients

 B Std. Error Beta

1 (Constant) 1.890 .611 3.095 .003
 What is your .673 .350 .267 1.921 .061
 organization
 type?

(a.) Dependent Variable: Do employees well informed about mergers/
acquisitions and take part in the takeover decisions?
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Author:Kemal, Muhammad Usman; Shahid, Saher
Publication:Global Business and Management Research: An International Journal
Geographic Code:9PAKI
Date:Jan 1, 2012
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