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REFERENCES

Hannan, M. T. & Freeman, J. (1977) The population ecology of organizations. American Journal of Sociology , 82: 929-964.

Hannan, M. T. & Freeman, J. (1984) Structural inertia and organizational change. American Sociology Review , 49: 149-164.

Lazarus, R. S. & Folkmann, S. (1984) Stress, Appraisal, and Coping. New York, NY: Springer Publishing Company.

Miles, R. E. & Snow, C. C. (1978) Organizational Strategy, Structure, and Process. New York, NY: McGraw-Hill, Inc.

Welbourne, T. M. (1995) Fear: The misunderstood component of organizational transformation. Human Resource Planning, 18(1), 30-37.

Welbourne, T. M. & Andrews, A. O. (1996) Predicting the performance of initial public offerings: Should human resource management be in the equation? Academy of Management Journal , 39(4), 891-919.

Tanner, J. F.,Hunt, J. B. & Eppright, D. R. (1991) The protection motivation model: A normative model of fear appeals. Journal of Marketing , 55(July), 36-45.


TABLE 1

MEANS, STANDARD DEVIATIONS, CORRELATIONS STUDY #1

Variable Mean Standard Deviation 1 2 3 4 5 6 7 8
% change in stock price .18 .94 1.00              
# emps. 950 2,992 .18*** 1.00            
# risk parag. 15.95 5.02 -.20*** -.60*** 1.00          
net income (mm) 10.13 74.88 .11*** .16*** -.15*** 1.00        
Price per share IPO 10.92 5.16 .14*** .54*** -.51*** .14*** 1.00      
% change in sales 2.11 9.26 .11*** -.18*** .11*** -.08* -.01 1.00    
Value - prospectus 4.56 1.62 .03 .10** -.10** .02 .06 .00 1.00  
Value - survey 3.79 .58 .18*** .07 -.03 -.02 -.03 .11* -.02 1.00

* p < .05
** p < .01
*** p < .001


TABLE 2

REGRESSION ANALYSES FOR STUDY #1
DEPENDENT VARIABLE = CHANGE IN STOCK PRICE (1993 TO 1995)

  Equation#1(prospectus measure) Equation#2(survey measure)
  Beta T Beta T
Variables        
Number of employees .19 2.83** .22 2.35*
Risk factors -.13 -2.18* -.10 -1.19
Net Income .08 1.56 .09 1.28
Stock price per share -.05 -.81 -.05 -.62
Sales change .41 5.76*** .35 3.75***
Employee value .04 .78 .17 2.57**
Interaction term -.32 -4.61*** -.28 -3.02**
R2 .16   .18  
F 4.92***   3.08***  

* p < .05
** p < .01
*** p < .001

Note: Dummy variables for SIC code were also included in this analysis, however, to save space, they are not included in the tables.


TABLE 3

MEANS, STANDARD DEVIATIONS, CORRELATIONS STUDY #2

Varianble Mean Standard Deviation 1 2 3 4 5 6 7
Age 36.77 7.80 1.0            
Education (1 to 10 scale) 6.17 1.36 .14* 1.0          
Gender (0=female, 1 = male) .56 .50 .12 .09 1.0        
Salary 61,911 27,092 .44*** .17* .30*** 1.0      
Pace (0 to 10) 6.64 1.42 .17 .02 .12 .16 1.0    
Value 3.54 .72 .10 .00 .01 .16*a .06 1.0  
Performance Score 2.73 .50 .05 .07 -.08 .10 .17** .16* 1.0

a Similar correlations are not significant due to different sample sizes.

* p < .05
** p < .01
*** p < .001


TABLE 4

REGRESSION ANALYSIS, STUDY#2
DEPENDENT VARIABLE = EMPLOYEE PERFORMANCE SCORES

  Beta T
Age .01 .09
Education -.07 -.60
Gender -.32 -2.64**
Salary .21 1.64
Average Pace 2.50 4.68***
Management value 2.07 4.60***
Interaction term (pace & value) -3.17 -4.46***
R2 .30  
F 3.79***  

* p < .05
** p < .01
*** p < .001

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