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Six Sigma, stock returns and operating performance

机译：六西格码，股票回报率和经营业绩

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摘要

Purpose - This paper aims to expand the literature on financial and operational performance by analyzing the effects of undergoing through Six Sigma training. Design/methodology/approach - The effects of implementing Six Sigma trainings is analyzed for 108 Fortune 500 companies. The authors estimate long-term stock returns and 14 financial ratios of Six Sigma companies, both pre- and post-adoption periods. Furthermore, The authors match the 108 companies by size and industry to 108 non-Six Sigma companies also within the Fortune 500. Findings - Looking at long-term stock returns, the evidence shows that Six Sigma firms need at least four years before they start to outperform the controlling sample. Furthermore, looking at operational performance, unlike prior reported results, the authors find supporting, and more importantly, persisting statistical evidence that Six Sigma firms are less liquid and have a negative growth in staff levels in comparison to the matching firms. Social implications - The findings of this suggest that if Six Sigma provides any value to the company, it comes at the expense of overloaded staff levels, as evidenced by the fact that Six Sigma firms have less growth in staff levels than the matching firms. Originality/value - It is one of the first paper to thoroughly investigate the effects on both financial performance and operational performance of spending, sometimes billions of dollars, in Six Sigma training.
机译：目的-本文旨在通过分析接受六西格码（Six Sigma）培训产生的影响来扩展有关财务和运营绩效的文献。设计/方法/方法-分析了108家财富500强公司的实施六西格码培训的效果。作者估计了六个Sigma公司在采用前后的长期股票收益率和14个财务比率。此外，作者将按规模和行业划分的108家公司与《财富》 500强中的108家非六西格玛公司进行了比较。结果-从长期的股票收益来看，证据表明六西格玛公司需要至少四年的时间才能开始优于对照样品。此外，与以前的报告结果不同，从经营业绩上看，作者发现，更重要的是，有持续的统计证据表明，六西格玛公司的流动性较弱，员工水平与匹配公司相比出现负增长。社会意义-研究结果表明，如果六西格码为公司提供任何价值，这是以牺牲工作人员人数为代价的，这一事实可以证明，六西格码公司的员工数量增长率低于匹配公司。原创性/价值-这是第一篇彻底研究六西格码培训对支出的财务绩效和运营绩效的影响（有时为数十亿美元）的论文之一。

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