“…More generally, downsizing is a form of ostracism (see, for instance, Cinyabuguma, Page, & Putterman, 2005;Kerr et al, 2009;Maier-Rigaud, Martinsson, & Staffiero, 2010;Masclet, 2003). What is, however, special is that ostracism is usually seen as a form of punishing norm deviators, whereas downsizing is just an attempt to improve a firm's profitability and not at all a sanctioning of underperforming agents.…”