I found this claim interesting so I looked into it. Everything I can find shows that the intuition is accurate.

Companies with EOSP programs outperform those that do not in the market by about 17%.[0] Companies that perform layoffs, despite short-term stock boosts, underperform on a period of years showing a 14% decline in their Return on Assets (ROA) in the years following the layoffs.[1]

[0] https://www.nceo.org/employee-ownership-blog/new-study-shows... [1] https://www.researchgate.net/publication/277473996_Financial...