I was referring to the referenced earlier study contained within. It wasn't focused on cuts, although it is assumed in this study that the same would hold true

I was referring to the referenced earlier study contained within. It wasn't focused on cuts, although it is assumed in this study that the same would hold true in a cutting situation. My assumption of equal revenue was meant to be across companies. Obviously a company with no money can't pay as well as a company that can print money. But if two companies have equal revenue, but one pays less for its workers, then the net will stay in the company with a disproportionate benefit realized by the shareholders. I was surprised that consumers favour the shareholders getting rich over the workers, but perhaps that is because the odds are they are shareholders themselves.