The Impact of Online Flaming on Firm Value: The Evidence from Japan
The Impact of Online Flaming on Firm Value: The Evidence from Japan
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网络言论对企业价值的影响：来自日本的证据
DOI：
10.2139/ssrn.2488163
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
F. Takeda
中科院分区：
文献类型：
--
作者：
Yuta Adachi;F. Takeda
本研究使用日本 2006 年至 2013 年在东京证券交易所第一部上市的被攻击公司的数据来调查互联网攻击。基于概率模型，我们发现具有较高市净率 (PBR) 的年轻和/或规模较大的公司更有可能成为网络攻击的目标。此外，事件研究表明，在网络煽动的最初几天，目标公司的股价往往会下跌。然而，我们也发现，只有大众媒体报道的大型企业丑闻才会对被炒公司的股价产生显着的负面影响，而其他内容的短期影响并不显着。
This study investigates Internet flaming using Japanese data on flamed firms listed on the first section of the Tokyo Stock Exchange from 2006 through 2013. Based on a probit model, we find that younger and/or larger firms with higher price book-value ratio (PBR) are more likely to be the target of online flaming. In addition, the event study shows that the stock prices of targeted firms tend to decline during the initial days of online flaming. However, we also show that only big corporate scandals reported by the mass media have significantly negative effects on the stock prices of flamed firms, while the short-term impact of other contents is not significant.