Corporate accidents, media coverage, and stock market responses
Corporate accidents, media coverage, and stock market responses
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DOI：
10.1108/cms-09-2013-0171
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发表时间：
2013-11
影响因子：
2.2
通讯作者：
Jiuchang Wei;Han Wang;Jin Fan;Yujuan Zhang
中科院分区：
文献类型：
--
作者：
Jiuchang Wei;Han Wang;Jin Fan;Yujuan Zhang
Purpose – This study aims to explore the mutual relation of corporate accidents, stock market responses, and media coverage. Design/methodology/approach – This paper empirically investigated 119 listed firms' accidents during the 2005-2012 period using the methods of event study, correlation analysis, and multiple regressions. Findings – The stock market response and media response are independent with each other in the following 30 days after accidents. Corporate accidents have significant negative effects on the stock market responses. As time goes by, the market reaction tapers off. In a mediate term period, accident onset has significantly positive effect and firm's ownership has weakly positive effect in addition to factors of asset and number of shareholders. Originality/value – This paper first examines the interrelationships among accidents, media coverage, and stock market responses. It is part of the corporate social responsibility to avoid or reduce the stakeholders' nervous behaviors in times ...
