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- W3204805905 abstract "In the last decades, labor rights violations and tangible environmental challenges have caused companies to come under increasing society's pressure to achieve environmental and social goals. Using a novel dataset of worldwide industrial disasters and companies (allegedly) involved in them, I examine whether companies suffer systematic stock market losses after malpractices' disclosure through industrial disasters. I estimate an average drop in price returns of 1.47 percentage points on the day after the disaster and of 3.21 percentage points over one week. Accordingly, volatility soars. I then discuss the possible mechanisms behind this negative stock market response, most notably reputation for sustainability. The discussion is supported by a sentiment analysis of disaster-related news, and by some other exercises that exploit heterogeneity in disasters' and companies' characteristics. Results show that stock market losses are consistent with harm to the corporate reputation for sustainability." @default.
- W3204805905 created "2021-10-11" @default.
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- W3204805905 date "2021-01-01" @default.
- W3204805905 modified "2023-09-23" @default.
- W3204805905 title "Stock Market Response to Firms’ Unethical Conduct" @default.
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- W3204805905 doi "https://doi.org/10.2139/ssrn.3930980" @default.
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