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Reported corporate misconducts : the impact on the financial markets
ID Ichev, Riste (Author)

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Abstract
This study empirically examines how reported corporate misconducts affect the stock returns of US firms. As the reported misconducts are broadcasted in the newspaper outlets, the cumulative abnormal return (CAR) is -4.1%. Involvement in a reported corporate misconduct gets punished by market participants especially when the act of reported misconduct is blamed on the level of the corporation rather than in involvement of a specific individual, when reported misconducts take place in the home market, and when the linguistic tone used in the newspaper article is negative. Financial penalties imposed, firm size, leverage, revenue growth, and the level of firm foreign exposure are found to have significant impact on the returns during the period of observation. The results suggest that investors recognize the importance to penalize firms in the financial markets when firms act unethically.

Language:English
Keywords:corporations, financial markets, investments, finance, stock markets, linguistic geography, human rights, regression analysis, economic impact analysis, speech signal processing
Work type:Article
Typology:1.01 - Original Scientific Article
Organization:EF - School of Economics and Business
Publication status:Published
Publication version:Version of Record
Year:2022
Number of pages:12 str.
Numbering:Vol. 18, iss. 2, art. e0276637
PID:20.500.12556/RUL-145693 This link opens in a new window
UDC:005.3
ISSN on article:1932-6203
DOI:10.1371/journal.pone.0276637 This link opens in a new window
COBISS.SI-ID:125803523 This link opens in a new window
Publication date in RUL:09.05.2023
Views:566
Downloads:81
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Record is a part of a journal

Title:PloS one
Publisher:PLOS
ISSN:1932-6203
COBISS.SI-ID:2005896 This link opens in a new window

Licences

License:CC BY 4.0, Creative Commons Attribution 4.0 International
Link:http://creativecommons.org/licenses/by/4.0/
Description:This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.

Secondary language

Language:Slovenian
Keywords:korporacije, finančni trg, investicije

Projects

Funder:ARRS - Slovenian Research Agency
Project number:P5-0161
Name:Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju

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