Abstract

Studies have documented a reputational loss for firms found guilty of rule violations. To determine if stockholders also punished US listed firms following 274 major crises, we create three groups of events based on attribution of responsibility. The average wealth loss and the proportion of negative reactions following crises largely depend on the attribution level. The negative reaction is reversed for non-attributed crises but persists for attributed crises. These results are consistent with the attribution theory proposition that only attributed crises cause reputational damage. Further, this reputational loss has been stable for six decades.

中文翻译：

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股东在重大危机发生时的表现如何？几十年的归因和声誉

摘要

研究记录了因违反规则而被判有罪的公司的声誉损失。为了确定在 274 次重大危机之后股东是否也惩罚了美国上市公司，我们根据责任归属创建了三组事件。平均财富损失和危机后负面反应的比例在很大程度上取决于归因水平。对于非归因危机，负面反应是相反的，但对于归因危机则持续存在。这些结果与归因理论的命题一致，即只有归因危机才会导致声誉受损。此外，这种声誉损失已经稳定了六年。