170
Views
0
CrossRef citations to date
0
Altmetric
Articles

How Do Stockholders Behave at the Onset of Major Crises? Attribution and Reputation over Decades

, &

References

  • Abraham, K. S. 2011. “Catastrophic Oil Spills and the Problem of Insurance.” Vanderbild Law Review 64:1767–91.
  • Amini, S., B. Gebka, R. Hudson, and K. Keasey. 2013. “A Review of the International Literature on the Short Term Predictability of Stock Prices Conditional on Large Prior Price Changes: Microstructure, Behavioral and Risk Related Explanations.” International Review of Financial Analysis 26:1–17. doi:10.1016/j.irfa.2012.04.002
  • Amiram, D., Z. Bozanic, J. D. Cox, Q. Dupont, J. M. Karpoff, and R. Sloan. 2018. “Financial Reporting Fraud and Other Forms of Misconduct: A Multidisciplinary Review of the Literature.” Review of Accounting Studies 23 (2) :732–83. doi:10.1007/s11142-017-9435-x
  • An, S.-K., and K. K. Gower. 2009. “How Do the News Media Frame Crises? A Content Analysis of Crisis News Coverage.” Public Relations Review 35 (2) :107–12. doi:10.1016/j.pubrev.2009.01.010
  • Bash, A., and K. Alsaifi. 2019. “Fear from Uncertainty: An Event Study of Khashoggi and Stock Market Returns.” Journal of Behavioral and Experimental Finance 23:54–8. doi:10.1016/j.jbef.2019.05.004
  • Breitinger, D., and J.-P. Bonardi. 2019. “Firms, Breach of Norms, and Reputation Damage.” Business & Society 58 (6) :1143–76. doi:10.1177/0007650317695531
  • Bundy, J., and M. D. Pfarrer. 2015. “A Burden of Responsibility: The Role of Social Approval at the Onset of a Crisis.” Academy of Management Review 40 (3) :345–69. doi:10.5465/amr.2013.0027
  • Capelle-Blancard, G., A. Desroziers, and B. Scholtens. 2021. “Shareholders and the Environment: A Review of Four Decades of Academic Research.” Environmental Research Letters 16 (12) :123005. doi:10.1088/1748-9326/ac3c6e
  • Capelle-Blancard, G., and M.-A. Laguna. 2010. “How Does the Stock Market Respond to Chemical Disasters?” Journal of Environmental Economics and Management 59 (2) :192–205. doi:10.1016/j.jeem.2009.11.002
  • Capelle-Blancard, G., and A. Petit. 2019. “Every Little Helps? ESG News and Stock Market Reaction.” Journal of Business Ethics 157 (2) :543–65. doi:10.1007/s10551-017-3667-3
  • Carpentier, C., and J.-M. Suret. 2021. “On the Rationality of Institutional Investors: The Case of Major Industrial Accidents.” Journal of Behavioral Finance 22 (3) :289–17. doi:10.1080/15427560.2020.1774593
  • Cheng, C.-M., A. YiHou Huang, and M.-C. Hu. 2019. “Investor Attention and Stock Price Movement.” Journal of Behavioral Finance 20 (3) :294–303. doi:10.1080/15427560.2018.1513404
  • Cho, S. H., and K. K. Gower. 2006. “Framing Effect on the Public’s Response to Crisis: Human Interest Frame and Crisis Type Influencing Responsibility and Blame.” Public Relations Review 32 (4) :420–2. doi:10.1016/j.pubrev.2006.09.011
  • Coombs, W. T. 2007. “Protecting Organization Reputations during a Crisis: The Development and Application of Situational Crisis Communication Theory.” Corporate Reputation Review 10 (3) :163–76. doi:10.1057/palgrave.crr.1550049
  • Czinkota, M. R., G. Knight, P. W. Liesch, and J. Steen. 2010. “Terrorism and International Business: A Research Agenda.” Journal of International Business Studies 41 (5) :826–43. doi:10.1057/jibs.2010.12
  • Durham, F. S. 1998. “News Frames as Social Narratives: TWA Flight 800.” Journal of Communication 48 (4) :100–17. doi:10.1111/j.1460-2466.1998.tb02772.x
  • Endrikat, J. 2016. “Market Reactions to Corporate Environmental Performance Related Events: A Meta-Analytic Consolidation of the Empirical Evidence.” Journal of Business Ethics 138 (3) :535–48. doi:10.1007/s10551-015-2598-0
  • Fama, E. F., and K. R. French. 2015. “A Five-Factor Asset Pricing Model.” Journal of Financial Economics 116 (1) :1–22. doi:10.1016/j.jfineco.2014.10.010
  • Faure, M. G. 2004. “Alternative Compensation Mechanisms as Remedies for Uninsurability of Liability.” The Geneva Papers on Risk and Insurance, Issues and Practice 29 (3) :455–89.
  • Flammer, C. 2013. “Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors.” Academy of Management Journal 56 (3) :758–81. doi:10.5465/amj.2011.0744
  • Fombrun, C. J. 1996. Reputation: Realizing Value from the Corporate Image. Boston, MA: Harvard Business School Press.
  • Gatzert, N. 2015. “The Impact of Corporate Reputation and Reputation Damaging Events on Financial Performance: Empirical Evidence from the Literature.” European Management Journal 33 (6) :485–99. doi:10.1016/j.emj.2015.10.001
  • Gatzert, N., J. T. Schmit, and A. Kolb. 2016. “Assessing the Risks of Insuring Reputation Risk.” Journal of Risk and Insurance 83 (3) :641–79. doi:10.1111/jori.12065
  • Harvey, P., K. Madison, M. Martinko, T. R. Crook, and T. A. Crook. 2014. “Attribution Theory in the Organisational Sciences: The Road Travelled and the Path Ahead.” Academy of Management Perspectives 28 (2) :128–46. doi:10.5465/amp.2012.0175
  • Hasso, T., M. Pelster, and B. Breitmayer. 2020. “Terror Attacks and Individual Investor Behavior: Evidence from the 2015–2017 European Terror Attacks.” Journal of Behavioral and Experimental Finance 28:100397. doi:10.1016/j.jbef.2020.100397
  • Holwerda, D., B. Scholtens, et al. 2016. “The Financial Impact of Terrorist Attacks on the Value of the Oil and Gas Industry: An International Review.” In Energy and Finance, edited by A. Dorsman, 69–80. Cham, Switzerland: Springer.
  • IPCC. 2021. Sixth Assessment Report, Climate Change 2021. Cambridge, UK and New York, NY: Cambridge University Press.
  • Kaplanski, G., and H. Levy. 2010. “Sentiment and Stock Prices: The Case of Aviation Disasters.” Journal of Financial Economics 95 (2) :174–201. doi:10.1016/j.jfineco.2009.10.002
  • Karolyi, G. A., and R. Martell. 2010. “Terrorism and the Stock Market.” International Review of Applied Financial Issues and Economics 2 (2) :285.
  • Karpoff, J. M. 2012. “Does Reputation Work to Discipline Corporate Misconduct.” The Oxford Handbook of Corporate Reputation, edited by T. G. Pollock and M. L. Barnett, 361–82. Oxford: Oxford University Press.
  • Karpoff, J. M., D. S. Lee, and G. S. Martin. 2008. “The Cost to Firms of Cooking the Books.” Journal of Financial and Quantitative Analysis 43 (3) :581–611. doi:10.1017/S0022109000004221
  • Kessler, S. R., K. T. Mahoney, B. Randolph-Seng, M. J. Martinko, and P. E. Spector. 2019. “The Effects of Attribution Style and Stakeholder Role on Blame for the Deepwater Horizon Oil Spill.” Business & Society 58 (8) :1572–98. doi:10.1177/0007650317717495
  • Kim, Y. S., and D. S. Chung. 2017. “Anatomy of Front Pages: Comparison between the New York Times and Other US Major Metropolitan Newspapers.” International Journal of Communication 11:949–66.
  • Kolaric, S., and D. Schiereck. 2016. “Are Stock Markets Efficient in the Face of Fear? Evidence from the Terrorist Attacks in Paris and Brussels.” Finance Research Letters 18:306–10. doi:10.1016/j.frl.2016.05.003
  • Kölbel, J. F., T. Busch, and L. M. Jancso. 2017. “How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk.” Strategic Management Journal 38 (11) :2266–84. doi:10.1002/smj.2647
  • Lange, D., and N. T. Washburn. 2012. “Understanding Attributions of Corporate Social Irresponsibility.” Academy of Management Review 37 (2) :300–26. doi:10.5465/amr.2010.0522
  • Lee, Y.-G., X. Garza-Gomez, and R. Lee. 2018. “Ultimate Costs of the Disaster: Seven Years after the Deepwater Horizon Oil Spill.” Journal of Corporate Accounting & Finance 29 (1) :69–79. doi:10.1002/jcaf.22306
  • Lieder, F., T. L. Griffiths, and M. Hsu. 2018. “Overrepresentation of Extreme Events in Decision Making Reflects Rational Use of Cognitive Resources.” Psychological Review 125 (1) :1–32. doi:10.1037/rev0000074
  • Loureiro, M. L., A. Ribas, E. López, and E. Ojea. 2006. “Estimated Costs and Admissible Claims Linked to the Prestige Oil Spill.” Ecological Economics 59 (1) :48–63. doi:10.1016/j.ecolecon.2005.10.001
  • Love, E. G., and M. Kraatz. 2009. “Character, Conformity, or the Bottom Line? How and Why Downsizing Affected Corporate Reputation.” Academy of Management Journal 52 (2) :314–35. doi:10.5465/amj.2009.37308247
  • Mitnik, Z. S., J. D. Freilich, and S. M. Chermak. 2020. “Post-9/11 Coverage of Terrorism in the New York Times.” Justice Quarterly 37 (1) :161–85. doi:10.1080/07418825.2018.1488985
  • Nardella, G., S. Brammer, and I. Surdu. 2020. “Shame on Who? The Effects of Corporate Irresponsibility and Social Performance on Organizational Reputation.” British Journal of Management 31 (1) :5–23. doi:10.1111/1467-8551.12365
  • Noe, T. 2012. “A Survey of the Economic Theory of Reputation: Its Logic and Limits.” In The Oxford Handbook of Corporate Reputation, edited by T. G. Pollock and M. L. Barnett, 114–39. Oxford, Oxford University Press.
  • Park, J. S., and M. K. Newaz. 2018. “Do Terrorist Attacks Harm Financial Markets? A Meta-Analysis of Event Studies and the Determinants of Adverse Impact.” Global Finance Journal 37:227–47. doi:10.1016/j.gfj.2018.06.003
  • Peek, L. A., and J. N. Sutton. 2003. “An Exploratory Comparison of Disasters, Riots and Terrorist Acts.” Disasters 27 (4) :319–35. doi:10.1111/j.0361-3666.2003.00236.x
  • Philippe, D., and R. Durand. 2011. “The Impact of Norm‐Conforming Behaviors on Firm Reputation.” Strategic Management Journal 32 (9) :969–93. doi:10.1002/smj.919
  • Quarantelli, E. L., A. Boin, and P. Lagadec. 2018. “A Heuristic Approach to Future Disasters and Crises: new, Old, and in-between Types.” In Handbook of Disaster Research, edited by H. D. Rodriguez, Joseph E. William Trainor, 61–83. Cham, Switzerland: Springer.
  • Reuber, A. R., and E. Fischer. 2010. “Organizations Behaving Badly: When Are Discreditable Actions Likely to Damage Organizational Reputation?” Journal of Business Ethics 93 (1) :39–50. doi:10.1007/s10551-009-0180-3
  • Rhee, M., and M. E. Valdez. 2009. “Contextual Factors Surrounding Reputation Damage with Potential Implications for Reputation Repair.” Academy of Management Review 34 (1) :146–68. doi:10.5465/amr.2009.35713324
  • Ross, A., and G. Lofthouse. 2005. “Reputation: Risk of Risks: Fourth Report in Global Risk Briefing Series.” London.
  • Savor, P. G. 2012. “Stock Returns after Major Price Shocks: The Impact of Information.” Journal of Financial Economics 106 (3):635–59. doi:10.1016/j.jfineco.2012.06.011
  • Schmid, A. P. 2020. “Prevention of (ab-) Use of Mass Media by Terrorists (and Viceversa). ” In Handbook of Terrorism Prevention and Preparedness, edited by A. P. Schmid. The Hague: International Centre for Counter-Terrorism (ICCT).
  • Sunstein, C. R., and R. Zeckhauser. 2011. “Overreaction to Fearsome Risks.” Environmental and Resource Economics 48 (3) :435–49. doi:10.1007/s10640-010-9449-3
  • Tetrault Sirsly, C.-A., and E. Lvina. 2019. “From Doing Good to Looking Even Better: The Dynamics of CSR and Reputation.” Business & Society 58 (6) :1234–66. doi:10.1177/0007650315627996
  • Tonello, M. 2007. «Reputation risk: A corporate governance perspective,» The Conference Board Research Report No R-1412-07-WG. Available at SSRN: https://ssrn.com/abstract=1077894.
  • Waugh, W. L. 2018. “Terrorism as Hazard and Disaster.” In Handbook of Disaster Research, edited by H. D. Rodriguez, Joseph E. William Trainor, 123–43. Cham, Switzerland: Springer.
  • Wei, J., Z. Ouyang, and H. Chen. 2017. “Well Known or Well Liked? The Effects of Corporate Reputation on Firm Value at the Onset of a Corporate Crisis.” Strategic Management Journal 38 (10) :2103–20. doi:10.1002/smj.2639
  • Zou, H., R. Zeng, S. Zeng, and J. J. Shi. 2015. “How Do Environmental Violation Events Harm Corporate Reputation?” Business Strategy and the Environment 24 (8) :836–54. doi:10.1002/bse.1849

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.