Financial consequences of reputational damage: Evidence from government economic incentives

被引：6

作者：

Blank, D. Brian ^{[1
]}

Hadley, Brandy ^{[2
]}

Unsal, Omer ^{[3
]}

机构：

[1] Mississippi State Univ, Coll Business, Dept Finance & Econ, 312K McCool Hall, Mississippi State, MS 39762 USA

[2] Appalachian State Univ, Walker Coll Business, Dept Finance Banking & Insurance, 3065 Peacock, Boone, NC 28608 USA

[3] Merrimack Coll, Dept Finance & Accounting, Girard Sch Business, 325 Crowe, N Andover, MA 01845 USA

来源：

FINANCIAL REVIEW | 2021年 / 56卷 / 04期

关键词：

corporate reputation and political economy; cyber security and data breach; financial fraud and violations; government subsidy awards; securities litigation; POLITICAL CONNECTIONS; CAPITAL-MARKET; STOCK; MANAGEMENT; GOVERNANCE; FIRMS; COST;

D O I：

10.1111/fire.12274

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate and quantify the financial consequences of corporate reputation by using manually assembled litigation, fraud, and cyberattack data from 2000 to 2018 to measure reputation changes following events that are often tied to public scrutiny. We examine the role of reputation in government subsidy awards and find reputational damage is linked to lower subsidies and Mega Deals, particularly tax-related and state government awards. Moreover, subsidies only relate to higher firm value for firms without reputational damage. Our findings suggest that reputation is an important determinant of relatively opaque economic incentive awards and that reputational damage constrains the benefits thereof.

引用

页码：693 / 719

页数：27

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