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Negative Press and Corporate Policy

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Date
2018
Dewey
Prise de décision, gestion de crise
Sujet
publicity; share repurchases; public relation
JEL code
M.M1.M10; G.G3.G34; D.D2.D22
Conference name
2018 Financial Management Association (FMA) Annual Meeting
Conference date
10-2018
Conference city
San Diego
Conference country
United States
URI
https://basepub.dauphine.fr/handle/123456789/19943
Collections
  • DRM : Publications
Metadata
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Author
Laguna, Marie-Aude
1032 Dauphine Recherches en Management [DRM]
Type
Communication / Conférence
Abstract (EN)
Do executives change corporate policy in response to negative press? To study this question, we investigate whether the amount of news coverage triggered by industrial accidents affects the corporate policy of the firms involved. We show that firms increase share repurchases and advertising expenses during the two years following an accident. This positive impact on payout and advertising is limited to accidents covered by a large number of news stories, and occurs regardless of other accident-and firm-specific characteristics. Finally, the impact is more pronounced among recently-appointed CEOs and better-governed firms. Overall, we show that firms’ executives, and not shareholders, behave as if they feared the consequences of accidents on the firm’s image.

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