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首页> 外文会议>AMA Educators Conference >PROTECTING RETAILERS AGAINST CONTAGION: EXPLORING THE SHIELDING ROLE OF MARKETING IN THE NEGATIVE SPILLOVER OF THE TARGET CUSTOMER DATA BREACH
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PROTECTING RETAILERS AGAINST CONTAGION: EXPLORING THE SHIELDING ROLE OF MARKETING IN THE NEGATIVE SPILLOVER OF THE TARGET CUSTOMER DATA BREACH

机译：保护零售商反对传染：探索营销在目标客户数据泄露的负溢出中营销的屏蔽作用

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摘要

We found evidence of an industry-wide contagion effect surrounding the Target breach: the average abnormal stock return (AAR) for our sample retail firms on the day of the event was negative and significant (AAR Market Model = - .18%, p < .05). The cumulative average abnormal returns (CAAR) for a number of windows immediately following the event, were also negative and significant, the most negative occurring during the 0 to +5 day window (CAAR Market Model = -.93%; p < .01). Furthermore, the average change in the market value of a median-sized retailer in our sample ($757 million) was approximately $7 million in five days following the event, suggesting that the contagion effect was economically non-trivial. Results of our multivariate analyses supported our hypotheses: firms with higher influence of marketing in the TMT, those with higher marketing capabilities, and those with a superior corporate social performance (CSP) experienced less negative abnormal returns surrounding the news of the Target breach. Our results were robust to a number of robustness checks, dealing with (1) alternative estimation windows, (2) an alternative (0 to +5) event window, (3) an alternative (Market Adjusted) model for calculating abnormal returns, and (4) an alternative operationalization of CSP.
机译：我们发现了围绕目标违规行业范围的传染效应的证据：当事人当天我们的样本零售公司的平均异常股票回报（AAR）是负数和重要的（AAR市场模型= - .18％，P < .05）。事件之后，累积平均异常返回（CAAR）对于多个窗口，也是负面且显着的，在0到+5天窗口期间发生最负面（CAAR市场模型= -.93％; P <.01 ）。此外，在活动之后的五天内，中位数零售商的市场价值的平均变化约为700万美元，这表明传染效应在经济上是不利的。我们的多元分析结果支持我们的假设：具有较高营销能力的企业对营销能力更高的人，以及具有优质企业社会绩效（CSP）的人，涵盖了目标违约的新闻的负面异常回报。我们的结果对许多稳健性检查具有强大，处理（1）替代估计窗口，（2）替代（0到+5）事件窗口，（3）用于计算异常返回的替代（市场调整后的）模型，以及（4）CSP的替代运行。

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