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Examining the Stock Price Effect of Corruption Risk in the Supply Chain

机译：检查供应链腐败风险的股价效应

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摘要

Although corrupt practices in the supply chain are not rare, this topic seems neglected in the literature. This could potentially be because a supply chain focused framework is lacking, and therefore it is difficult to measure the true impact of such issues. Why, how, and how much does corruption damage the corresponding firm in the supply chain? Our study takes what we term a supply chain view of corruption, and then estimates the stock price effect of corruption from that point of view. We focus on kickbacks and bribery issues that may damage a target firm's reputation and its market value. In particular, we address firms' corrupt practices from a sustainability risk perspective with the conceptualization of corruption risk (CR). Using an event study methodology, based on a sample of 315 CR cases in the United States, we find significant market penalties for allegations of the target firms' CRs (triggers) and its subsequent issues (investigation, regulatory and resolution). However, the market penalties are largely driven by triggers, not by the subsequent issues. We further reveal that the stock market reacts more negatively to CRs that occur upstream with suppliers than downstream with customers. Therefore, target focal firms must be cautious with upstream-trigger CRs.
机译：虽然供应链中的腐败实践并不罕见，但在文献中似乎忽略了这一话题。这可能是因为缺乏供应链聚焦框架，因此难以衡量这些问题的真正影响。为什么，腐败如何以及多少损坏供应链中的相应公司？我们的研究采取了我们术语供应链腐败的看法，然后从该角度估计腐败的股价效应。我们专注于回扣和贿赂问题，可能会损害目标公司的声誉及其市场价值。特别是，从腐败风险的概念化（CR）的概念化，我们从可持续发展风险角度讨论了公司的腐败实践。使用事件研究方法基于美国315个CR病例的样本，我们发现针对目标公司CRS（触发）的指控以及其随后的问题（调查，监管和解决）的可能性罚款。但是，市场处罚主要受到触发器的惩罚，而不是随后的问题。我们进一步揭示股市对供应商上游发生的CRS比与客户的下游发生反应。因此，目标焦点公司必须与上游触发CRS保持谨慎。

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