Corporate Governance, Social Responsibility, and Data Breaches
研究发现，董事会规模较小、财务专长较多的社会责任型企业更不易发生数据泄露；数据泄露后企业长期股票回报为负，银行和非银行机构分别出现存款和销售下滑，且企业更可能更换CEO和CTO并改善治理与社会责任。
Abstract We study whether corporate governance and social responsibility are related to data breaches. We find that socially responsible companies with smaller boards and greater financial expertise are less likely to be breached. The financial impact of a breach is visible in the long term. Specifically, data‐breach firms have –3.5% one‐year buy‐and‐hold abnormal returns. Additionally, banks with breaches have significant declines in deposits and nonbanks have significant declines in sales in the long run. Finally, we find that following a data breach, companies are more likely to replace their chief executive officer and chief technology officer as well as improve their governance and social responsibility.