Sustainability‐related transgressions in global supply chains: When do legitimacy spillovers hurt buying firms the most?
研究了供应商可持续性违规事件对买方企业股价的影响，发现媒体关注、供应商所在国及买方行业的可持续性风险会放大负面反应，但事件严重程度无关。
Abstract In a globalized world, buying firms increasingly face criticism regarding sustainability‐related transgressions in their supply chains, yet scholarship concerning whether such negative press has any bottom‐line effects has only just begun emerging. This study develops and tests theory on the relationship between reported supplier sustainability incidents and the associated stock price impact for the buying firm. An event study comprising 1699 events related to 374 buying firms supports our hypothesis that media coverage of environmental, social, or governance‐related transgressions in the supply chain results in decreased market capitalization for the buying firm. A subsequent regression analysis indicates that the influence potential of information intermediaries, the country‐level sustainability risk of the supplier, and the industry‐level sustainability risk of the buying firm all affect the magnitude of the investors' reaction. Conversely, the severity of the incident does not predict the magnitude of the stock price reaction.