Competition and the Reputational Costs of Litigation
利用匿名手机定位数据，研究发现集体诉讼立案后，目标企业门店客流量平均下降4%，且竞争越激烈，负面影响越大，表明竞争是客户约束企业不当行为的重要因素。
Abstract We study the role of competition in customers’ reactions to litigation against firms, using anonymized mobile phone location data. A class action lawsuit filing is followed by a 4% average reduction in customer visits to target firms’ outlets in the following months. The effect strongly depends on competition. Outlets facing more competition experience significantly larger negative effects. Closer competition matters more, both in terms of geographic and industry proximity. Announcement returns and quarterly accounting revenues around lawsuit filings also strongly depend on competition. Our results suggest that competition is an important component in customers’ ability to discipline firms for misbehavior.