管理科学与工程高端论坛——Vinod R. Singhal

时间:2021-09-30  阅读量:174次

报告题目:Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem

报告时间:2021年10月16日(周六)上午9:00-11:30

报告地点:zoom会议(Meeting ID: 210 627 2025;Passcode: 070307)

主办单位:东北财经大学管理科学与工程学院

 

【报告摘要】

This paper provides empirical evidence on the effect of the September 2015 Volkswagen diesel emissions scandal on the stock prices of publicly traded firms in the global automotive ecosystem. We focus on both the supply chain partners of VW – tier-1 suppliers; tier-2 suppliers; and business customers – and three groups of firms that are not VW supply chain partners – other motor vehicle manufacturers; parts manufacturers not identified as VW suppliers; and wholesalers, retailers, and rental agencies not identified as VW customers. We find that tier-1 suppliers of direct material to VW suffered a mean stock price reaction of ─2.69% in the week following the scandal, but this effect varied by region. European suppliers were the most impacted with a mean stock price reaction of 5.52%. Suppliers with larger revenue dependence on VW experienced greater negative stock price reactions, as did suppliers of components for engines and/or emissions systems. Non-VW parts manufacturers experienced a positive effect. We find a mean stock price reaction of ─5.28% to VW’s European customers, but no significant effects for non-VW customers. European motor vehicle manufacturers experienced a mean stock price reaction of 7.60%. Our results suggest that firms should not just focus on selecting and monitoring responsible suppliers but also apply some of the same principles to developing responsible customers. Our work also has implications for industry groups, regulators, and legal systems, entities that have the resources and capabilities to effectively monitor large firms to reduce illegal or irresponsible behavior such as the VW scandal.

 

【报告人简介】

Vinod Singhal is the Charles W. Brady Chair Professor of Operations Management at the Scheller. He has a Ph.D. from University of Rochester, Rochester, USA. Prior to joining Georgia Tech., he worked as a Senior Research Scientist at General Motors Research Labs.

Vinod’s research has focused on the impact of operating decisions on accounting and stock market-based performance measures. He has published extensively in academic journals including Journal of Operations Management, Management Science, Manufacturing and Service Operations Management, and Production and Operations Management. His research has been recognized in the practitioner community through his many articles in industry-practitioner journals and frequent invited presentations as keynote speaker at practitioner conferences. His work has been cited well over 200 times in practitioner publications such as Business Week, The Economist, Fortune, Smart Money, CFO Europe, Financial Times, Investor’s Business Daily, and Daily Telegraph.

Vinod is a Departmental Editor of Production and Operations Management, and Associate Editor of Journal of Operations Management, and Management Science. He is on the Academic Advisory Board of the European School of Management and Technology, Germany.


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