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Shareholders’ reaction to ethical image of sports teams: an event study in the Indian Premier League
DECISION Pub Date : 2019-11-30 , DOI: 10.1007/s40622-019-00230-9
Saravana Jaikumar , Viswanath Pingali , Vineet Virmani

Using event study analysis on a sports team and parent firm in the Indian Premier League, we show that investors react adversely to: (1) unethical but legal activity that may have a positive impact on the firm’s value and (2) unethical and illegal activity that does not necessarily impact the day-to-day performance of the firm. We use the novel sample-quantiles test to analyze the events in a ‘single-firm single-event’ context. Results suggest that investors are sensitive to and care about the ethical image of the sports team and parent firm. Further, when the parent firm’s core function is unrelated to the sport, the performance of the team may not have a significant impact on the firm’s valuation. We also make a broader contribution wherein we provide direct evidence linking unethical activities with negative valuation, while ruling out the rent-seeking explanation.

中文翻译:

股东对运动队道德形象的反应:印度超级联赛的一项事件研究

通过对印度超级联赛中的运动队和母公司的事件研究分析,我们发现投资者对以下方面作出不利反应:(1)不道德但合法的活动,可能会对公司的价值产生积极影响;(2)不道德和非法活动这并不一定会影响公司的日常绩效。我们使用新颖的样本量测试来分析“单企业单事件”上下文中的事件。结果表明,投资者对运动队和母公司的道德形象敏感并在意。此外,当母公司的核心职能与运动无关时,团队的表现可能不会对公司的估值产生重大影响。我们还做出了更广泛的贡献,其中我们提供了将不道德行为与负面评估联系起来的直接证据,
更新日期:2019-11-30
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