Although corrupt practices in the supply chain are not rare, this topic seems neglected in the literature. This could potentially be because a supply chain focused framework is lacking, and therefore it is difficult to measure the true impact of such issues. Why, how, and how much does corruption damage the corresponding firm in the supply chain? Our study takes what we term a supply chain view of corruption, and then estimates the stock price effect of corruption from that point of view. We focus on kickbacks and bribery issues that may damage a target firm's reputation and its market value. In particular, we address firms’ corrupt practices from a sustainability risk perspective with the conceptualization of corruption risk (CR). Using an event study methodology, based on a sample of 315 CR cases in the United States, we find significant market penalties for allegations of the target firms’ CRs (triggers) and its subsequent issues (investigation, regulatory and resolution). However, the market penalties are largely driven by triggers, not by the subsequent issues. We further reveal that the stock market reacts more negatively to CRs that occur upstream with suppliers than downstream with customers. Therefore, target focal firms must be cautious with upstream–trigger CRs.

中文翻译：

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检验供应链中腐败风险的股价效应

尽管供应链中的腐败行为并不少见，但这个话题在文献中似乎被忽视了。这可能是因为缺乏以供应链为中心的框架，因此难以衡量此类问题的真正影响。腐败为什么、如何以及在多大程度上损害了供应链中的相应公司？我们的研究采用我们所说的腐败的供应链观点，然后从该观点估计腐败对股价的影响。我们专注于可能损害目标公司声誉和市场价值的回扣和贿赂问题。特别是，我们通过腐败风险 (CR) 的概念化，从可持续性风险的角度来解决公司的腐败行为。使用事件研究方法，基于美国 315 个 CR 案例的样本，我们发现对目标公司的 CR（触发器）及其后续问题（调查、监管和解决）的指控会受到严重的市场惩罚。然而，市场惩罚主要是由触发因素驱动的，而不是由后续问题驱动的。我们进一步揭示，股票市场对上游供应商的 CR 反应比下游客户的反应更为消极。因此，目标重点公司必须谨慎对待上游触发的 CR。