ABSTRACT

This study investigates the effects of planned and unplanned production suspension on firm value. We find that the increased business risk caused by the production suspension negatively affects firm value. Additionally, good corporate governance alleviates the negative effect of planned suspensions, while only firm-specific factors affect unplanned suspensions. Moreover, among firms facing unplanned suspensions, those with strong governance recover faster than firms with weak governance because the former have stable managerial structures. Finally, business group-affiliated firms cope with planned production suspensions well, whereas they are more vulnerable to unplanned suspensions. The result suggests that the group-level supplier-demander relationships have potential business risk owing to low flexibility in unexpected business situations.

摘要

本研究调查了计划内和计划外停产对公司价值的影响。我们发现停产导致的商业风险增加对公司价值产生负面影响。此外，良好的公司治理可以减轻计划停工的负面影响，而只有公司特定因素会影响计划外停工。此外，在面临计划外停业的公司中，治理强的公司比治理弱的公司恢复得更快，因为前者具有稳定的管理结构。最后，企业集团下属公司能够很好地应对计划内的停产，而他们更容易受到计划外停产的影响。结果表明，由于在意外业务情况下的灵活性较低，集团级供需关系具有潜在的业务风险。