Shahriari, Hesam; Alam, Arshad; Chamberlain, Trevor W.; … - 2022
literature, with previous studies focusing on individual scandals. To address this issue, we investigate twelve major scandals … (events) and 1,232 firm-event observations and find that both the scandal firms and dependent suppliers experience a … significant decrease in shareholder wealth after the scandal becomes public. We also find that the market reaction to the event …