General Motors was once regarded as the best-managed and most successful firm in the world. However, between 1980 and 2009, GM's US market share fell from 46 to 20 percent, and in 2009 the firm went bankrupt. We argue that the conventional explanation for this decline?namely high legacy labor...

In stigmatized industries characterized by social contestation, hostile audiences, and distancing between industry insiders and outsiders, firms facing media attacks follow different strategies from firms in uncontested industries. Because firms avoid publicizing their tainted-sector membership,...

This article examines whether companies experience a stock price decline for the corporate misconduct of their CEOs and top managers. We examine news announcements of illegal insider trading reported in US press during the period 1993 until 2008. We observe a clear negative abnormal return on...