Brown Gavin D, Corbet Shaen, McMullan Caroline, Sharma Ruchira
DCU Business School, Dublin City University, Dublin 9, Ireland.
J Safety Res. 2015 Dec;55:115-9. doi: 10.1016/j.jsr.2015.08.009. Epub 2015 Sep 13.
This paper examines a number of US chemical industry incidents and their effect on equity prices of the incident company. Furthermore, this paper then examines the contagion effect of this incident on direct competitors.
Event study methodology is used to assess the impact of chemical incidents on both incident and competitor companies.
This paper finds that the incident company experiences deeper negative abnormal returns as the number of injuries and fatalities as a result of the incident increases. The equity value of the competitor companies suffer substantial losses stemming from contagion effects when disasters that occur cause ten or more injuries and fatalities, but benefit from the incident through increasing equity value when the level of injury and fatality is minor.
Presence of contagion suggests collective action may reduce value destruction brought about by safety incidents that result in significant injury or loss of life.
This research can be used as a resource to promote and justify the cost of safety mechanisms within the chemical industry, as incidents have been shown to negatively affect the equity value of the not just the incident company, but also their direct competitors.
本文研究了一些美国化学工业事故及其对涉事公司股价的影响。此外，本文还考察了此类事故对直接竞争对手的传染效应。
采用事件研究法来评估化学事故对涉事公司和竞争公司的影响。
本文发现，随着事故导致的受伤和死亡人数增加，涉事公司会经历更深程度的负异常回报。当发生的灾难导致十人或更多人受伤和死亡时，竞争公司的股权价值会因传染效应而遭受重大损失，但当伤亡程度较小时，竞争公司会因该事故而股权价值增加从而受益。
传染效应的存在表明，集体行动可能会减少由导致重大伤亡或生命损失的安全事故所带来的价值破坏。
这项研究可作为一种资源，用以推动和论证化学工业安全机制的成本，因为已表明事故不仅会对涉事公司的股权价值产生负面影响，还会对其直接竞争对手产生负面影响。
