Competitive Impression Management and the Abnormal stock market returns:"Justifiable Defense"or"Trying to Cover Up"?
After the organizational competitive crisis,does the active communication with the outside world reflect the"justifi-able defense"or"concealment"?This has become a hot issue in the intersection of finance and crisis management in recent years.In the context of the competition between the organizations of A-share listed companies,from the perspective of asymmetric risk,the market correction effect of the statements of the defamed enterprises and the filtering mechanism of the information intermediary are analyzed and tested.The research results show that Chinese listed companies which communicate after the organizational com-petitive crisis tends to suffer the risk of being perceived as concealment,and the risk of communication by the defamed companies'positive statements aggravate the abnormal fluctuations of the stock market.Secondly,the risk effect of communication exists only a-mong those with high reputation in specific fields and high unexpected surplus before the judgment.Finally,the concealment risk of the enterprise communication comes from the filter function of information intermediary.This paper verifies the risk of active com-munication of listed companies after the competition battle and provides reflection for the practice of enterprise crisis communication.
Competitive impression managementStatement communicationInformation intermediary filterAbnormal yield in stock market
万方数据
