主题：【海外名家讲堂】Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem
主讲人：乔治亚理工学院 Vinod Singhal教授
举办地点：Zoom会议ID: 210 627 2025，入会密码：070307
主办单位：工商管理学院 国际交流与合作处 科研处
Vinod Singhal is the Charles W. Brady Chair Professor of Operations Management at the Scheller College of Business at Georgia Institute of Technology, Atlanta, USA. He has a Ph.D. from University of Rochester, Rochester, USA. Prior to joining Georgia Tech., he worked as a Senior Research Scientist at General Motors Research Labs.
Vinod’s research has focused on the impact of operating decisions on accounting and stock market-based performance measures. He has published extensively in academic journals including Journal of Operations Management, Management Science, Manufacturing and Service Operations Management, and Production and Operations Management. His research has been recognized in the practitioner community through his many articles in industry-practitioner journals and frequent invited presentations as keynote speaker at practitioner conferences. His work has been cited well over 200 times in practitioner publications such as Business Week, The Economist, Fortune, Smart Money, CFO Europe, Financial Times, Investor’s Business Daily, and Daily Telegraph.
Vinod is a Departmental Editor of Production and Operations Management, and Associate Editor of Journal of Operations Management, and Management Science. He is on the Academic Advisory Board of the European School of Management and Technology, Germany.
Vinod Singhal的研究兴趣集中于经营决策对会计和以市场为基础的股票业绩指标的影响。在Journal of Operations Management, Management Science, Manufacturing and Service Operations Management, and Production and Operations Management等学术期刊上发表了大量论文。常受邀在业界会议上作为主题演讲者进行演讲，获得了业界的普遍认可。研究成果在Business Week, The Economist, Fortune, Smart Money, CFO Europe, Financial Times, Investor’s Business Daily, and Daily Telegraph等业界出版物中被引超200次。担任Production and Operations Management的部门编辑，以及Journal of Operations Management与Management Science期刊的副主编。同时是欧洲管理与技术学院学术顾问委员会成员。
This paper provides empirical evidence on the effect of the September 2015 Volkswagen diesel emissions scandal on the stock prices of publicly traded firms in the global automotive ecosystem. We focus on both the supply chain partners of VW – tier-1 suppliers; tier-2 suppliers; and business customers – and three groups of firms that are not VW supply chain partners – other motor vehicle manufacturers; parts manufacturers not identified as VW suppliers; and wholesalers, retailers, and rental agencies not identified as VW customers. We find that tier-1 suppliers of direct material to VW suffered a mean stock price reaction of ─2.69% in the week following the scandal, but this effect varied by region. European suppliers were the most impacted with a mean stock price reaction of ‒5.52%. Suppliers with larger revenue dependence on VW experienced greater negative stock price reactions, as did suppliers of components for engines and/or emissions systems. Non-VW parts manufacturers experienced a positive effect. We find a mean stock price reaction of ─5.28% to VW’s European customers, but no significant effects for non-VW customers. European motor vehicle manufacturers experienced a mean stock price reaction of ‒7.60%. Our results suggest that firms should not just focus on selecting and monitoring responsible suppliers but also apply some of the same principles to developing responsible customers. Our work also has implications for industry groups, regulators, and legal systems, entities that have the resources and capabilities to effectively monitor large firms to reduce illegal or irresponsible behavior such as the VW scandal.