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光华讲坛—Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem
发布时间: 2021-10-12

主题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

主持人:工商管理学院 徐亮教授

时间: 2021年10月21日(周四)9:30-11:00

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 科研处


主讲人简介

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是舍勒商学院运营管理教授,博士毕业于美国罗切斯特州罗切斯特大学。曾担任通用汽车研究实验室高级研究员。

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 ManagementManagement 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。

内容简介

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.

本文提供了关于20159月大众柴油排放丑闻对全球汽车生态系统中上市公司股价影响的实证证据。我们聚焦于大众的供应链合作伙伴:一级供应商、二级供应商、商业客户、三组非大众的供应链合作伙伴公司以及其他汽车制造商。但零部件制造商未被认定为大众的供应商,批发商、零售商和租赁机构未被认定为大众客户。我们发现,在丑闻发生后的一周内,向大众提供材料的一级供应商的平均股价反应是-2.69%,但这种影响因地区而异。欧洲供应商受到的影响最大,平均股价反应为-5.52%。对于收入高度依赖大众汽车的供应商则经历了更大的负面股价反应,发动机和排放系统组件的供应商也是如此,但非大众零部件制造商则受到了正向影响。大众欧洲客户的平均股价反应为-5.28%,但对非大众客户没有显著影响。欧洲汽车制造商的平均股价反应为-7.60%。我们的结果表明,企业不应只专注于选择和监控负责人的供应商,而且还应将部分标准原则用于开发客户。我们的工作还对行业团体、监管机构和法律体系产生了影响,这些实体有资源和能力有效监控大型企业,以减少非法或不负责任的行为(如大众丑闻)。