【海外名家讲堂】Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem

時間:2021-10-13         阅读:

光華講壇——海外名家講堂第16

主題:【海外名家讲堂】Shareholder value effects of the Volkswagen emissions scandal on the automotive ecosystem

主講人:乔治亚理工学院 Vinod Singhal教授

主持人:工商管理学院 徐亮教授

時間:2021年10月21日(周四)9:30-11:00

舉辦地點:Zoom会议ID: 210 627 2025,入会密码:070307

主辦單位:工商管理学院 国际交流与合作处 科研处

主講人简介

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題演讲者进行演讲,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。

內容簡介

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.

本文提供了關于2015年9月大衆柴油排放醜聞對全球汽車生態系統中上市公司股價影響的實證證據。我們聚焦于大衆的供應鏈合作夥伴:一級供應商、二級供應商、商業客戶、三組非大衆的供應鏈合作夥伴公司以及其他汽車制造商。但零部件制造商未被認定爲大衆的供應商,批發商、零售商和租賃機構未被認定爲大衆客戶。我們發現,在醜聞發生後的一周內,向大衆提供材料的一級供應商的平均股價反應是-2.69%,但這種影響因地區而異。歐洲供應商受到的影響最大,平均股價反應爲-5.52%。對于收入高度依賴大衆汽車的供應商則經曆了更大的負面股價反應,發動機和排放系統組件的供應商也是如此,但非大衆零部件制造商則受到了正向影響。大衆歐洲客戶的平均股價反應爲-5.28%,但對非大衆客戶沒有顯著影響。歐洲汽車制造商的平均股價反應爲-7.60%。我們的結果表明,企業不應只專注于選擇和監控負責人的供應商,而且還應將部分標准原則用于開發客戶。我們的工作還對行業團體、監管機構和法律體系産生了影響,這些實體有資源和能力有效監控大型企業,以減少非法或不負責任的行爲(如大衆醜聞)。