Abstract
We investigate the effect of disasters and fisheries policy announcements on the value of large fishing companies. These companies are highly relevant for global fish production and marine ecosystems. Financial markets reveal how investors perceive and appreciate news about disasters and policy announcements. This can affect the financial value of the fishing companies. We use a sample of 87 events and investigate how shocks affect the market value of 42 firms. It shows that earthquakes significantly affect fishing companies’ market returns. Further, it shows that listed fisheries are especially sensitive to disasters and that earthquakes have more pronounced effects than oil spills. Other event types trigger marginally significant responses or none at all.
| Original language | English |
|---|---|
| Journal | Business Strategy and the Environment |
| Volume | Early View |
| Early online date | 30 Jul 2020 |
| DOIs | |
| Publication status | E-pub ahead of print - 30 Jul 2020 |
Keywords
- Fisheries
- Event study
- Stock market returns
- Disaster
- Policy announcement
- Keystone companies
- Firm performance
Access to Document
- Scholtens_BSE_Shocks_CC
Copyright © 2020 The Authors. Business Strategy and The Environment published by ERP Environment and John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution‐NonCommercial‐NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non‐commercial and no modifications or adaptations are made.