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Stock Market Reactions to Corporate Social Irresponsibility Actions: Evidence from the US Fast Food Chains Industry

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Stock Market Reactions to Corporate Social Irresponsibility Actions: Evidence from the US Fast Food Chains Industry


Prince Owusu Sarkodie | Tian Gang | Michael Novor Addo | Samuel Atingabili | Derrick Ashietey Yebuah Wilson



Prince Owusu Sarkodie | Tian Gang | Michael Novor Addo | Samuel Atingabili | Derrick Ashietey Yebuah Wilson "Stock Market Reactions to Corporate Social Irresponsibility Actions: Evidence from the US Fast Food Chains Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2, February 2021, pp.229-237, URL: https://www.ijtsrd.com/papers/ijtsrd38418.pdf

Fast food has become an important source of people's daily food. However, corporate social irresponsible (CSIR) events in the fast-food industry in recent years have aroused concerns among stakeholders. Existing literature generally ignores the investor's response to CSIR events in the fast-food industry and the resulting impact on enterprises and the industry. Based on the event research method, this paper studied the investor's response to food-borne infections caused by American fast food companies and analyzed the impact on the entire industry. Research has shown that the CSIR events have had a significant adverse effect on the target company’s stock market earnings. At the industry level, although the study found significant impacts in all three cases, the directions of the impacts are different. The directions of the impacts depend on the nature of the CSIR event, investors' assessment of the harm caused by the events, and the degree of trust in the industry. This research expands the corporate social responsibility literature in the food industry. At the same time, it also provides practical significance for the fast-food industry to respond to corporate irresponsible events.

corporate social irresponsibility, food-borne diseases, event study, fast food industry, stock market reaction


IJTSRD38418
Volume-5 | Issue-2, February 2021
229-237
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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