Does celebrity spokesperson signal firm performance? Evidence from a drug scandal in China

被引：4
|
作者：
Yao, Wenyun [1 ]
Wei, Jiahui [1 ]
Shen, Yongjian [1 ]
Deng, Yan [1 ]
Kutan, Ali M. [2 ]
机构：
[1] Nanjing Univ Finance & Econ, Sch Accounting, Nanjing, Peoples R China
[2] Southern Illinois Univ Edwardsville, Sch Business, Edwardsville, IL USA
来源：
FINANCE RESEARCH LETTERS | 2020年 / 34卷
关键词：
Public figure behavior; Celebrity endorsement; Firm performance; PENALTIES;
D O I：
10.1016/j.frl.2019.07.010
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using an event study, we investigate the impact of news regarding a drug scandal involving a celebrity spokesperson who was hired by the Dongfeng Motor Company in China on company performance. We find that celebrity spokespeople news may have significant predictive power on company stock returns and hence on firm performance, supporting the signaling hypothesis.
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页数：6
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