Stock market’s reaction to self-disclosure of work safety accidents: an empirical study in China

摘要: Work safety accidents are one of the major technological risks that modern enterprises face. As investors became more concerned about information justice, study relationship between corporate negative disclosure and their stock market returns is practical significance. In this study, market’s reaction to self-disclosure investigated multi-dimensionally for Chinese listed firms, including variables such as timing release, firm ownership, industry type, media attention accident, number deaths. Based on 130 industrial announcements made by publicly firms in China from 2007 2014, we use event method investigate extent which responds announcements. The accumulative abnormal return its impact factors examined multivariate analysis. results indicate reacts negatively after work accidents. Our also suggest several factors—timing ownership have significant effects firms’ reactions terms value.