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An Empirical Analysis of the Effect of Supply Chain Disruptions on Long-Run Stock Price Performance and Equity Risk of the Firm

Production and operations management, 2005-03, Vol.14 (1), p.35-52 [Peer Reviewed Journal]

2005 The Authors ;2005 Production and Operations Management Society ;Copyright Production and Operations Management Society Spring 2005 ;ISSN: 1059-1478 ;EISSN: 1937-5956 ;DOI: 10.1111/j.1937-5956.2005.tb00008.x ;CODEN: POMAEN

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  • Title:
    An Empirical Analysis of the Effect of Supply Chain Disruptions on Long-Run Stock Price Performance and Equity Risk of the Firm
  • Author: Hendricks, Kevin B. ; Singhal, Vinod R.
  • Subjects: Abnormal returns ; Economic impact ; Efficiency ; Equity ; equity risk ; Financial leverage ; Investments ; long-run stock price ; Prices ; Rating services ; Risk assessment ; Securities markets ; Stock prices ; Stockholders ; Studies ; Suppliers ; supply chain disruptions ; Supply chains ; Volatility
  • Is Part Of: Production and operations management, 2005-03, Vol.14 (1), p.35-52
  • Description: This paper investigates the long‐term stock price effects and equity risk effects of supply chain disruptions based on a sample of 827 disruption announcements made during 1989–2000. Stock price effects are examined starting one year before through two years after the disruption announcement date. Over this time period the average abnormal stock returns of firms that experienced disruptions is nearly –40%. Much of this underperformance is observed in the year before the announcement, the day of the announcement, and the year after the announcement. Furthermore, the evidence indicates that firms do not quickly recover from the negative effects of disruptions. The equity risk of the firm also increases significantly around the announcement date. The equity risk in the year after the announcement is 13.50% higher when compared to the equity risk in the year before the announcement.
  • Publisher: Oxford, UK: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 1059-1478
    EISSN: 1937-5956
    DOI: 10.1111/j.1937-5956.2005.tb00008.x
    CODEN: POMAEN
  • Source: Alma/SFX Local Collection
    ProQuest Central
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