Crisis Management Strategy in Handling Financial Sector Scandals in the Digital Transformation Era

Wenjing Wang and Arthur S. Guarino
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Wenjing Wang: Zhejiang Business College, Department of Accounting and Financial Management, Hangzhou, Zhejiang Province, China
Arthur S. Guarino: Rutgers University, Department of Finance and Economics, Newark, New Jersey, U.S.A

International Journal of Economics and Financial Research, 2021, vol. 7, issue 3, 115-131

Abstract: This paper provides empirical evidence of how scandals could affect financial institutions in terms of market stock price, yearly returns, and the length of time it took to regain the public’s trust and ultimately recover in the long run. Moreover, we carefully examine the importance of dealing with crisis management in the digital transformation era’s financial service sector. We specialize in crisis management, which aims to mitigate the destruction of companies’ public crises in existence. Finally, based upon investigating scandals in public and private financial sectors in the United States, we list 21 strategic crisis management plans at the end of the paper to handle financial services sector scandals in the digital transformation era.

Keywords: Crisis management; Strategy; Scandal; Digital transformation; Financial crisis 2008-2009; Regulatory technology; Wells fargo bank. (search for similar items in EconPapers)
Date: 2021
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