EconPapers    
Economics at your fingertips  
 

The Value of Names - Civil Society, Information, and Governing Multinationals on the Global Periphery

David Kreitmeir (), Nathaniel Lane and Paul Raschky ()
Additional contact information
David Kreitmeir: SoDa Laboratories, Monash University

No 2020-10, SoDa Laboratories Working Paper Series from Monash University, SoDa Laboratories

Abstract: Civil society is essential to governance, especially where laws and authority are weak. We study how a core strategy of international civil society groups---informing and publicizing human rights abuses---impacts those tied to abuse. Our study focuses on a major trend at the center of on-going international media campaigns: the assassination of civil society activists involved in mining activity. Collecting and coding 20 years of data on assassination events, we use Event Study Methodology to study how publicity of these events impact the asset prices of firms associated with abuse. We show that publicizing abuses has a significant impact on multinationals. Firm's associated with an assassination have large, negative abnormal returns following the event. We calculate a median loss in market capitalisation of over 100 million USD, ten days following violence. We highlight the role of media publicity in our results. We show negative returns from assassinations are stronger during periods of low media pressure, versus when they coincide with competing newsworthy events. As well, we argue our results are driven by events where companies are explicitly named in media publicity, using a set of placebo events where no firms were identified by news coverage. Furthermore, we reject that our results are driven by other forms of unrest and conflict. Last, we show activist assassinations are positively related to the royalties paid by firms to domestic governments.

Keywords: Event Study; Civil Society; Governance; Human Rights; Conflict (search for similar items in EconPapers)
JEL-codes: G10 P16 (search for similar items in EconPapers)
Date: 2020-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://soda-wps.s3-website-ap-southeast-2.amazonaw ... r/sodwps/2020-10.pdf (application/pdf)

Related works:
Working Paper: The Value of Names - Civil Society, Information, and Governing Multinationals on the Global Periphery (2020) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ajr:sodwps:2020-10

Ordering information: This working paper can be ordered from
https://www.monash.edu/business/soda-labs/home

Access Statistics for this paper

More papers in SoDa Laboratories Working Paper Series from Monash University, SoDa Laboratories SoDa Laboratories, Monash University, Victoria 3800, Australia. Contact information at EDIRC.
Bibliographic data for series maintained by Ashani Amarasinghe ( this e-mail address is bad, please contact ).

 
Page updated 2021-10-21
Handle: RePEc:ajr:sodwps:2020-10