The Impact of Conviction for Anti-Competitive Practices on Firm Valuation: A Contingency Approach

Frédéric Le Roy (), Patrick Sentis and Ariste Jerson
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Frédéric Le Roy: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier
Patrick Sentis: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier
Ariste Jerson: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier

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Abstract: The previous research on the impact of anti-competitive practices on firm valuation has shown conflicting results. To explain these conflicting results, we introduce three contingency factors: the amount of the fine, the degree of company involvement, and the company size. To test the impact of these factors, an event study is conducted on a sample of 305 confirmed cases in Europe between 1998 and 2007. The results show that the impact of conviction for anti-competitive practice is greater when the relative amount of the fine is high, the company's degree of involvement is high, and the company is small. Copyright \textcopyright 2016 John Wiley & Sons, Ltd.

Date: 2017
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Published in Managerial and Decision Economics, 2017, 38 (4), pp.534-546. ⟨10.1002/mde.2801⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02015972

DOI: 10.1002/mde.2801

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