1987
DOI: 10.2307/252888
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Large Losses, Risk Management and Stock Returns in the Airline Industry

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citations
Cited by 62 publications
(44 citation statements)
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References 11 publications
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“…Contrary to negative relationships found in few past studies (Davidson and Worell, 1988;Davidson et al, 1987), this study establishes positive relationships between the aggregate and segregate dimensions of CSR and firm performance. The negative results of past studies are mostly attributed to the use of volatile market-based measures such as stock returns (Griffin and Mahon, 1997).…”
contrasting
confidence: 83%
“…Contrary to negative relationships found in few past studies (Davidson and Worell, 1988;Davidson et al, 1987), this study establishes positive relationships between the aggregate and segregate dimensions of CSR and firm performance. The negative results of past studies are mostly attributed to the use of volatile market-based measures such as stock returns (Griffin and Mahon, 1997).…”
contrasting
confidence: 83%
“…An event study is widely applied to determine whether there has been any information effect on the stock performance around the announcement date in different events (Davidson et al 1987;Rajiv et al 1993;Bradford, Robinson 1997;Patten, Nance 1998;Pantzalis et al 2000;Chen, Su 2010;Lai et al 2010;Ramiah et al 2010;Asgharian et al 2011;Cheung 2011;Li, Tallman 2011;Ramchander et al 2012). Recent literature used event study to measure the effect of specific events, such as the effect of the Alaskan oil spill on the stock performance of petroleum companies and the effect of war on the stock performance of transportation companies.…”
Section: Event Studymentioning
confidence: 99%
“…Some researchers have reported positive linkages (Wu, 2006;Allouche & Laroche, 2005;De Bakker & den Hond, 2005;Margolis & Walsh, 2003;Orlitzky, Schmidt, & Rynes, 2003;Roman et al, 1999;Johnson & Greening, 1999;Berman, Wicks, & Jones, 1999;Turban & Greening, 1997;Preston & O'Bannon, 1997;Waddock & Graves, 1997;Raihi-Belkaoui, 1992), while others have reported negative linkages (Bromiley & Marcus, 1989;Davidson, Chandy, & Cross, 1987;Davidson & Worrell, 1988). Still others have found no significant linkages between CSR initiatives and financial performance (Freedman & Jaggi, 1982;Aupperle et al, 1985).…”
Section: Literature Reviewmentioning
confidence: 99%