Political discretion and risk: the Fukushima nuclear disaster, the distribution of global operations, and uranium company valuation

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2023-06-27 DOI:10.1093/icc/dtad038

Murod Aliyev, T. Devinney, Andrew Ferguson, P. Lam

引用次数: 0

Abstract

This paper investigates the relationship between political constraint and investor perception of policy risk using an analysis of the reaction of Australian and Canadian uranium company stocks to the Fukushima nuclear disaster in 2011. Our dataset traces 933 projects of 322 uranium firms located across 36 countries and posits a U-shaped relationship between political constraint and investor perceptions of policy risk. Using an event study methodology as applied to the natural quasi-experiment arising from the event, we link heterogeneous changes in stock returns to the policy risk in the uranium project locations of the firms. The results corroborate the expected relationship and hold even after we control for home-country bias.

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政治审慎和风险:福岛核灾难、全球业务分布和铀公司估值

本文通过分析2011年澳大利亚和加拿大铀公司股票对福岛核灾难的反应，探讨了政治约束与投资者对政策风险感知之间的关系。我们的数据集追踪了36个国家322家铀公司的933个项目，并假设政治约束与投资者对政策风险的看法之间存在u型关系。使用事件研究方法，应用于由事件引起的自然准实验，我们将股票收益的异质变化与公司铀项目所在地的政策风险联系起来。结果证实了预期的关系，甚至在我们控制了母国偏见之后。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.