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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Frédéric Le Roy & Patrick Sentis & Ariste Jerson, 2017. "The Impact of Conviction for Anti-Competitive Practices on Firm Valuation: A Contingency Approach," Post-Print hal-02015972, HAL.
    • Handle: RePEc:hal:journl:hal-02015972
    DOI: 10.1002/mde.2801
    as

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