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Risk management, firm reputation, and the impact of successful cyberattacks on target firms

Citations

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Cited by:

  1. Martin Boyer & Martin Eling, 2023. "New advances on cyber risk and cyber insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(2), pages 267-274, April.
  2. Zong, Lu & Tao, Zheng & Zhai, Jia & Shi, Shimeng, 2025. "Measuring the impact of cyber policy: A news-based cyber policy index and its spillover to U.S. stock sectors," Research in International Business and Finance, Elsevier, vol. 78(C).
  3. Costa, João & Cró, Susana & Moutinho, Nuno & Martins, António Miguel, 2025. "Airline stock market reaction to CrowdStrike IT outage: An event study analysis," Finance Research Letters, Elsevier, vol. 77(C).
  4. Harris, Oneil & Nguyen, Trung, 2024. "Asset redeployability and the market reaction to cyberattacks," Finance Research Letters, Elsevier, vol. 70(C).
  5. Cao, Hung & Phan, Hieu V. & Silveri, Sabatino, 2024. "Data breach disclosures and stock price crash risk: Evidence from data breach notification laws," International Review of Financial Analysis, Elsevier, vol. 93(C).
  6. Crosignani, Matteo & Macchiavelli, Marco & Silva, André F., 2023. "Pirates without borders: The propagation of cyberattacks through firms’ supply chains," Journal of Financial Economics, Elsevier, vol. 147(2), pages 432-448.
  7. Daniel Celeny & Loic Mar'echal & Evgueni Rousselot & Alain Mermoud & Mathias Humbert, 2024. "Prioritizing Investments in Cybersecurity: Empirical Evidence from an Event Study on the Determinants of Cyberattack Costs," Papers 2402.04773, arXiv.org.
  8. Ahnert, Toni & Brolley, Michael & Cimon, David & Riordan, Ryan, 2022. "Cyber Risk and Security Investment," CEPR Discussion Papers 17403, Centre for Economic Policy Research.
  9. Akey, Pat & Grégoire, Vincent & Martineau, Charles, 2022. "Price revelation from insider trading: Evidence from hacked earnings news," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1162-1184.
  10. Agbodoh-Falschau, Kouassi Raymond & Ravaonorohanta, Bako Harinivo, 2023. "Investigating the influence of governance determinants on reporting cybersecurity incidents to police: Evidence from Canadian organizations’ perspectives," Technology in Society, Elsevier, vol. 74(C).
  11. Manar Al-Mohareb, 2025. "The Impact of Cyber Governance Quality on Dividend Policy in Mitigating Cybersecurity Breaches," Risks, MDPI, vol. 13(2), pages 1-14, February.
  12. Akey, Pat & Grégoire, Vincent & Martineau, Charles, 2021. "Price Revelation from Insider Trading: Evidence from Hacked Earnings News," SocArXiv qe6tu, Center for Open Science.
  13. Seth G. Benzell & Jonathan Hersh & Marshall Van Alstyne, 2024. "How APIs Create Growth by Inverting the Firm," Management Science, INFORMS, vol. 70(10), pages 7120-7141, October.
  14. Kim, Hyeong Joon, 2025. "Lesson from stock price crash: Changes in managerial confidence and incentives," The British Accounting Review, Elsevier, vol. 57(3).
  15. Qinglu Jin & Hui Ma & Thomas Schmid & Guochang Zhang, 2025. "Employee Board Representation and Capital Investment," Management Science, INFORMS, vol. 71(8), pages 6707-6728, August.
  16. Yugang He, 2026. "Unveiling the socio-economic toll of cybercrime: evidence from South Korea," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-15, December.
  17. Wang, Duo & Hu, Yunge & Li, Yanxi, 2026. "Cybersecurity risk and corporate maturity mismatch," International Review of Financial Analysis, Elsevier, vol. 109(C).
  18. Dinh, Thao & Chou, Hsin-I & Zhao, Jing, 2025. "Cybersecurity risk and firm investment efficiency," Finance Research Letters, Elsevier, vol. 85(PE).
  19. Ionela Andreicovici & Sara Bormann & Katharina Hombach, 2025. "Trade Secret Protection and the Integration of Information Within Firms," Management Science, INFORMS, vol. 71(2), pages 1213-1237, February.
  20. Milena Dinkova & Ramy El-Dardiry & Bastiaan Overvest, 2020. "Cyber incidents, security measures and financial returns: Empirical evidence from Dutch firms," CPB Discussion Paper 411, CPB Netherlands Bureau for Economic Policy Analysis.
  21. Wang, Jimin & Ho, Choy Yeing (Chloe) & Shan, Yuan George, 2024. "Does cybersecurity risk stifle corporate innovation activities?," International Review of Financial Analysis, Elsevier, vol. 91(C).
  22. Chang, Jin-Wook & Jayachandran, Kartik & Ramírez, Carlos A. & Tintera, Ali, 2024. "On the anatomy of cyberattacks," Economics Letters, Elsevier, vol. 238(C).
  23. Peng, Jin & Zhang, Haofei & Mao, Juan & Xu, Shouhuai, 2023. "Repeated data breaches and firm value," Economics Letters, Elsevier, vol. 224(C).
  24. Jing Chen & Elaine Henry & Xi Jiang, 2023. "Is Cybersecurity Risk Factor Disclosure Informative? Evidence from Disclosures Following a Data Breach," Journal of Business Ethics, Springer, vol. 187(1), pages 199-224, September.
  25. Daniel Celeny & Loic Mar'echal, 2024. "Cyber risk and the cross-section of stock returns," Papers 2402.04775, arXiv.org, revised Mar 2024.
  26. Nadine Gatzert & Madeline Schubert, 2022. "Cyber risk management in the US banking and insurance industry: A textual and empirical analysis of determinants and value," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(3), pages 725-763, September.
  27. Nong, Huihui & Lin, Yinghao & Zhang, Quankun, 2025. "Cybersecurity policy and corporate R&D investment," Finance Research Letters, Elsevier, vol. 75(C).
  28. Wang, Fangjun & Wang, Hao & Li, Jiyuan, 2024. "The effect of cybersecurity legislation on firm cost behavior: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  29. Daniel Zängerle & Dirk Schiereck, 2023. "Modelling and predicting enterprise-level cyber risks in the context of sparse data availability," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(2), pages 434-462, April.
  30. Caroline Hillairet & Olivier Lopez & Lionel Sopgoui, 2026. "A stochastic SIR model for cyber contagion: application to granular growth of firms and to insurance portfolio," Papers 2603.15369, arXiv.org.
  31. Ding, Bin Yan & Wei, Feng, 2023. "Overlapping membership between risk management committee and audit committee and bank risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 86(C).
  32. Garg, Mukesh & Wang, Tawei & Wilkin, Carla L., 2025. "Impact of reporting information security breaches, accounting quality, and the opportunistic disclosure of good news and bad news," International Journal of Accounting Information Systems, Elsevier, vol. 56(C).
  33. Milunovich, George & Lee, Seung Ah, 2022. "Measuring the impact of digital exchange cyberattacks on Bitcoin Returns," Economics Letters, Elsevier, vol. 221(C).
  34. Saeed Rabea Baatwah & Mohammed Asiri & Mohammed Saleh Bajaher & Ayoob Alyafai & Salem Baajajah, 2026. "Thriving post-cyberattacks: the power of control, disclosure, and IT maturity," Electronic Commerce Research, Springer, vol. 26(2), pages 1705-1743, April.
  35. Milena Dinkova & Ramy El-Dardiry & Bastiaan Overvest, 2024. "Should firms invest more in cybersecurity?," Small Business Economics, Springer, vol. 63(1), pages 21-50, June.
  36. Lin, Weizheng & Wang, Chih-Wei & Li, Ying-Jie & Chen, Jian-Yun, 2025. "From green to digital: Exploring the role of ecological footprints on cybersecurity risk," Energy Economics, Elsevier, vol. 146(C).
  37. Brho, Mazen & Jazairy, Amer & Glassburner, Aaron V., 2025. "The finance of cybersecurity: Quantitative modeling of investment decisions and net present value," International Journal of Production Economics, Elsevier, vol. 279(C).
  38. Chen, Wen & Li, Xing & Wu, Haibin & Zhang, Liandong, 2024. "The impact of managerial myopia on cybersecurity: Evidence from data breaches," Journal of Banking & Finance, Elsevier, vol. 166(C).
  39. Xu, Gengxi & Li, Yugang & Liu, Shanshan & Ye, Zhuhong, 2026. "Cybersecurity risk and firm growth: Empirical evidence based on text analysis," The North American Journal of Economics and Finance, Elsevier, vol. 81(C).
  40. Rezaee, Zabihollah & Zhou, Gaoguang & Bu, Luofan (Luther), 2024. "Corporate social irresponsibility and the occurrence of data breaches: A stakeholder management perspective," International Journal of Accounting Information Systems, Elsevier, vol. 53(C).
  41. Zängerle, Daniel & Schiereck, Dirk, 2022. "Modelling and predicting enterprise‑level cyber risks in the context of sparse data availability," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 136276, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  42. Patel, Pankaj C., 2025. "Anchored by reliability, swayed by institutional forces: Cybersecurity risk deviance from industry norms and its contingencies on risk and volatility," Journal of Business Research, Elsevier, vol. 199(C).
  43. Kwangmin Jung & Chanjin Kim & Jiyeon Yun, 2025. "The effect of corporate risk management on cyber risk mitigation: Evidence from the insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 50(2), pages 259-301, April.
  44. Bai-Sian Chen & Hong-Yi Chen & Hsiao-Yin Chen & Fang-Chi Lin, 2022. "Corporate growth and strategic payout policy," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 641-669, August.
  45. Gilles Hilary & Vanessa Serret, 2023. "Governance and Digital Transformation [Gouvernance et transformation numérique]," Post-Print hal-04380300, HAL.
  46. Liu, Xiaohui & Luo, Juan & Yawson, Alfred, 2025. "Equity offering following cyberattacks," Journal of Corporate Finance, Elsevier, vol. 91(C).
  47. Bernales, Alejandro & Beuermann, Diether W. & Cumming, Douglas & Olid, Christian, 2023. "Blue-Collar Crime and Finance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
  48. Xu, Jing, 2025. "Cybersecurity governance and corporate innovation: evidence from China," Finance Research Letters, Elsevier, vol. 82(C).
  49. Chen, Chang-Chih & Chang, Chia-Chien & Rui, Ying & Yu, Min-Teh, 2025. "Cyber insurance valuation with endogenous cyber loss," Journal of Banking & Finance, Elsevier, vol. 181(C).
  50. Milena Dinkova & Ramy El-Dardiry & Bastiaan Overvest, 2020. "Cyber incidents, security measures and financial returns: Empirical evidence from Dutch firms," CPB Discussion Paper 411.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
  51. Loic Mar'echal & Alain Mermoud & Dimitri Percia David & Mathias Humbert, 2024. "Measuring the performance of investments in information security startups: An empirical analysis by cybersecurity sectors using Crunchbase data," Papers 2402.04765, arXiv.org, revised Feb 2024.
  52. Godsway Korku Tetteh & Chuks Otioma, 2025. "Cyberattack, cyber risk mitigation capabilities, and firm productivity in Kenya," Small Business Economics, Springer, vol. 64(3), pages 1493-1514, March.
  53. Benaroch, Michel, 2025. "Measuring the pervasiveness of IT general controls: A model and empirical validation," International Journal of Accounting Information Systems, Elsevier, vol. 56(C).
  54. repec:osf:socarx:qe6tu_v1 is not listed on IDEAS
  55. Xuanpu Lin & Guoman She, 2025. "Timely Cybersecurity Disclosure and Information Manipulation," Management Science, INFORMS, vol. 71(11), pages 9308-9327, November.
  56. Aldasoro, Iñaki & Gambacorta, Leonardo & Giudici, Paolo & Leach, Thomas, 2022. "The drivers of cyber risk," Journal of Financial Stability, Elsevier, vol. 60(C).
  57. Akyildirim, Erdinc & Conlon, Thomas & Corbet, Shaen & Hou, Yang (Greg), 2024. "HACKED: Understanding the stock market response to cyberattacks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 97(C).
  58. Tan, Weijie & Guo, Binhua & Zhang, Qiantao, 2025. "Cybersecurity governance and corporate market value: Perspectives from investor trust and supply chain trust," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
  59. Trinh, Vu Quang & Elnahass, Marwa & Pasiouras, Fotios, 2025. "Personal traits of CEOs and cybersecurity-related disclosure," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 58(C).
  60. António Miguel Martins & Nuno Moutinho & Susana Cró, 2025. "Stock market effects of major cyber-attacks: evidence for breached and cybersecurity listed firms," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(4), pages 868-877, December.
  61. Yang, Xiao & Yang, Shudong, 2024. "Executives’ income tax burden, earnings management and stock reduction," Finance Research Letters, Elsevier, vol. 65(C).
  62. Alessandro Fedele & Cristian Roner, 2022. "Dangerous games: A literature review on cybersecurity investments," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 157-187, February.
  63. Xu, Yao & Zhao, Feng & Zhang, Qi, 2025. "How does the cybersecurity law affect corporate investment," International Review of Financial Analysis, Elsevier, vol. 103(C).
  64. Bruno Albuquerque & Susana Cró & Nuno Moutinho & António Miguel Martins, 2025. "Stock market effects of CrowdStrike IT outage on largest listed hotel companies," Tourism Economics, , vol. 31(7), pages 1452-1464, November.
  65. D. Brian Blank & Brandy Hadley & Omer Unsal, 2021. "Financial consequences of reputational damage: Evidence from government economic incentives," The Financial Review, Eastern Finance Association, vol. 56(4), pages 693-719, November.
  66. Wang, Jiaxin & Wu, Zhifeng & Yuan, Xue & Song, Zilong, 2024. "Peer governance effects of information security breaches," Energy Economics, Elsevier, vol. 129(C).
  67. Lee, Chien-Chiang & Wang, Chih-Wei & Lin, Weizheng & Chen, En-Jia, 2025. "Cyber risk and corporate share repurchases," International Review of Financial Analysis, Elsevier, vol. 103(C).
  68. Michelle R. Lowry & Anthony Vance & Marshall D. Vance, 2026. "Inexpert Supervision: Field Evidence on Boards’ Oversight of Cybersecurity," Management Science, INFORMS, vol. 72(2), pages 783-804, February.
  69. Lisa Yao Liu, 2025. "Financial Statement Audits and Data Breaches," Management Science, INFORMS, vol. 71(8), pages 6340-6366, August.
  70. Chris Florackis & Christodoulos Louca & Roni Michaely & Michael Weber, 2023. "Cybersecurity Risk," The Review of Financial Studies, Society for Financial Studies, vol. 36(1), pages 351-407.
  71. Abukari, Kobana & Dutta, Shantanu & Li, Chen & Tang, Songlian & Zhu, Pengcheng, 2024. "Corporate communication and likelihood of data breaches," International Review of Economics & Finance, Elsevier, vol. 94(C).
  72. Jakub Sopko & Leoš Šafár, 2026. "Cybersecurity and financial systems: a global perspective on research fragmentation and innovation gaps," SN Business & Economics, Springer, vol. 6(4), pages 1-31, April.
  73. Mohammad Ashraful Ferdous Chowdhury & Mohammad Abdullah & Nurun Nowshin Chowdhury Nazia & Debarshi Roy, 2023. "The nonlinear and threshold effects of IT investment on the banking sector of Bangladesh," Economic Change and Restructuring, Springer, vol. 56(6), pages 4253-4283, December.
  74. Huang, Yin-Siang & Lee, Cheng-Few & Lin, Chih-Yung, 2023. "Applications of fixed effect models to managerial risk-taking incentives," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 249-261.
  75. D'Souza, Reagan & Ho, Choy Yeing (Chloe) & Yang, Joey W., 2024. "The cost of corporate social irresponsibility for acquirers," Journal of Banking & Finance, Elsevier, vol. 162(C).
  76. Abthal Abdajabar & Nur Arzilawati Md Yunus, 2023. "A Review On The Impact Of Cybersecurity Crimes In Financial Institutions During The Time Of Covid-19," Acta Informatica Malaysia (AIM), Zibeline International Publishing, vol. 7(1), pages 19-23, February.
  77. Sun, Liang, 2025. "CEO gender and cybersecurity: The role of female CEOs in mitigating data breach risks," International Journal of Accounting Information Systems, Elsevier, vol. 56(C).
  78. Le, Anh-Tuan & Huang, Henry Hongren & Do, Trung K., 2024. "Navigating through cyberattacks: The role of tax aggressiveness," Journal of Corporate Finance, Elsevier, vol. 88(C).
  79. Isarin Durongkadej & Heng Emily Wang, 2025. "Data Breach Announcement Effect on Bank Loans, Deposits, and Stock Performance," Journal of Financial Services Research, Springer;Western Finance Association, vol. 68(3), pages 423-460, December.
  80. Md. Hamid Uddin & Md. Hakim Ali & Mohammad Kabir Hassan, 2020. "Cybersecurity hazards and financial system vulnerability: a synthesis of literature," Risk Management, Palgrave Macmillan, vol. 22(4), pages 239-309, December.
  81. Corbet, Shaen & Goodell, John W., 2022. "The reputational contagion effects of ransomware attacks," Finance Research Letters, Elsevier, vol. 47(PB).
  82. Le, Tran Duc & Le-Dinh, Thang & Uwizeyemungu, Sylvestre, 2024. "Search engine optimization poisoning: A cybersecurity threat analysis and mitigation strategies for small and medium-sized enterprises," Technology in Society, Elsevier, vol. 76(C).
  83. Hao Jiang & Naveen Khanna & Qian Yang & Jiayu Zhou, 2024. "The Cyber Risk Premium," Management Science, INFORMS, vol. 70(12), pages 8791-8817, December.
  84. Zängerle, Daniel & Schiereck, Dirk, 2025. "Modelling and predicting enterprise-level cyber risks in the context of sparse data availability," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 156328, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
  85. Anand, Kartik & Duley, Chanelle & Gai, Prasanna, 2022. "Cybersecurity and financial stability," Discussion Papers 08/2022, Deutsche Bundesbank.
  86. Pan, Junyu & Hunjra, Ahmed Imran & Bruna, Maria Giuseppina & Zhao, Shikuan & Bouri, Elie, 2024. "Shaping sustainability: How corporate reputation can be enhanced under climate change conditions," Finance Research Letters, Elsevier, vol. 62(PA).
  87. Juhász, Péter & Szabó, Ágnes, 2021. "A koronavírus-járvány okozta válság vállalati kockázati térképe az első hullám hazai tapasztalatai alapján [The risk map of the Covid-19 crisis based on first-wave experience in Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(S11), pages 126-153.
  88. Chelsea Liu & Muhammad Ali Babar, 2026. "Corporate cybersecurity risk and data breaches: A systematic review of empirical research," Australian Journal of Management, Australian School of Business, vol. 51(1), pages 62-92, February.
  89. Sulong, Zunaidah & Fuszder, Md. Habibur Rahman & Abdullah, Mohammad & Abakah, Emmanuel Joel Aikins, 2025. "Cybersecurity risk and bank risk-taking," Journal of Behavioral and Experimental Finance, Elsevier, vol. 47(C).
  90. Dai, Rui & Duan, Rui & Ng, Lilian, 2026. "Revealing or concealing? The competitive landscape of bad news disclosure," Journal of Corporate Finance, Elsevier, vol. 97(C).
  91. Tang, Rui & Li, Mingyu, 2026. "Cybersecurity and corporate resilience –a study based on listed companies in China," Technology in Society, Elsevier, vol. 84(C).
  92. Wu, Xi & Wang, Yudong & Tong, Xinle, 2021. "Cash holdings and oil price uncertainty exposures," Energy Economics, Elsevier, vol. 99(C).
  93. Ramírez, Carlos A., 2025. "On equilibrium cyber risk," Economics Letters, Elsevier, vol. 251(C).
  94. Xiaoli Guo & Andrew Fluharty, 2024. "Mandatory Disclosure of Negative Events and Auditor Behavior: Evidence from a Natural Experiment," JRFM, MDPI, vol. 17(11), pages 1-25, November.
  95. Ahmed, Mohamed Shaker & Elnahass, Marwa, 2024. "Being famous matters: Evidence from cash flow volatility," International Review of Financial Analysis, Elsevier, vol. 93(C).
  96. Chaitanya Joshi & Jinming Yang & Sergeja Slapnicar & Ryan K L Ko, 2024. "Contrasting the optimal resource allocation to cybersecurity and cyber insurance using prospect theory versus expected utility theory," Papers 2411.18838, arXiv.org.
  97. Thomas R. Berry‐Stölzle & Simon Fritzsch & Philipp Scharner & Gregor Weiß, 2024. "Insurers' climate change risk management quality and natural disasters," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 91(2), pages 263-298, June.
  98. Martins, António Miguel & Moutinho, Nuno, 2025. "Stock-Term market impact of major cyber-attacks: Evidence for the ten most exposed insurance firms to cyber risk," Finance Research Letters, Elsevier, vol. 71(C).
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