How Do Investors Evaluate Business Continuity Management （BCM） Disclosures in Emergency Situations？ Evidence From the Great East Japan Earthquake  

作　　者：Tetsuyuki Kagaya 

机构地区：[1]Hitotsubashi University, Tokyo, Japan

出　　处：《Journal of Modern Accounting and Auditing》2013年第3期398-415,共18页现代会计与审计（英文版）

摘　　要：This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differences in the recovery of share price between disclosing and non-disclosing corporations. The results show that the cumulative average abnormal returns （CAARs） of disclosing corporations recovered faster than non-disclosing corporations. Then, the author examined differences in the recovery of share price between developing and non-developing corporations. The results show that there is no statistically significant difference in the recovery of share price between developing and non-developing corporations. Finally, the author examined the differences of BCM between disclosing and non-disclosing corporations. The results suggest that BCM or business continuity plan （BCP） disclosing corporations have a broader coverage of the BCP, more appropriate procedures for responding to emergency situations, more effective training of the BCM, and more mature BCM systems than non-disclosing ones.

关 键 词：business continuity management （BCM） risk disclosures value relevance in emergency situations corporate social responsibility （CSR） disclosures of non-financial information 

分 类 号：TP393.07[自动化与计算机技术—计算机应用技术] U471.15[自动化与计算机技术—计算机科学与技术]