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OSHA Sanctions and the Value of the Firm

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  • Fry, Clifford L
  • Lee, Insup

Abstract

Citations by the Occupational Safety and Health Administration (OSHA) against companies for violating health and safety regulations are shown in this study to induce declines in the values of the subject firms. The declines are immediate and significant responses to the announcement of the OSHA citation, following the pattern predicted for efficient markets. Because firm values fall by more than proposed fines, OSHA citations are apparently forerunners of additional and significant costs to be borne by subject firms, perhaps in the form of capital costs to remedy safety conditions or losses in related lawsuits. The authors' findings point toward OSHA citations as an important part of the business environment. Copyright 1989 by MIT Press.

Suggested Citation

  • Fry, Clifford L & Lee, Insup, 1989. "OSHA Sanctions and the Value of the Firm," The Financial Review, Eastern Finance Association, vol. 24(4), pages 599-610, November.
    • Handle: RePEc:bla:finrev:v:24:y:1989:i:4:p:599-610
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    Cited by:

    1. Lanoie, Paul & Laplante, Benoit & Roy, Maite, 1998. "Can capital markets create incentives for pollution control?," Ecological Economics, Elsevier, vol. 26(1), pages 31-41, July.
    2. Unsal, Omer & Brodmann, Jennifer, 2019. "Workplace environment and payout policy," Journal of Economics and Business, Elsevier, vol. 106(C).
    3. Paul Lanoie & Benoit Laplante & Maité Roy, 1997. "Can Capital Markets Create Incentives for Pollution Control?," CIRANO Working Papers 97s-05, CIRANO.

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