Firms' Reputation Risk Index () co-move with their industry and local peers in the US market, suggesting that managers follow their industry and local peers to conduct ESG-related irresponsible activities. Moreover, the co-movement with local peers is attenuated during the COVID-19 pandemic period, and the reduction is more significant in democratic states with stringent social distancing policies and in states with higher pandemic mortality rates. In contrast, the industry-level co-movement is not significantly affected during the pandemic period. Our findings suggest that social interactions among local managers may be an essential driver for the regional co-movement before the pandemic.

中文翻译：

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传染性企业声誉风险：揭示大流行的影响


美国市场上企业声誉风险指数()与其行业和当地同行同步变化，表明管理者追随其行业和当地同行进行与ESG相关的不负责任的活动。此外，在COVID-19大流行期间，与当地同行的共同运动减弱，在实行严格社会疏远政策的民主国家和大流行死亡率较高的州，这种减少更为显着。相比之下，行业层面的联动性在疫情期间并未受到明显影响。我们的研究结果表明，当地管理者之间的社交互动可能是大流行前区域合作的重要驱动力。