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Strikes and Corporate Reputation: Evidence from France

This paper investigates the influence of strikes on (i) corporate reputation and (ii) firms' performances. For example, share prices, bond prices, accounting performance, financial analysts' forecasts, long-run stock and bond performances, and financial constraints are suitable measures when investigating the direct impact of strikes on performances. Second, strikes are expected to indirectly influence corporate reputation. This second effect may have disastrous consequences for firms. Regarding employees, firms should face hiring difficulties. Regarding customers, the drop in corporate reputation should have adverse consequences on the product market (loss in market share, revenues, and operating income).