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Does consumer privacy act influence firm performance in the retail industry?: Evidence from a US state-level law change
Villanova University, United States.
Södertörn University, School of Social Sciences, Business Studies.ORCID iD: 0000-0003-2125-6155
Texas Tech University, USA.
2023 (English)In: Journal of Business Research, ISSN 0148-2963, E-ISSN 1873-7978, Vol. 162, article id 113881Article in journal (Refereed) Published
Abstract [en]

In recent years, US states have introduced or passed consumer privacy laws. We explore the passage (June 28, 2018) and enforcement (January 1, 2020) of the California Consumer Privacy Act (CCPA) to ask whether such laws influence firm valuation. Based on organizational complexity and intangibility frameworks in the marketing literature, the law's passage on June 28, 2018 did not have a meaningful stock market reaction in a sample of retail firms. Firms with higher intangibility or those with higher complexity and intangibility realized positive cumulative abnormal returns and Buy-and-Hold Abnormal Returns (BHAR). The findings are consistent after controlling for the text-based measures of privacy agreements, alternative measures of intangibility, and other robustness checks. Using the January 1, 2020, enforcement date, there were no meaningful changes in bounce rates and traffic from desktops or mobiles. The findings carry implications for policy makers, practitioners, and consumers. 

Place, publisher, year, edition, pages
Elsevier, 2023. Vol. 162, article id 113881
Keywords [en]
Asset intangibility, California Consumer Privacy Act, Consumer privacy laws, Organizational complexity, Stock market reaction
National Category
Business Administration
Research subject
Politics, Economy and the Organization of Society
Identifiers
URN: urn:nbn:se:sh:diva-51315DOI: 10.1016/j.jbusres.2023.113881ISI: 001054427400001Scopus ID: 2-s2.0-85151281156OAI: oai:DiVA.org:sh-51315DiVA, id: diva2:1749873
Available from: 2023-04-11 Created: 2023-04-11 Last updated: 2023-09-08Bibliographically approved

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Oghazi, Pejvak

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • harvard-anglia-ruskin-university
  • apa-old-doi-prefix.csl
  • sodertorns-hogskola-harvard.csl
  • sodertorns-hogskola-oxford.csl
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf