随着市场经济的发展，聘请明星成为本品牌产品的代言人已经成为越来越多的消费者品牌公司的选择。明星代言可以帮助品牌提升知名度、扩大市场从而增加公司销售额，聘请顶流明星为自家品牌代言更可以充分利用流量明星自带的庞大粉丝群体，有了流量明星的加持，品牌可以更快一步的抢占市场。然而，因为近年政府对艺人艺德的监管越发严格，对艺人正本清源行动蔚然成风，顶流明星的塌房事件已经逐渐变得屡见不鲜，而昔日想通过明星代言来提振产品知名度和销售额的品牌公司这两年经常苦不堪言，面对明星道德丑闻的曝光，消费者们常常把对失德明星的不满与鄙视转移到品牌上，减少对品牌产品的购买。本文试图从品牌公司股票收益率的角度来研究明星丑闻对品牌公司的影响。结果显示，明星代言人丑闻对品牌公司股票收益率产生显著的负面影响，丑闻事件期间的累计平均异常收益率接近-4%，意味着4%的公司价值将在短短几天内蒸发。此外，本文探究了不同因素对这一关系的影响程度，并发现不同丑闻类型、行业类型、公司反应、明星知名度等等所造成的负面影响不尽相同。本文创新性地用上市公司股票收益率这一指标来衡量明星丑闻对公司的实际影响，同时，本样本中的明星代言人、上市公司及品牌主要消费者全部来自中国本土，使研究结果和研究启示均具有中国特色，有助于本土公司和计划进入中国市场的外国品牌了解中国社会和中国消费者。此外，本文创新性地引入代言人个人属性、公司属性和丑闻类型作为进一步的研究对象，试图探究这些因素对公司股价收益率的调节作用。在实践意义上，一方面，本文协助企业构建更为全面、深入的多元化代言人风险评估模型，企业从而更加准确地衡量聘用特定代言人所带来的风险和回报，另一方面，对于新品牌或初入中国消费市场的外资品牌而言，了解所处的客观市场环境，有助于他们在品牌营销推广方面采取更为因地制宜、趋利避害的策略制定。对于投资者而言，协助投资者或投资机构更早、更精准地评估丑闻事件对收益率的影响程度和方向，以便在丑闻事件发生时能够更迅速地做出仓位决策。
Celebrity endorsement has become an increasingly prevalent marketing strategy for consumer brands. However, celebrity scandals can negatively impact the brands they endorse. This study examines how celebrity spokesperson scandals affect the stock returns of the brands they represent. Using stock market data of Chinese listed companies, we find that celebrity scandals correspond with a cumulative average abnormal return of approximately -4% for the affiliated brands, indicating a significant loss in company value.We explore how various factors moderate this relationship, determining that different types of scandals, brand industries, corporate responses, and celebrity prominence generate different levels of impact. Compared to existing research measuring consumer attitudes, our stock market-based approach offers a more objective and quantifiable assessment of the financial impact of celebrity scandals on brands.Our findings provide practical implications for brands operating in China. For brands hiring celebrity spokespersons, this research helps develop more comprehensive risk assessment models to evaluate the costs and benefits of different candidates. For new brands entering the Chinese market, these results offer insights into Chinese consumer behavior and guidance for tailoring brand marketing strategies. For investors, a deeper understanding of how scandals influence stock yields helps optimize investment decisions during such events.Methodologically, this study contributes to the literature as one of the first to examine the impact of celebrity spokesperson scandals on brand firms stock returns, particularly in an emerging market context. The sample of celebrity spokespersons, affiliated listed companies, and their target consumers in China yields a locally pertinent analysis with insights applicable for both domestic and foreign brands. We also expand on existing studies by considering how additional factors such as scandal type, company attributes, and celebrity traits mediate the relationship between celebrity scandals and brand stock returns.
