This research investigates the impact of reputational events on the financial performance of airlines, with a particular focus on differential behaviour regarding the types of events—environmental, social, and governance (ESG), and the economic cycle, whether recessionary or expansionary. Based on a sample of 6288 events, our findings reveal a distinct pattern of depressed returns and increased variance in the aftermath of high severity and novel reputational events—more pronounced during periods of domestic economic crisis. Interestingly, our results show that reputational damage tied to environmental issues does not carry the same weight as those in social and governance categories. Further, contagion effects are identified within the industry, with significant spillovers observed during periods of stability and crisis. This research holds important implications for corporate reputation management, ESG investing, and regulatory policy, underlining the need for transparent communication and stringent oversight across the aviation industry.

中文翻译：

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了解经济危机期间的声誉灾难：评估航空部门的反应差异


本研究调查了声誉事件对航空公司财务绩效的影响，特别关注事件类型（环境、社会和治理 (ESG)）以及经济周期（无论是衰退还是扩张）的差异行为。基于 6288 起事件的样本，我们的研究结果揭示了在高度严重性和新颖的声誉事件发生后，回报率下降和方差增加的独特模式——在国内经济危机期间更为明显。有趣的是，我们的结果表明，与环境问题相关的声誉损害与社会和治理类别的声誉损害的重要性不同。此外，行业内也发现了传染效应，在稳定和危机时期观察到了显着的溢出效应。这项研究对企业声誉管理、ESG 投资和监管政策具有重要意义，强调了整个航空业透明沟通和严格监督的必要性。