Date of Award
Summer 6-17-2026
Document Type
Dissertation
Publication Status
Version of Record
Submission Date
July 2026
Department
Accounting
College Granting Degree
College of Business
Department Granting Degree
School of Accounting
Degree Name
Doctor of Philosophy (PhD)
Thesis/Dissertation Advisor [Chair]
Xiaohua Fang
Abstract
Motivated by the U.S. Security and Exchange Commission’s growing concern about cybersecurity in our digital economy, I examine the spillover effects of data security breaches on the information dissemination policies of industry peers. By focusing on the issuance policies of management sales forecast, I employ a stacked cohort difference-indifferences design and find that peer firms increase their voluntary sales forecast disclosures following a focal firm’s breach. This effect persists for three years after the breach event. The results are concentrated on the sales forecasts conveying both good and bad news, consistent with peer firms responding to heightened stakeholder demand for information and are robust to alternative specifications, sample constructions, and management forecast types. The effect is more pronounced following hacking-related breaches and for firms with greater disclosure incentives and organizational capability, while it is attenuated when breach exposure is widespread or when internal control weaknesses constrain firms' ability to provide reliable guidance. Collectively, this study provides evidence that the data breaches generate economically significant spillover effects that extend beyond directly affected firms.
Recommended Citation
Khaled, Sara, "THE SPILLOVER EFFECT OF CYBERATTACKS AND DATA BREACHES ON INFORMATION DISCLOSURE" (2026). Electronic Theses and Dissertations. 412.
https://digitalcommons.fau.edu/etd_general/412