Fig. 3.

Significance of ARs and CARs of Jack in the Box in response to 73 other food crises.

Note: The figure shows ARs and CARs of JACK in response to 73 food crises associated with other food-related firms which occurred from 1993 to 2010. Day indicates the number of days since the outbreak. AR is an indicator of abnormal stock returns, and CAR is an indicator of cumulative impacts since the outbreak of events. ARs or CARs which are below 0 indicate the occurrence of negative events, and those over 0 indicate the occurrence of positive events. The table shows the significance of ARs and CARs, supported by t-test. Significantly negative t-value evidences the negative impacts of events. ^*p < .05, ^**p < .01, ^***p < .001.