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Performance and Conflict Minerals: A study on corporate due diligence and market effects from the Dodd-Frank Act Section 1502

Larsen, Fabian Bævre; Rønning, Emilie
Master thesis
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URI
http://hdl.handle.net/11250/2621934
Date
2019
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  • Master of Science [1117]
Abstract
In July of 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act

was signed into law. December 15th of 2010, Section 1502 was announced to be

amended in the legislation. The goal behind this particular Section was to prevent

funding of rebel groups in the DRC which profit from artisanal mining of conflict

minerals. This thesis investigates how an amendment, such as Section 1502,

affected firm value, the 3TG markets and supply chain sustainability. Through

difference-in-differences estimation, we find that changes in abnormal return

among firms affected by Section 1502 are not explained by firm characteristics. Our

assessment is that the firm value effects were more likely due to off-balance sheet

effects, such as increased information flow and other supply chain initiatives.

Furthermore, the slowing effect Section 1502 might have had on the 3TG markets

was more than made up for by the growing mineral demand fueled by emerging

economies. Finally, we find that by 2016 most firms contract conflict free mineral

processors, indicating that the amendment worked as intended in this regard.
Description
Masteroppgave(MSc) in Master of Science in Business, Business law, tax and accounting - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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