Abstract
The previous research on the impact of anti-competitive practices on firm valuation has shown conflicting results. To explain these conflicting results, we introduce three contingency factors: the amount of the fine, the degree of company involvement, and the company size. To test the impact of these factors, an event study is conducted on a sample of 305 confirmed cases in Europe between 1998 and 2007. The results show that the impact of conviction for anti-competitive practice is greater when the relative amount of the fine is high, the company's degree of involvement is high, and the company is small. Copyright \textcopyright 2016 John Wiley & Sons, Ltd.