Date of Award

Fall 2022

Degree Type



Moore School of Business

Director of Thesis

Dr. Donna Bobek Schmitt

First Reader

Spenser Seifert

Second Reader

Spenser Seifert


Popular news outlets such as The New York Times or The Wall Street Journal frequently release articles detailing the financial losses incurred by shareholders of a company that have recently been publicly exposed for their fraudulent activities (Shumsky, 2018; Whitmire, 2005). Given that shareholders are visibly impacted by fraud, it is also reasonable to believe that other stakeholders experience repercussions from the fraudulent activities carried out by the company (Velikonja, 2013). To provide more insight into the implications of fraud incurred by non-shareholder stakeholders, I conduct a case study analysis of HealthSouth’s various fraudulent activities between the years of 1997 and 2007. The results of my analysis indicate that non-shareholder stakeholders experience significant impacts from fraudulent activities. Considering this evidence, the impacts non-stakeholder stakeholders face should also be considered when discussing the resounding complications following fraudulent events. In conclusion, my research has demonstrated that non-shareholder stakeholders, particularly employees, communities, and consumers, are significantly impacted parties when it comes to fraudulent activities.

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© 2022, Chasen P Spicer