The financial impact of product recall announcements in China
The financial impact of product recall announcements in China
复制标题
DOI：
10.1016/j.ijpe.2012.10.018
复制
发表时间：
2013-03
影响因子：
12
通讯作者：
Xiande Zhao;Yina Li;Barbara B. Flynn
中科院分区：
文献类型：
--
作者：
Xiande Zhao;Yina Li;Barbara B. Flynn
产品召回可以被视为公司最可怕的噩梦。虽然对品牌资产和公司声誉的长期损害可能难以量化，如果不是不可能的话，但对股东财富的短期影响是可以估计的。虽然许多研究在西方背景下研究了这个问题，但对中国产品召回公告的财务影响知之甚少。为了进一步了解产品召回公告的财务影响，我们使用事件研究方法来探讨这个问题。总的来说，我们的研究结果是一致的，与以前的研究，产品召回导致负的异常收益。然而，有趣的是，我们发现中国公司遭受的财务损失比西方同行更大。这项研究还提供了证据表明，中国食品行业经历了更严重的股票市场反应比汽车行业，被动召回策略与更负面的股票市场反应比主动召回策略。我们的结论与未来的研究途径，全球研究产品召回。
A product recall can be viewed as a firm’s worst nightmare. Although the long-term damage to brand equity and company reputation may be difficult, if not impossible, to quantify, the short-term impact on shareholders’ wealth is readily estimable. While many studies have examined this issue in the Western context, little is known about the financial impact of a product recall announcement in China. To advance the knowledge about the financial impact of a product recall announcement, we explore this issue using event study methodology. In general, our findings are congruent with previous research that product recalls result in negative abnormal returns. Interestingly, however, we found that Chinese companies suffered from greater financial losses than their Western counterparts did. This study also provides evidence that the Chinese food industry experiences a more severe stock market reaction than the automobile industry and that a passive recall strategy was associated with a more negative stock market reaction than a proactive recall strategy. We conclude with several future research avenues for global research on product recalls.