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Research notes and communications: The effect of product recall announcements on shareholder wealth
Abstract
Previous research Has found that product recall announcements in the automobile industry are associated with negative abnormal returns. We extend this research by examining announcements of product recalls and products taken off the market outside the automobile industry. We find negative abnormal returns for these announcements and that the returns are significantly more negative when products are replaced (or the purchase price is returned) than when the products are checked and repaired. We find only limited evidence that government‐ordered recalls produce more negative returns than voluntary recalls.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
The Determination of Financial Structure: The Incentive‐Signalling Approach,
Ross, S. A. (1977) · The Bell Journal of Economics · doi:10.2307/3003485 · Cited by 4,168
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STAKEHOLDER MISMATCHING: A THEORETICAL PROBLEM IN EMPIRICAL RESEARCH ON CORPORATE SOCIAL PERFORMANCE
Wood, D. J., & Jones, R. E. (1995) · The International Journal of Organizational Analysis · doi:10.1108/eb028831 · Cited by 1,069
Spinning gold: The financial returns to stakeholder engagement
Henisz, W. J., Dorobantu, S., & Nartey, L. J. (2014) · Strategic Management Journal · doi:10.1002/smj.2180 · Cited by 546
The Role of Social Media in the Capital Market: Evidence from Consumer Product Recalls
LEE, L. F., HUTTON, A. P., & SHU, S. (2015) · Journal of Accounting Research · doi:10.1111/1475-679x.12074 · Cited by 434
Metadata
- Authors
- Davidson, W. N., & Worrell, D. L.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 1992-09
- Volume
- 13
- Issue
- 6
- Pages
- 467-473
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2111433322
- Cited by
- 266
- References
- 2
- FWCI
- 9.15
- Type
- journal article
- Language
- en
- Open access
- closed
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- Davidson, W. N., & Worrell, D. L. (1992). Research notes and communications: The effect of product recall announcements on shareholder wealth. Strategic Management Journal. https://doi.org/10.1002/smj.4250130606
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
