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研究生： 張天磯
Chang, Tien-Ji
論文名稱： 股票市場對公司產品回收策略之反應
Stock market reactions to firms’ recall strategies
指導教授： 張紹基
Chang, Shao-Chi
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際企業研究所
Institute of International Business
論文出版年： 2010
畢業學年度： 98
語文別： 英文
論文頁數： 40
中文關鍵詞： 產品回收 、產品回收策略
外文關鍵詞： Product recall, Product recall strategy
相關次數： 點閱：141  下載：2 
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    • 近幾年來，政府與消費者對於產品品質的要求逐漸上升，瑕疵品的定義比以往更加嚴格；為了反應政府規定與消費者需求，產品回收宣告的數量大幅上升。由於產品回收影響範圍極廣，包含公司名聲、銷售、成本等考量，廠商不得不更加重視產品回收議題，並以不同的策略來因應。然而，不同的回收策略在消費者和投資人心目中會產生不同的定義以及反應，間接影響到公司本身的價值。因此，公司在產品回收策略的使用上，應當更加重視與謹慎。

    本研究延用Smiokos and Kurzbard (1994) 對於四種產品回收策略的定義，試圖了解投資人對於不同回收策略的反應，並更深入一步探討回收策略對於公司長期績效是否有影響。研究發現，相較於非自願性回收而言，股票市場對於自願性回收策略有較正向的回應。然而，自願性回收策略沒有較非自願性回收策略擁有長期優勢。公司長期績效對於此二種回收策略沒有顯著差異。對於否認其責任並拒絕回收產品的公司，投資人持有負面回應；而對於提出內部改進計畫的公司，投資人則抱持著正向的態度。

    Product-harm crises continue to increase in past years, and result in more and more product recall events. Because product recalls affect reputation, sales, and financial value, firms should be careful in dealing with potential damages of product recalls. Managers who face product recalls may take different strategies. Those strategies may affect consumers’ attitude and market reaction differently. In this study, we try to find whether investors consider different recall strategies at various level of damage. We follow Smiokos and Kurzbard’s (1994) definition to categorize firms’ response into four recall strategies; then we examine market reactions to product recalls for each strategy. Moreover, we test if recall strategies have persistent effects, since firms’ strategies will influence consumers’ behavior and firms’ future revenues.

    We find that investors have more positive reactions to firms’ voluntary recall than involuntary recall. However, the advantage of voluntary recall strategy is not persistent. According to our research, there is no significant difference between voluntary recall and involuntary recall in long-run. According to our sample, we find that market reactions of denial tend to be negative. On the contrary, investors react to the improvement campaign positively.

    1. Introduction............................................1 2. Literature Review.......................................4 2.1 Product Recall......................................4 2.2 Market Reactions to Recall Announcement.............5 2.2.1 Prior Studies.................................5 2.2.2 Goal of This Study............................8 2.3 Long-Term Performance of Product Recall............10 2.3.1 Prior Studies................................10 2.3.2 Goal of This Study...........................11 3. Methodology............................................12 3.1 Data...............................................12 3.2 Methodology........................................14 3.2.1 Event Analysis...............................14 3.2.2 Long- Term Performance.......................17 4. Empirical Results......................................19 4.1 Statistical Analysis...............................19 4.2 Abnormal Return of Recall Announcement and Strategies................................................22 4.2.1 Market Reactions.............................22 4.2.2 Long-term Performance........................25 4.3 Regression Analysis of Recall Strategies...........28 5. Conclusion.............................................31 5.1 Discussion.........................................31 5.2 Limitations and Future Directions..................32 5.2.1 Limitations..................................32 5.2.2 Future Directions............................32 Reference................................................35 Appendix A................................................37 A-1 Sample of Denial...................................37 A-2 Sample of Involuntary Recall.......................38 A-3 Sample of Voluntary Recall.........................39 A-4 Sample of Improvement Campaign.....................40

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