本研究旨在探討公司宣告產品召回是否影響其長期股票報酬。過去文獻指出，宣告產品召回的公司，短期將面臨銷售量、股價等財務損失。理論上，若宣告產品召回的公司展現出負責任的態度，將降低利害關係人所感知到的負向效果，然而，實證結果卻發現，主動召回策略較被動召回帶來更負面的財務影響。有別於過去文獻，在本篇研究中，我們試著找出產品召回宣告與公司長期財務績效的關係；並進一步分析，長期之下，何種產品召回策略將為公司帶來較佳的績效表現。以1991至2008年間的393件召回宣告為分析樣本，並採用Fama & French三因子模型與Carhart四因子模型為分析基礎。本研究發現，沒有顯著證據指出，產品召回的宣告會影響公司的長期股票異常報酬；同時，沒有顯著證據指出，主動召回或被動召回將影響公司的長期股票異常報酬。因此本研究結論，無論主動或被動召回策略，長期而言，宣告產品召回對公司股票報酬並無顯著影響。

This paper examined whether the long-term stock abnormal return would be affected by product recall announcements. Past literatures revealed that firms who announced recall would face negative impacts on financial performance in the short run, such as sales volume, stock price. Theoretically, if recalling firms show their responsibility for the defective products, it will lower the negative influence of stakeholders. However, previous empirical evidences indicated that passive recall is more positive than proactive. In this research, we attempt to test whether recall announcement will influence firms’ long-term stock abnormal return, also try to figure out which kind of recall strategy will bring better result for firms in the long run. Based on a sample of 393 recall announcements over 1991-2008, while using Fama & French three-factor model and Carhart four-factor model as analysis method . We find that there is no significant evidence showing the recall announcement will affect firms’ performance. On the other hand, there is no significant evidence showing either proactive or passive recall strategies will affect firms’ performance as well. Therefore, no matter proactive or passive recall, no evidence supports that a recall announcement will influence the long-term stock abnormal return of the recalling firm.

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