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The Causes And Consequences Of Product Recalls
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Book Synopsis The Causes and Consequences of Product Recalls by : shafu zhang
Download or read book The Causes and Consequences of Product Recalls written by shafu zhang and published by . This book was released on 2018 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the chapter 2, I find that a CEO's characteristics will have direct impact on the occurrence of a firm's product recall. I also find that various corporate governances mechanisms can effectively mitigate/control the negative impact of CEO's characteristics on the likelihood of product recall events. For the chapter 3, I investigate the impact of PHC on firms' financial reporting policy. I find evidence that firms experiencing a product harm crisis engage in income-increasing earnings management, and the upward earning management is positively associated with the severity of the product harm crisis. Moreover, income-increasing earnings management is most prominent for crisis firms that produce durable goods, have industrial customers, and have CEOs who possess greater equity incentive and who are earlier in their tenure. Furthermore, upward earnings management helps firms retain major customers and reduces the propensity of a bonus cut and forced turnover for the CEO. For the chapter 4, I study debt market reaction to the announcements of recall firms. I find that banks charge 19% higher interest spreads on loans to recall firms after product recall announcements. In addition, banks monitor recall firms more closely by using tighter non-price terms I further find that the effects of product recall on debt contracting are more pronounced for firms with less independent board of directors, lower ex-ante ability to recover from product recalls, and with multiple product recalls. Taken as a whole, my findings suggest that banks, as informed stakeholders, generally perceive product recalls as a credit risk factor and react to this risk in debt contracting.
Book Synopsis Product Recalls, Category Effects and Competitor Response by : Ram Bala
Download or read book Product Recalls, Category Effects and Competitor Response written by Ram Bala and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product recalls are ubiquitous in a variety of industries such as food, cosmetics, hi-tech and pharmaceuticals. However, recalls differ in their category level impact depending on the product category as well as the underlying reason for the recall. We focus on product categories where sales force effort is the main driver of sales and an individual firm's product recall may have negative consequences for the entire category. In such contexts, competitors in the category would have to respond to the recall through their sales effort. Often, this decision is complicated by the fact that the sales effort has to be allocated across a portfolio of products across categories not all of which are directly affected by the recall. We use some empirical evidence in the pharmaceutical industry to illustrate that the prevalent wisdom is to increase sales effort towards the product directly affected by the recall. We formulate a game-theoretic model to show that this might not always be the optimal strategy for the firm. We provide a prescriptive road map for firms facing this decision based on several factors such as the anticipated category level loss, relative prices across the categories, the carryover effect of prior sales effort and (dis)economies of scope in sales resource use across categories. We find that the interaction between relative price across categories and the carryover effect with the level of scope in sales resource use is of particular importance in the firm's eventual sales effort allocation.
Book Synopsis Product Recall Management by : Sascha Raithel
Download or read book Product Recall Management written by Sascha Raithel and published by Springer. This book was released on 2024-10-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product recalls affect thousands of products globally each year, impacting millions of customers and causing severe consequences for companies. For instance, Takata’s airbag recall cost $25 billion and led to bankruptcy. Similarly, a viral video showing a Kryptonite bike lock easily broken damaged customer trust significantly. Effective recall management is crucial. It involves addressing supply chain, production, legal, and customer relationship aspects, with marketing playing a key role. A well-managed recall limits company damage and protects customers, while also considering investors, regulatory agencies, policymakers, and the public. This book offers guidance on developing a recall strategy, communicating safety risks, and restoring trust post-crisis. It provides detailed recommendations for recall management across different phases, with insights into consumer goods, food, and automotive sectors, and shows the broader impact of product defects. This book is a practical toolkit for managers, backed by current research and real-world case studies, ensuring effective navigation through product recalls.
Book Synopsis On the Determinants, Financial and Operating Consequences, and the Product Market Effects of Product Recalls by : Omesh Kini
Download or read book On the Determinants, Financial and Operating Consequences, and the Product Market Effects of Product Recalls written by Omesh Kini and published by . This book was released on 2013 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a large sample of product recalls that include a wide variety of products such as consumer products, food, drug, medical devices, and automobiles and show that such product quality failures have significant adverse value consequences for the recalling firms. Our analysis sheds light on factors that affect the incidence of product recalls, the financial and operating consequences for the recalling firms, and the actions taken by them in response to the recall. We also study the value implications for the rivals and suppliers - which enable us to draw important inferences about product market linkages. We find that the financial condition, competitive position, coordination costs, incentives of workers and management, and monitoring environment impact recall likelihood. Recall events result in significant costs for key suppliers which are further exacerbated if they have made larger relationship-specific investments. Further, instead of benefiting from the recalling firms' problems, industry rivals suffer adverse contagion effects, perhaps due to anticipated regulation and diminished perceptions about the product category. We find that a larger investment in brand capital alleviates the negative wealth effects for the recalling firms. Finally, using a difference-in-differences approach, we find that recalling firms suffer sales declines and increase advertising expenditures - consequences and policy changes that we further show are not just due to a continuation of a differential trend from before the recall event and, therefore, directly attributable to the recall.
Book Synopsis The Causes of Product Recalls: how Interorganizational Strategic Activities and the Top Management Team Influence Product Recall Risk by : Julian Nicolas Schulte
Download or read book The Causes of Product Recalls: how Interorganizational Strategic Activities and the Top Management Team Influence Product Recall Risk written by Julian Nicolas Schulte and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Product Recalls - Factors that Influence Recall Restitution and Time to Recall by : Etayankara Muralidharan
Download or read book Managing Product Recalls - Factors that Influence Recall Restitution and Time to Recall written by Etayankara Muralidharan and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Organizational, Operational, and Behavioral Causes of Product Recalls by : George Ball
Download or read book Organizational, Operational, and Behavioral Causes of Product Recalls written by George Ball and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Effects of Product Recall on Decision Making by : Arka Mukherjee
Download or read book Three Essays on the Effects of Product Recall on Decision Making written by Arka Mukherjee and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of product recalls can be utterly disastrous for the firm responsible for the recall. A recalling firm may bear substantial external failure costs along with sales loss due to a tarnished goodwill. Deciding the pre-recall and post-recall advertising, price and quality are crucial for both the recalling firm and its rivals. Using a differential game theoretic modelling approach, we develop and analyze theoretical models associated with a product recall and study the effect of the same on supply chain decision making. In our first essay, we analyze a scenario with two manufacturers under goodwill-advertising competition. Either one firm or both firms can be susceptible to recall a product, and both are aware of the recall likelihood ex-ante. We examine the pre-crisis and post-crisis equilibrium advertising efforts and effect of recall on firms' profits when firms are farsighted or "hazard myopic. We show that the variance of advertising in the two periods and the profits of the firms depend on crisis likelihood and impact. The trade-off between the likelihood of crisis and its impact explains the previous conflicting findings of the literature. In our second essay, we investigate joint decisions of pricing and advertising for mitigating the harmful effects of a product recall on a firm and the negative spillover effect on a rival firm. We recommend the equilibrium pricing and advertising policies of the two competing firms under product recalls of different impact and likelihood. We compare the case when the focal firm is a market leader to the case when both firms are similar. In the third essay, we define two contracts for managing "collateral damage" during a product recall. We show that adopting a cost-sharing contract can be beneficial for suppliers and manufacturers. We found that cost-sharing decisions, advertising efforts and quality efforts vary under different scenarios. There may be individual motivation for the firms to move against a contract under different crisis likelihood and impact. Nevertheless, the supply chain profit is always higher under a contract.
Download or read book Food Safety written by Rosellen McCarthy and published by DIANE Publishing. This book was released on 2001-04 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The USDA coordinates & tracks recalls that involve USDA-regulated meat & poultry products, such as ground beef & chicken. The FDA assists, coordinates, & tracks recalls involving all other foods, such as fruit juices & alfalfa sprouts. This report provides info. on: the no. of food recalls by USDA & FDA since 1984, & of those, the no. assoc. with outbreaks of foodborne illnesses; for recalls assoc. with such outbreaks, the extent to which USDA & FDA identified the cause of the outbreak & how the product became contaminated; the extent to which co's. delayed or did not comply with USDA or FDA recalls; & the economic impact of recalls on affected co's.
Book Synopsis Product Recall Guidelines by : British Retail Consortium
Download or read book Product Recall Guidelines written by British Retail Consortium and published by The Stationery Office. This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Legislation places obligations on all those in the supply chain to ensure that only safe products are placed on the market. However, there will be occasions where mistakes occur or there are unforeseen circumstances that place the consumer at risk. Every year a significant number of products are withdrawn from the market , and in cases where the safety risk to the consumer is judged to be high, these result in product recalls. This publication provides practical guidance and advice on the key requirements for the product recall process, particularly to small and medium-sized companies who may lack experience in the handling of product safety issues. It is designed to assist the development of policies and plans that can be linked to detailed operational procedures, with the aim of providing improved consumer protection whilst minimising the commercial impact.
Book Synopsis The Moral Responsibility of Firms by : Eric W. Orts
Download or read book The Moral Responsibility of Firms written by Eric W. Orts and published by Oxford University Press. This book was released on 2017 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines whether firms as organizations can be considered morally responsible for their actions. This question has profound practical implications as well as theoretical significance, not least when we are today so frequently confronted with misconduct in business.
Book Synopsis Product Recall and Consequential Damages by : Bradford Stone
Download or read book Product Recall and Consequential Damages written by Bradford Stone and published by . This book was released on 1971 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Medical Device Recalls by : United States. General Accounting Office
Download or read book Medical Device Recalls written by United States. General Accounting Office and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Product Recalls on the Wealth of Sellers by : Gregg A. Jarrell
Download or read book The Impact of Product Recalls on the Wealth of Sellers written by Gregg A. Jarrell and published by . This book was released on 1984 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Struggle for Auto Safety by : Jerry L. Mashaw
Download or read book The Struggle for Auto Safety written by Jerry L. Mashaw and published by . This book was released on 2013-10-01 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining superb investigative reporting with incisive analysis, Jerry Mashaw and David Harfst provide a compelling account of the attempt to regulate auto safety in America. Their penetrating look inside the National Highway Traffic Safety Administration (NHTSA) spans two decades and reveals the complexities of regulating risk in a free society. Hoping to stem the tide of rising automobile deaths and injuries, Congress passed the National Traffic and Motor Vehicle Safety Act in 1966. From that point on, automakers would build cars under the watchful eyes of the federal regulators at NHTSA. Curiously, however, the agency abandoned its safety mission of setting, monitoring, and enforcing performance standards in favor of the largely symbolic act of recalling defective autos. Mashaw and Harfst argue that the regulatory shift from rules to recalls was neither a response to a new vision of the public interest nor a result of pressure by the auto industry or other interest groups. Instead, the culprit was the legal environment surrounding NHTSA and other regulatory agencies such as the EPA, OSHA, and the Consumer Product Safety Commission. The authors show how NHTSA's decisions as well as its organization, processes, and personnel were reoriented in order to comply with the demands of a legal culture that proved surprisingly resistant to regulatory pressures. This broad-gauged view of NHTSA has much to say about political idealism and personal ambition, scientific commitment and professional competition, long-range vision and political opportunism. A fascinating illustration of America's ambivalence over whether government is a source of--or solution to--social ills, The Struggle for Auto Safety offers important lessons about the design and management of effective health and safety regulatory agencies today.
Book Synopsis The Effects of Two Product Recalls on Consumer Perceptions by : Randall T. Groom
Download or read book The Effects of Two Product Recalls on Consumer Perceptions written by Randall T. Groom and published by . This book was released on 1979 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Branding and Firm Size on the Recurrence of Food Recall Events Associated with Pathogenic Contamination in the Uunited States by : Montalee Kapilakanchana
Download or read book The Effect of Branding and Firm Size on the Recurrence of Food Recall Events Associated with Pathogenic Contamination in the Uunited States written by Montalee Kapilakanchana and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Food recalls caused by pathogens receive considerable public attention due to health risk and the potential loss to the companies involved. There are very few studies analyzing the relationship between food recalls and characteristics of the companies involved. Because of the significance of the problem and lack of available research, the association between food recalls caused by pathogen and characteristics of the companies involved is examined in this thesis. To address the problem, data on food product recalls in the United States from January 2000 to October 2009 are used. Only the events caused by pathogens are analyzed in the thesis. The firms that have multiple recall incidents are the units of analysis. The study employs an econometric model with discrete choice modeling approaches: logit and probit. There are two main hypotheses. Firstly, it is hypothesized that branding decreases the likelihood of the occurrence of the repeated recall event. Secondly, size of the firm is hypothesized to be associated with higher likelihood of recurrence. The major finding is that branding and firm size are associated with higher probability of the recurrence of food recall events associated with pathogenic contamination. A firm that produces branded products is around 15 percent more likely to have a recurrence of food recall events than a firm producing unbranded product. This finding points out the interesting and unexpected issue that branding is not associated with improved performance in food safety. Additionally, an increase in firm size has a minute but significant association with rising likelihood to have a recurrence of a food recall event. This study is the first concerning the firm level factors that can influence risk of the recurrence of food recall incidents involving pathogens. Thus, its results are distinctive and can benefit both government and private sectors with respect to food safety policy or food safety standards.
