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Author : Gregg A. Jarrell
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (152 download)
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:
Author : Omesh Kini
Publisher :
ISBN 13 :
Total Pages : 67 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Omesh Kini
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (13 download)
Download or read book Financial Leverage, Product Quality Failures, and Product Market Effects written by Omesh Kini and published by . This book was released on 2015 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of financial leverage on severe product quality failures that result in product recalls. Using a variety of tests, including two quasi-natural experiments that result in exogenous negative cash flow shocks to firms, we find that firms with higher financial leverage or likelihood of distress have a greater probability of a product recall. This is consistent with the view that these firms face investment distortions, either due to financial constraints or debt overhang, which adversely affect product quality. Further tests indicate that financial constraints, more so than debt overhang, have a greater economic impact in explaining the quality-leverage relation. Consistent with the view that taking on high debt relative to rivals makes the firm a weaker competitor, we find that recalling firms with high relative leverage experience more negative wealth effects to recalls while their industry rivals experience more positive wealth effects. These effects are, however, confined to the sub-sample of recalls in oligopolistic industries, where strategic interactions between firms are more likely. Key suppliers' losses are exacerbated when they have more leverage or have committed larger relationship-specific investments. Overall, our paper highlights the effect of leverage not only on product quality at the firm level, but also on the broader product market effects of product quality failures.
Author : Barbara B. Flynn
Publisher : CRC Press
ISBN 13 : 1439815569
Total Pages : 416 pages
Book Rating : 4.4/5 (398 download)
Download or read book Global Supply Chain Quality Management written by Barbara B. Flynn and published by CRC Press. This book was released on 2014-11-21 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws together key insights from the relevant literature across diverse disciplines and presents detailed research case studies of six extended global supply chains in three industries: toys, food, and pharmaceuticals. These case studies cover U.S. companies with supply chains that extend into China and include the perspectives of U.S. and Chinese executives. The book then presents a conceptual model that synthesizes the literature and case studies, and describes the ways in which alternative product recall strategies influence consumers' perception of an organization's corporate social legitimacy and consumers' future purchasing behaviors.
Author : Arka Mukherjee
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
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.
Author : shafu zhang
Publisher :
ISBN 13 :
Total Pages : 164 pages
Book Rating : 4.:/5 (113 download)
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.
Author : Yubo Chen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Does a Firm's Product Recall Strategy Affects Its Financial Value? An Examination of Strategic Alternatives During Product-Harm Crises written by Yubo Chen and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product-harm crises often result in product recalls that can have a significant impact on a firm's reputation, sales, and financial value. In managing the recall process, some firms adopt a proactive strategy in responding to consumer complaints while others are more passive. In this study, we examine the impact of these strategic alternatives on firm value using Consumer Product Safety Commission recalls over twelve year from 1996 to 2007. Using the event study method, we show that regardless of firm and product characteristics, proactive strategies have a more negative effect on firm value when compared to more passive strategies. One explanation for this surprising result is that proactive strategies are interpreted by the stock market as a signal for substantial financial losses to the firm. When a firm proactively manages a product recall, the stock market infers that the consequence of the product-harm crisis is sufficiently severe that the firm had no choice but to act swiftly to reduce potential financial losses. Therefore firms dealing with product recalls need to be sensitive to how investors may interpret a proactive strategy and be aware of its potential drawbacks.
Author : Etayankara Muralidharan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (857 download)
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:
Author : Michael L. Ross
Publisher : Princeton University Press
ISBN 13 : 0691159637
Total Pages : 314 pages
Book Rating : 4.6/5 (911 download)
Download or read book The Oil Curse written by Michael L. Ross and published by Princeton University Press. This book was released on 2013-09-08 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed? In this groundbreaking analysis, Michael L. Ross looks at how developing nations are shaped by their mineral wealth--and how they can turn oil from a curse into a blessing. Ross traces the oil curse to the upheaval of the 1970s, when oil prices soared and governments across the developing world seized control of their countries' oil industries. Before nationalization, the oil-rich countries looked much like the rest of the world; today, they are 50 percent more likely to be ruled by autocrats--and twice as likely to descend into civil war--than countries without oil. The Oil Curse shows why oil wealth typically creates less economic growth than it should; why it produces jobs for men but not women; and why it creates more problems in poor states than in rich ones. It also warns that the global thirst for petroleum is causing companies to drill in increasingly poor nations, which could further spread the oil curse. This landmark book explains why good geology often leads to bad governance, and how this can be changed.
Author : Peter H. Diamandis
Publisher : Simon and Schuster
ISBN 13 : 1476709580
Total Pages : 336 pages
Book Rating : 4.4/5 (767 download)
Download or read book Bold written by Peter H. Diamandis and published by Simon and Schuster. This book was released on 2016-02-23 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bold is a radical how-to guide for using exponential technologies, moonshot thinking, and crowd-powered tools to create extraordinary wealth while also positively impacting the lives of billions. A follow-up to the authors' Abundance (2012).
Author : David Warsh
Publisher : W. W. Norton & Company
ISBN 13 : 9780393066364
Total Pages : 464 pages
Book Rating : 4.0/5 (663 download)
Download or read book Knowledge and the Wealth of Nations: A Story of Economic Discovery written by David Warsh and published by W. W. Norton & Company. This book was released on 2007-05-17 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What The Double Helix did for biology, David Warsh's Knowledge and the Wealth of Nations does for economics." —Boston Globe A stimulating and inviting tour of modern economics centered on the story of one of its most important breakthroughs. In 1980, the twenty-four-year-old graduate student Paul Romer tackled one of the oldest puzzles in economics. Eight years later he solved it. This book tells the story of what has come to be called the new growth theory: the paradox identified by Adam Smith more than two hundred years earlier, its disappearance and occasional resurfacing in the nineteenth century, the development of new technical tools in the twentieth century, and finally the student who could see further than his teachers. Fascinating in its own right, new growth theory helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy. Like James Gleick's Chaos or Brian Greene's The Elegant Universe, this revealing book takes us to the frontlines of scientific research; not since Robert Heilbroner's classic work The Worldly Philosophers have we had as attractive a glimpse of the essential science of economics.
Author : Bill Lee
Publisher : Harvard Business Press
ISBN 13 : 1422184005
Total Pages : 230 pages
Book Rating : 4.4/5 (221 download)
Download or read book The Hidden Wealth of Customers written by Bill Lee and published by Harvard Business Press. This book was released on 2012-05-15 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing “return on relationship” with your most valued customers The traditional model of growing your business—by relying on employees in sales, marketing, and product development—is dying. Today’s most successful companies are taking a different approach: getting customers to market, sell, and create products for them. In assessing client value, most companies look at the money paid for their goods and services. But in this book, Customer Strategy Group CEO Bill Lee offers a compelling new vision for growth by maximizing your “return on relationship” with select customers—those that offer rich sources of hidden wealth. A different type of ROI, this strategy of making the most of your firm’s existing relationships is a modern approach to customer relations—one that yields a distinct business advantage. Illustrated by numerous case studies—Salesforce.com, SAS Institute, 3M, Microsoft, and others—The Hidden Wealth of Customers shows the value some customers can have by helping to market your offerings, penetrate foreign markets, leverage the demand-generating power of social media, build customer communities, improve innovation, and more. Lee explains how to effectively engage this crucial audience, which has the power to keep your strategy focused on important customer issues and increase profitability. When done right, your best customers will prospect for you while also speeding product adoption and improving customer satisfaction and long-term loyalty. Consider this book a blueprint for finally making the most out of your most valuable customer relationships.
Author : George J. Stigler
Publisher : University of Chicago Press
ISBN 13 : 9780226774381
Total Pages : 666 pages
Book Rating : 4.7/5 (743 download)
Download or read book Chicago Studies in Political Economy written by George J. Stigler and published by University of Chicago Press. This book was released on 1988-10-15 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There is no question that a well-defined 'Chicago School' of political economy has emerged, built largely around the work of George J. Stigler and his colleagues. Chicago Studies in Political Economy brings together the key works in this field, works that have been extremely influential among economists who study political processes. It is a collection of enormous value."—Roger G. Noll
Author : Ronald J. Baker
Publisher : John Wiley & Sons
ISBN 13 : 9780470198810
Total Pages : 350 pages
Book Rating : 4.1/5 (988 download)
Download or read book Mind Over Matter written by Ronald J. Baker and published by John Wiley & Sons. This book was released on 2008-02-08 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Mind Over Matter Why Intellectual capital is tHe Chief Source of Wealth "Ron Baker has written another great book on the thoughts and theories on intellectual capital.As usual, he has an awesome depth of content, knowledge, and thought. A great read." --Reed Holden, founder, Holden Advisors Corp., www.holdenadvisors.com, and coauthor, The Strategy and Tactics of Pricing and Pricing with Confidence: 10 Ways to Stop Leaving Money on the Table "At a time when the virtues that made America great--individualism, hard work, and free trade--are openly debated by well-meaning politicians, Ron Baker gives us Mind Over Matter. It is a story detailing the triumph of human spirit, imagination, and creativity. Ron tells us what the 'knowledge economy' really means. He gives a prescription for transforming human and intellectual capital into the foundation for sustainable prosperity. Mind Over Matter is a provocative book deserving of a thoughtful read. It is a timeless message to be treasured for generations." --Robert G. Cross, Chairman and CEO, Revenue Analytics, Inc., www.revenueanalytics.com "Ron Baker is an absolute master at challenging the 'physical fallacy,' e.g., the basis on which we assign value to businesses by focusing on tangible rather than intangible assets. This book builds on his previous books and helps the reader understand how critical intellectual capital is to the key to success in the twenty-first century. Ron pulls from the greatest business thinkers and economists,?from Drucker to Karl Sveiby as well as current company success stories to fund his rich gold mine of proof. The biggest benefit of the book is to change the paradigm of those who are the passive keepers of the 'books.' This is a must-read for anybody who wants to flourish in the age of intellectual capital." --Sheila Kessler, PhD, President, Competitive Edge, www.CompetitiveEdge.com "This book helps us understand some of the origins and sources that have led Ron Baker to the many contributions he has made to our understanding of good practice in running professional businesses." --David Maister, author and leading consultant to professional firmswww.davidmaister.com "Reading Ron Baker's book was the only delightful incident that robbed my sleep on the flight to Frankfurt today. It was sheer pleasure--I must have entertained or annoyed fellow passengers with repeated nodding and several exclamations. Baker has a terrific style that captures my mind while he entertains and educates by showing lines of connection between authors, incidents, and theories that I have never seen before. He hardly uses the 'You have to do this and that' approach, which I despise in most business books. I sum it up in two words: outstanding stuff!" --Friedrich Blase, Kerma Partners, www.kermapartners.com "This is a wonderful read for anyone who wants to explore the power of constructive thinking. In Mind Over Matter, Ron examines the power of creative thought over the conventional wisdom that you must make a tangible product for wealth to be created. The opening chapter sets a wonderful stage for the book, which develops the power of the new business equation and the underlying theory of the various types of intellectual capital. This is a must-read book for every business leader." --Peter Byers, Chartered Accountant, Byers & Co. Ltd, New Zealand "Peter Drucker coined the term knowledge worker a half century ago. We are all still only beginning to fully comprehend the implications. In Mind Over Matter, Ron Baker has switched on a beacon for us to follow. If we have the courage to embrace the concepts Ron posits, perhaps it will be less than another half century before we begin to reap the rewards as individuals and as
Author :
Publisher : DIANE Publishing
ISBN 13 : 1428977589
Total Pages : 136 pages
Book Rating : 4.4/5 (289 download)
Download or read book Consumer Product Safety Commission better data needed to help identify and analyze potential hazards : report to the chairmen, Committee on Commerce, Science, and Transportation, U.S. Senate, and the Committee on Commerce, House of Representatives written by and published by DIANE Publishing. This book was released on with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael L. Barnett
Publisher : Oxford University Press, USA
ISBN 13 : 0199596700
Total Pages : 523 pages
Book Rating : 4.1/5 (995 download)
Download or read book The Oxford Handbook of Corporate Reputation written by Michael L. Barnett and published by Oxford University Press, USA. This book was released on 2012-07-19 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook offers a diverse set of scholarly perspectives on the nature of corporate reputation: what it is, where it comes from, and how it may be managed to create and protect corporate as well as societal value. Written and organized in an accessible way, it assesses the current state of the field and provides guidance for future research.
Author : W. Kip Viscusi
Publisher : Princeton University Press
ISBN 13 : 069120859X
Total Pages : 289 pages
Book Rating : 4.6/5 (912 download)
Download or read book Pricing Lives written by W. Kip Viscusi and published by Princeton University Press. This book was released on 2020-10-06 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: How society’s undervaluing of life puts all of us at risk—and the groundbreaking economic measure that can fix it Like it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL—and persuasively shows how its more widespread use could create a safer and more equitable society for everyone. In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requiring businesses to label hazardous chemicals immensely outweighed the costs. VSL is the risk-reward trade-off that people make about their health when considering risky job choices. With it, Viscusi calculated how much more money workers would demand to take on hazardous jobs, boosting calculated benefits by an order of magnitude. His current estimate of the value of a statistical life is $10 million. In this book, Viscusi provides a comprehensive look at all aspects of economic and policy efforts to price lives, including controversial topics such as whether older people's lives are worth less and richer people's lives are worth more. He explains why corporations need to abandon the misguided cost-of-death approach, how the courts can profit from increased application of VSL in assessing liability and setting damages, and how other countries consistently undervalue risks to life. Pricing Lives proposes sensible economic guideposts to foster more protective policies and greater levels of safety in the United States and throughout the world.
