The effect on stockholder wealth of product recalls and government action: The case of Toyota's accelerator pedal recall

被引：15

作者：

Gokhale, Jayendra ^{[1
]}

Brooks, Raymond M. ^{[2
]}

Tremblay, Victor J. ^{[3
]}

机构：

[1] Embry Riddle Aeronaut Univ, Dept Econ Finance & Informat Syst, Daytona Beach, FL USA

[2] Oregon State Univ, Coll Business, Corvallis, OR 97331 USA

[3] Oregon State Univ, Dept Econ, Corvallis, OR 97331 USA

来源：

QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2014年 / 54卷 / 04期

关键词：

Toyota recall; Event study analysis; Product liability;

D O I：

10.1016/j.qref.2014.06.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze the effect of Toyota's faulty accelerator pedal on stockholder wealth. Using the event study methodology, we show that a major recall in January of 2010 is associated with a 19% fall in the company's cumulative abnormal returns. Continued concerns that Toyota was unable to identify and adequately fix the problem prompted the National Highway Traffic Safety Administration to conduct its own investigation in March, 2010. The results of this government investigation exonerated the company and Toyota's cumulative abnormal returns rose by almost 9%. The Toyota case provides an opportunity to study a product recall with both company error and a government action that addressed concerns about the safety of the product. (C) 2014 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.

引用

页码：521 / 528

页数：8