리콜에 대한 기업의 대응전략 선택 및 영향 분석
Analysis on the Firms' Choices of Recall Types and Their Effects
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본 연구는 결함제품에 대한 리콜을 기업의 중요한 경영전략변수로 간주하여 기업이 선택한 리콜의 유형(자발적 리콜 vs. 강제적 리콜)이 기업 가치에 차별적으로영향을 미치는가, 그리고 기업 특성과 결함제품의 특성이 리콜 유형 선택에 어떠한 영향을 미치는가를 분석한다. 이를 위해 공산품, 식·의약품, 자동차 등 3개 업종을 대상으로, 코스피 혹은 코스닥 상장 회사 38개사의 101건의 리콜 자료를 이용한다. 분석 결과 자발적 리콜의 시행이 강제적 리콜 시행에 비해 초과수익률에대한 부정적 영향이 상대적으로 낮은 것으로 나타났다. 또한 위험수준 및 제품가격이 높을수록, 판매대수가 많을수록, 기업명이 부착된 제품일수록 자발적 리콜을 선택할 가능성이 높은 것으로 나타났다. 본 논문은 기업의 리콜 유형 선택 및결정요인 식별, 선택된 대응전략이 기업가치에 영향을 미친다는 것을 우리나라기업을 대상으로 실증 분석한 첫 연구라는 점에서 의의를 갖는다.
Abstract
In this paper, we attempt to analyze how the recall types (Voluntary Recall vs. Mandatory Recall) chosen by firms affect the firms’ values in regards to the implementation of the recall as an important business strategy, and how the characteristics of firms and(or) defective products affect the firms’ choices between the voluntary and mandatory recall. Based on the results, we derive managerial and policy implications. The data on the stock prices of 38recall-related firms with 101 defective products reported between 2000 and 2010 are used. For empirical analysis, event study analysis and binary logit model are employed. Estimation results show that the voluntary recall has less negative influence on the abnormal return than the mandatory recall. Also, the higher the hazard level, price, and the number of defective products sold, the higher the probability of a firm choosing the voluntary recall becomes, and the defective products with the brand name of the firm are more likely to be recalled voluntarily. This paper is significant in that it is the first study to our knowledge that empirically analyzes Korean firms’ choices of recall types and their effects on the firms’ values.
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