기업의 자발적 리콜과 성과에 대한 재고찰: 미국 제약업체를 중심으로

This study empirically examines the impact of voluntary recalls on firm performance, focusing on U.S. pharmaceutical firms. While prior research has provided mixed evidence regarding the effects of voluntary recalls on firm performance, it has often struggled to systematically explain the dual nature of such recalls. To address this gap, this study integrates trust-repair theory and expectancy violation theory to propose a nonlinear perspective. Specifically, this study suggests an inverted U-shaped relationship, where voluntary recalls initially enhance firm performance by signaling trust-repair efforts, but excessive recalls beyond an optimal level violate stakeholder expectations, leading to negative performance outcomes. This study utilizes panel data from U.S. pharmaceutical firms spanning 2004 to 2014. This study shows that there is an inverted U-shaped relationship between voluntary recalls and firm performance. Additionally, firm age moderates this relationship, such that older firms exhibit a flatter inverted U-shaped curve. This study contributes to the literature by empirically identifying the dual effects of voluntary recalls and addressing the limitations of prior research. Our study highlights the importance of considering firm-specific characteristics and contextual factors in developing effective crisis management strategies. Furthermore, the findings provide feasible insights for firms seeking to maintain or restore trust and lay a foundation for future research on voluntary recalls.