Prior studies on product recalls have found that product recalls hurt the recalling firm’s market value. However, little is known about how a product recall affects the market value of the recalling firm’s competitors. It is not clear whether a recall helps or hurts the market value of the recalling firm’s competitors. Using data from the US automobile industry, we find that a product recall by a firm with high corporate product reliability hurts the market value of its competitor (negative spillover). Corporate product reliability refers to a firm’s reputation for providing reliable products. However, the negative spillover effect is buffered or attenuated by the corporate product reliability of the competitor. Further, the negative spillover effect of a recall on a competitor’s market value can be detected even when the competitor makes a positive announcement in the form of a new product pre-announcement (NPPA) after a recall in the industry. This effect is again attenuated by the strength of the competitor’s corporate product reliability.

先前关于产品召回的研究发现，产品召回损害了召回公司的市场价值。然而，关于产品召回如何影响召回公司竞争对手的市场价值却知之甚少。目前尚不清楚召回是否有助于或损害召回公司竞争对手的市场价值。使用美国汽车行业的数据，我们发现企业产品可靠性高的公司召回产品会损害其竞争对手的市场价值（负溢出）。企业产品可靠性是指公司提供可靠产品的声誉。然而，负面溢出效应被竞争对手的企业产品可靠性缓冲或减弱。更远，即使竞争对手在行业召回后以新产品预公告 (NPPA) 的形式做出积极的公告，也可以检测到召回对竞争对手市场价值的负面溢出效应。这种影响再次被竞争对手公司产品可靠性的强度所削弱。