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| Author: | Cheah, E.T. Chan, W.L. Chieng, C.L.L. |
| Title: | The corporate social responsibility of pharmaceutical product recalls: An empirical examination of U.S. and U.K. markets |
| Journal: | Journal of Business Ethics
2007 : DEC (III), VOL. 76:4 p. 427-449 |
| Index terms: | corporate responsibility pharmaceutical industry shareholder value United Kingdom America |
| Freeterms: | corporate social responsibility |
| Language: | eng |
| Abstract: | In this paper the authors investigate the impact on shareholder wealth of announcements on pharmaceutical product recalls in the U.K and the U.S, which are the worlds largest pharmaceutical markets. In addition the authors also asses the role of corporate social responsibility (CSR) recognition in pharmaceutical product recalls, by investigating whether differences were found in shareholder wealth impacts between companies listed on the FTSE4Good and DJSI indices and those not listed in these indices. The authors found through analysin product recall announcmenets compiled in the Pharmaceutical Journal during 1998 to 2004 that there were market differences between the countries how market participants reacted to the recalls. In the U.S. investors penalised firms according to the severity of product mishaps. However in U.K. investors rewarded product recalls by companies which were not usually CSR-active. In U.S. non-CSR active firms were also punished by the investors. |
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