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Also, these crises may harm customers\u2019 health and threaten firms\u2019 survival. To foster low\u2010carbon economy and green development in such complex systems, this paper studies the internal mechanism of the product crisis and its impact on the firm value. It proposes a two\u2010stage model to avoid the endogeneity of product\u2010harm crises. In the first stage, this paper assesses the effect of firms\u2019 leverage on their capacity to produce higher quality products. In the second stage, this paper conducts the impact of these crises on stock prices. Then, it depicts the financial effects of product\u2010harm crises over time, and analyzes the differences of such effects based on brand equity. Results show that book leverage can positively impact firms\u2019 capacity to produce high\u2010quality products. In addition, the market\u2019s response to product\u2010harm crises is significant at 1% level, and with the increase in severity, the market reaction is more prominent. Furthermore, its negative effect is persistent for a firm experiencing a severe crisis. Luckily, brand equity can mitigate this negative impact. These findings provide some ways to improve product performance and firm value in the green context.<\/jats:p>","DOI":"10.1155\/2021\/6670242","type":"journal-article","created":{"date-parts":[[2021,3,12]],"date-time":"2021-03-12T18:35:08Z","timestamp":1615574108000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["The Effect of Product\u2010Harm Crises on the Financial Value of Firms under the Concept of Green Development"],"prefix":"10.1155","volume":"2021","author":[{"given":"Songsong","family":"Li","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7028-5959","authenticated-orcid":false,"given":"Yaopan","family":"Yang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Dong","family":"Zhang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2021,3,12]]},"reference":[{"key":"e_1_2_9_1_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.rtbm.2020.100557"},{"key":"e_1_2_9_2_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.scitotenv.2020.136731"},{"key":"e_1_2_9_3_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmkr.37.2.215.18729"},{"key":"e_1_2_9_4_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijpe.2012.10.018"},{"key":"e_1_2_9_5_2","doi-asserted-by":"publisher","DOI":"10.1108\/CCIJ-10-2013-0078"},{"key":"e_1_2_9_6_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmr.14.0140"},{"key":"e_1_2_9_7_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-017-3720-2"},{"key":"e_1_2_9_8_2","doi-asserted-by":"publisher","DOI":"10.1007\/s11747-019-00679-1"},{"key":"e_1_2_9_9_2","doi-asserted-by":"publisher","DOI":"10.1509\/jm.14.0273"},{"key":"e_1_2_9_10_2","doi-asserted-by":"publisher","DOI":"10.1509\/jm.15.0535"},{"key":"e_1_2_9_11_2","doi-asserted-by":"publisher","DOI":"10.1509\/jm.14.0382"},{"key":"e_1_2_9_12_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmr.14.0305"},{"key":"e_1_2_9_13_2","doi-asserted-by":"publisher","DOI":"10.1287\/isre.2017.0707"},{"key":"e_1_2_9_14_2","doi-asserted-by":"publisher","DOI":"10.1080\/13669877.2014.983946"},{"key":"e_1_2_9_15_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.bushor.2014.10.005"},{"key":"e_1_2_9_16_2","doi-asserted-by":"publisher","DOI":"10.1108\/jpbm-09-2018-2019"},{"key":"e_1_2_9_17_2","doi-asserted-by":"publisher","DOI":"10.1002\/cb.1549"},{"key":"e_1_2_9_18_2","doi-asserted-by":"publisher","DOI":"10.1108\/jpbm-05-2017-1469"},{"key":"e_1_2_9_19_2","doi-asserted-by":"publisher","DOI":"10.1108\/jpbm-01-2014-0477"},{"key":"e_1_2_9_20_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijresmar.2015.04.004"},{"key":"e_1_2_9_21_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmkr.48.2.255"},{"key":"e_1_2_9_22_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmr.10.0197"},{"key":"e_1_2_9_23_2","doi-asserted-by":"publisher","DOI":"10.1080\/00207543.2015.1106608"},{"key":"e_1_2_9_24_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.10.010"},{"key":"e_1_2_9_25_2","doi-asserted-by":"publisher","DOI":"10.1007\/s11747-017-0558-1"},{"key":"e_1_2_9_26_2","doi-asserted-by":"publisher","DOI":"10.1108\/jpbm-01-2017-1396"},{"key":"e_1_2_9_27_2","doi-asserted-by":"publisher","DOI":"10.1007\/s11747-009-0168-7"},{"key":"e_1_2_9_28_2","doi-asserted-by":"publisher","DOI":"10.1287\/orsc.1050.0175"},{"key":"e_1_2_9_29_2","doi-asserted-by":"publisher","DOI":"10.1086\/261313"},{"key":"e_1_2_9_30_2","doi-asserted-by":"publisher","DOI":"10.1086\/262053"},{"key":"e_1_2_9_31_2","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1100.1267"},{"key":"e_1_2_9_32_2","doi-asserted-by":"publisher","DOI":"10.1509\/jmkg.73.6.214"},{"key":"e_1_2_9_33_2","first-page":"956","article-title":"Oligopoly and financial structure","volume":"76","author":"Brander J.","year":"1986","journal-title":"American Economic Review"},{"key":"e_1_2_9_34_2","unstructured":"MaksimovicV. 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