The effects of corporate reputation perceptions of the general public on shareholder value

Strategic Management Journal

Volumn 36, Issue 6, 2015, Pages 945-956

  Raithel, Sascha ^a   Schwaiger, Manfred ^a  

^a UNIVERSITY OF MUNICH   (Germany)

Author keywords

corporate reputation; intangible asset; investors; shareholder value; stock return

Indexed keywords

INVESTMENTS;

CORPORATE REPUTATIONS; INTANGIBLE ASSETS; INVESTORS; SHAREHOLDER VALUES; STOCK RETURNS;

SHAREHOLDERS;

EID: 84928586229     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2248     Document Type: Article

References (57)

1. Aksoy L, Cooil B, Groening C, Keiningham TL, Yalçin A,. 2008. The long-term stock market valuation of customer satisfaction. Journal of Marketing 72 (4): 105-122.
2. Barney JB,. 2001. Is the resource-based "view" a useful perspective for strategic management research? Yes. Academy of Management Review 26 (1): 41-56.
3. Basdeo DK, Smith KG, Grimm CM, Rindova VP, Derfus PJ,. 2006. The impact of market actions on firm reputation. Strategic Management Journal 27 (12): 1205-1219.
4. Bauer TN,. 2010. Looking back: reputation research published in the Journal of Management. Journal of Management 36 (3): 585-587.
5. Beatty RP, Ritter JR,. 1986. Investment banking, reputation, and underpricing of initial public offerings. Journal of Financial Economics 15 (1/2): 213-232.
6. Bergh DD, Ketchen DJ Jr, Boyd BK, Bergh J,. 2010. New frontiers of the reputation-performance relationship: insights from multiple theories. Journal of Management 36 (3): 620-632.
7. Brown B, Perry S,. 1994. Removing the financial performance halo from Fortune's Most Admired Companies. Academy of Management Journal 37 (5): 1347-1359.
8. Carhart MM,. 1997. On persistence in mutual fund performance. Journal of Finance 52 (1): 57-82.
9. Edmans A,. 2011. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101 (3): 621-640.
10. Fama EF,. 1970. Efficient capital markets: a review of theory and empirical work. Journal of Finance 25 (2): 383-417.
11. Fama EF, French KR,. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (1): 3-56.
12. Ferguson TD, Deephouse DL, Ferguson WL., 2000. Do strategic groups differ in reputation? Strategic Management Journal 21 (12): 1195-1214.
13. Fishbein M, Ajzen I,. 1974. Attitudes towards objects as predictors of single and multiple behavioral criteria. Psychological Review 81 (1): 59-74.
14. Flanagan DJ, O'Shaughnessy KC,. 2005. The effects of layoff on firm reputation. Journal of Management 31 (3): 445-463.
15. Fombrun CJ,. 1996. Reputation: Realizing Value from the Corporate Image. Harvard Business School Press: Cambridge, MA.
16. Fombrun CJ,. 2007. List of lists: a compilation of international corporate reputation ratings. Corporate Reputation Review 10 (2): 144-153.
17. SM: a multi-stakeholder measure of corporate reputation. Journal of Brand Management 7 (4): 241-255.
18. Fombrun CJ, Shanley M,. 1990. What's in a name? Reputation building and corporate strategy. Academy of Management Journal 33 (2): 233-258.
19. Freeman RE,. 1994. Strategic Management: A Stakeholder Approach. Pitman: Boston, MA.
20. Frooman J,. 1999. Stakeholder influence strategies. Academy of Management Review 24 (2): 191-205.
21. Fryxell GE, Wang J,. 1994. The Fortune corporate reputation index: reputation for what? Journal of Management 20 (1): 1-13.
22. George TJ, Hwang CY,. 2007. Long-term return reversals: overreaction or taxes? Journal of Finance, 62 (6): 2865-2896.
23. Goldberg ME, Hartwig J,. 1990. The effects of advertiser reputation and extremity of advertising claim on advertising effectiveness. Journal of Consumer Research 17 (2): 172-179.
24. Graham JR, Harvey CR, Rajgopal S,. 2005. The economic implications of corporate financial reporting. Journal of Accounting & Economics, 40 (1-3): 3-73.
25. Gu F, Wang W,. 2005. Intangible assets, information complexity, and analysts' earnings forecasts. Journal of Business Finance Accounting 32 (9/10): 1673-1702.
26. Hall R,. 1992. The strategic analysis of intangible resources. Strategic Management Journal 13 (2): 135-144.
27. Hall R,. 1993. A framework linking intangible resources and capabilities to sustainable competitive advantage. Strategic Management Journal 14 (8): 607-618.
28. Horner J,. 2002. Reputation and competition. American Economic Review 92 (3): 644-663.
29. Jobson JD, Korkie BM,. 1981. Performance hypothesis testing with the Sharpe and Treynor measures. Journal of Finance, 36 (4): 889-908.
30. Laamanen T,. 2007. On the role of acquisition premium in acquisition research. Strategic Management Journal 28 (13): 1359-1369.
31. Lange D, Lee PM, Dai Y,. 2011. Organizational reputation: a review. Journal of Management 37 (1): 153-184.
32. Love EG, Kraatz M,. 2009. Character, conformity, or the bottom line? How and why downsizing affected corporate reputation. Academy of Management Journal 52 (2): 314-335.
33. Lyon JD, Barber BM, Tsai C-L,. 1999. Improved methods for tests of long-run abnormal stock return. Journal of Finance 54 (1): 165-201.
34. McGuire JB, Schneeweis T, Branch B,. 1990. Perceptions of firm quality: a cause or result of firm performance? Journal of Management 16 (1): 167-180.
35. Mishina Y, Block ES, Mannor MJ,. 2012. The path dependence of organizational reputation: how social judgment influences assessments of capability and character. Strategic Management Journal, 33 (5): 459-477.
36. Newey WK, West KD,. 1987. A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica, 55 (3): 703-708.
37. Pfarrer MD, Pollock TG, Rindova VP,. 2010. A tale of two assets: the effects of firm reputation and celebrity on earnings surprises and investors' reactions. Academy of Management Journal 53 (5): 1131-1152.
38. Raithel S, Wilczynski P, Schloderer MP, Schwaiger M,. 2010. The value-relevance of corporate reputation during the financial crisis. Journal of Product and Brand Management 19 (6): 389-400.
39. Rao H,. 1994. The social construction of reputation: certification contests, legitimization, and the survival of organizations in the American automobile industry: 1895-1912. Strategic Management Journal, Winter Special Issue 15: 29-44.
40. Rao VR, Agarwal MK, Dahlhoff D,. 2004. How is manifest branding strategy related to the intangible value of a corporation? Journal of Marketing 68 (4): 126-141.
41. Rappaport A,. 1998. Creating Shareholder Value: A Guide for Managers and Investors. The Free Press: New York.
42. Rhee M, Valdez ME,. 2009. Contextual factors surrounding reputation damage with potential implications for reputation repair. Academy of Management Review 34 (1): 146-168.
43. Rindova VP, Fombrun CJ,. 1999. Constructing competitive advantage: the role of firm-constituent interactions. Strategic Management Journal 20 (8): 691-710.
44. Rindova VP, Williamson IO, Petkova AP, Sever JM,. 2005. Being good or being known: an empirical examination of the dimensions, antecedents, and consequences of organizational reputation. Academy of Management Journal 48 (6): 1033-1049.
45. Roberts PW, Dowling GR,. 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal 23 (12): 1077-1094.
46. Schwaiger M,. 2004. Components and parameters of corporate reputation-an empirical study. Schmalenbach Business Review 56 (1): 46-71.
47. Sharpe WF,. 1994. The Sharpe ratio. Journal of Portfolio Management 21 (1): 49-58.
48. Shapiro C,. 1982. Consumer information, product quality and seller reputation. Bell Journal of Economics 13 (1): 20-35.
49. Shapiro C,. 1983. Premium for high quality products as returns to reputations. Quarterly Journal of Economics 98 (4): 659-679.
50. Slack N., 1994. The Importance-Performance Matrix as a Determinant of Improvement Priority. International Journal of Operations and Production Management 44 (5): 59-75.
51. Sobol MG, Farrelly GE, Taper J,. 1992. Shaping the Corporate Image: An Analytical Guide for Executive Decision Makers. Quorum Books: New York.
52. Walsh G, Mitchell V-W, Jackson PR, Beatty SE,. 2009. Examining the antecedents and consequences of corporate reputation: a customer perspective. British Journal of Management 20 (2): 187-203.
53. Wang J, Lee AY,. 2006. The role of regulatory focus in preference construction. Journal of Marketing Research 43 (1): 28-38.
54. Wartick SL,. 2002. Measuring corporate reputation: definition and data. Business & Society 41 (4): 371-393.
55. Weigelt K, Camerer C,. 1988. Reputation and corporate strategy: a re-view of recent theory and applications. Strategic Management Journal 9 (5): 443-454.
56. Wernerfelt B,. 1995. The resource-based view of the firm: ten years after. Strategic Management Journal, 16 (3): 171-174.
57. Zyglidopoulos SC,. 2001. The impact of accidents on firms' reputation for social performance. Business & Society 40 (4): 416-441.