A TALE OF TWO ASSETS: THE EFFECTS OF FIRM REPUTATION AND CELEBRITY ON EARNINGS SURPRISES AND INVESTORS' REACTIONS

• 成果类型: Article
• 署名作者: Pfarrer, Michael D.; Pollock, Timothy G.; Rindova, Violina P.
• 署名单位: University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Austin
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/AMJ.2010.54533222
• 发表日期: 2010
• 页码: 1131-1152
• 关键词: corporate social-responsibility; CERTIFICATION CONTESTS; CEO CERTIFICATION; management; MARKET; ANALYST; ORGANIZATIONS; COMMUNICATION; performance; NEGATIVITY

摘要

The effects of intangible assets on organizational outcomes remain poorly understood. We compare the effects of two intangible assets firm reputation and celebrity on (1) the likelihood that a firm announces a positive or negative earnings surprise, and (2) investors' reactions to these surprises. We find that firms that have accumulated high levels of reputation (high-reputation firms) are less likely, and firms that have achieved celebrity (celebrity firms) more likely to announce positive surprises than firms without these assets. Both high-reputation and celebrity firms experience greater market rewards for positive surprises and smaller market penalties for negative surprises than other firms.