THE EFFECTS OF CORPORATE REPUTATION PERCEPTIONS OF THE GENERAL PUBLIC ON SHAREHOLDER VALUE

• 成果类型: Article
• 署名作者: Raithel, Sascha; Schwaiger, Manfred
• 署名单位: University of Munich
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2248
• 发表日期: 2015
• 页码: 945-956
• 关键词: corporate reputation; investors; Intangible asset; SHAREHOLDER VALUE; stock return

摘要

Superior corporate reputations can have strategic value for firms. Of the multiple reputations associated with each firm, we focus on the perceptions of the general public. The public represents the most widely defined stakeholder group but has attracted the least amount of research interest to date. Drawing on data for German firms, this study demonstrates that superior reputation perceptions issued by the general public increase shareholder value, as measured by future stock returns. This study provides a more nuanced understanding for this novel finding. Applying a conceptualization of reputation that balances both its affective and cognitive components, we find that reputation perceptions that are driven by nonfinancial aspects are more value relevant in the future than reputation perceptions that are driven by previous financial performance. Copyright (c) 2014 John Wiley & Sons, Ltd.