Corporate reputation and sustained superior financial performance

• 成果类型: Article
• 署名作者: Roberts, PW; Dowling, GR
• 署名单位: Columbia University; University of New South Wales Sydney
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.274
• 发表日期: 2002
• 页码: 1077-1093
• 关键词: Reputation; persistent profitability; Intangible assets

摘要

Good corporate reputations are critical because of their potential for value creation, but also because their intangible character makes replication by competing firms considerably more difficult. Existing empirical research confirms that there is a positive relationship between reputation and financial performance. This paper complements these findings by showing that firms with relatively good reputations are better able to sustain superior profit outcomes over time. In particular, we undertake an analysis of the relationship between corporate reputation and the dynamics of financial performance using two complementary dynamic models. We also decompose overall reputation into a component that is predicted by previous financial performance, and that which is 'left over', and find that each (orthogonal) element supports the persistence of above-average profits over time. Copyright (C) 2002 John Wiley Sons, Ltd.