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A Review and Critique on the Relation Between Corporate Reputation, Value Creation and Firm Performance

DOI: http://dx.doi.org/10.17800/2238-8893/aos.v3n1p7-26

http://www.unama.br/seer/index.php/aos/index 

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Gabriel Geller1

  

Abstract: This paper reviews the literature from the field of corporate reputation, identifies the progress to date in attempts to relate corporate reputation to value creation and financial performance, and contributes to the extant body of knowledge by presenting several avenues for future research on the topic. Three main research questions drive this study: (a) Can reputations create value, and, if so, how? (b) How can corporate reputation be measured? and (c) Does good corporate reputation have a positive impact on financial performance, and, if so, to what extent? After thoroughly analyzing papers published in important journals that frequently discuss these topics, we suggest that there is a strong theoretical and empirical basis on which to conclude that good corporate reputation can be a source of competitive advantage and enhance a firm’s performance, thus creating value (research question “a”). However, there is still a lot to be done to address measurement issues (research question “b”), and especially to assess the size of the effect that good corporate reputation has on financial results, and to find a methodology to calculate the economic value of corporate reputation based on the previously mentioned effect (research question “c”). Future research should address questions such as (1) Which corporate reputation dimensions and/or stakeholder groups are most relevant to economic performance? (2) Do the new multidimensional measures of reputation really provide more effective results compared to widely used rankings that assess the association between reputation and performance? (3) What is the size of the effect of good reputation on financial performance? and (4) What is the economic value of good reputation? Addressing these issues will make relevant contributions in the quest to understand the extent to which corporate reputations are important to organizations’ success.

Key words: Corporate reputation. Value creation. Firm performance

 

Resumo: Este trabalho revê a literatura na área de reputação corporativa, identifica o progresso feito até o momento nas tentativas de associar reputação corporativa à criação de valor e desempenho financeiro, e contribui para o conhecimento na área ao apresentar diversos caminhos para pesquisa futura neste assunto. Três principais questões de pesquisa guiam este estudo: (a) se e como reputação pode criar valor, (b) como medir reputação corporativa e (c) se e até que nível uma boa reputação corporativa tem um impacto positivo no desempenho financeiro. Após análise abrangente de artigos publicados em revistas científicas importantes que abordam estes temas, os resultados indicam que há uma forte base teórica e empírica para concluir que boa reputação corporativa pode ser uma fonte de vantagem competitiva e melhorar o desempenho das organizações, criando valor (questão de pesquisa “a”). No entanto, ainda há muito a ser feito para resolver as questões de mensuração do construto (questão de pesquisa “b”) e especialmente em identificar o tamanho do efeito de uma boa reputação corporativa nos resultados financeiros e na definição de uma metodologia para calcular o valor econômico da reputação corporativa com base neste efeito (questão de pesquisa “c”). Novas pesquisas devem responder a questões tais como (1) quais dimensões da reputação corporativa e grupos de stakeholders ou combinação de ambos são mais relevantes para o desempenho econômico; (2) se as novas medidas multidimensionais de reputação realmente oferecem resultados mais efetivos que os rankings habitualmente usados nos estudos de associação entre reputação e performance; (3) qual o tamanho do efeito de uma boa reputação corporativa nos resultados financeiros e (4) qual é o valor econômico de uma boa reputação. Respostas adequadas a esses questionamentos contribuirão de forma relevante na busca por compreender até que ponto reputação corporativa é importante para o sucesso de qualquer organização.

Palavras-chave: Reputação corporativa. Criação de valor. Desempenho das empresas

 

1 Professor das Faculdades Integradas do Tapajós - FIT. Doutorando em Gestão pela Universidade de Lisboa. Mestre em Comunicação Corporativa e Gestão da Reputação pela Universidade de Manchester (Reino Unido). Mestre em Finanças pela École des Hautes Études Commerciales du Nord - EDHEC (França). E-mail: gabrielgeller@hotmail.com

 

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