Corporate Reputation and Social Performance: The Importance of Fit
基于大企业样本，研究发现企业声誉受社会绩效、财务绩效、市场风险等因素影响，且社会绩效的声誉效应因行业和绩效类型而异，需与利益相关者环境相匹配。
abstract Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's social performance, financial performance, market risk, the extent of long‐term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of social performance is found to vary both across sectors, and within sectors across the various types of social performance. Specifically, our results demonstrate the need to achieve a ‘fit’ among the types of corporate social performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental performance may enhance or damage reputation depending on whether the firm's activities ‘fit’ with environmental concerns in the eyes of stakeholders.