The effects of corporate reputation perceptions of the general public on shareholder value
研究德国企业数据发现，公众对企业声誉的正面看法能提升未来股票回报，且非财务因素驱动的声誉比财务表现驱动的声誉更具价值相关性。
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 G erman 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 © 2014 John Wiley & Sons, Ltd.