Does brand management of corporate reputation translate into higher market value?

Katherine Taken Smith · Murphy Smith · Kun Wang

159 citations0/0 files storedJournal of Strategic Marketing

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Corporate Identity and Reputation Marketing and Advertising Strategies Corporate Social Responsibility Reporting

Abstract

Brand associations affect image and one source of brand association is a company's reputation. While the relationship between a positive corporate reputation and operational performance is intuitively appealing, there has been relatively little empirical research. This study, using a comprehensive approach, seeks to empirically test the relationship and thereby determine whether firms with a positive brand image, that is those with a positive reputation, experience an economic benefit. Findings are that these firms are associated with a significant market-value premium, superior financial performance, and lower cost of capital. Given these findings, marketing managers would do well to strive to build and maintain a positive reputation.

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1997THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK 1997Industry costs of equity 1990WHAT'S IN A NAME? REPUTATION BUILDING AND CORPORATE STRATEGY.1995Earnings, Book Values, and Dividends in Equity Valuation*1997The Company and the Product: Corporate Associations and Consumer Product Responses 2002Corporate reputation and sustained superior financial performance 1993Risk Management: Coordinating Corporate Investment and Financing Policies 1996Reputation: Realizing Value from the Corporate Image

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