A Tale of Two Assets: The Effects of Firm Reputation and Celebrity on Earnings Surprises and Investors' Reactions

Michael D. Pfarrer · Timothy G. Pollock · Viólina Rindova

841 citations0/0 files storedAcademy of Management Journal

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Corporate Identity and Reputation Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

The effects of intangible assets on organizational outcomes remain poorly understood. We compare the effects of two intangible assets—firm reputation and celebrity—on (1) the likelihood that a firm announces a positive or negative earnings surprise, and (2) investors' reactions to these surprises. We find that firms that have accumulated high levels of reputation (“high-reputation” firms) are less likely, and firms that have achieved celebrity (celebrity firms) more likely to announce positive surprises than firms without these assets. Both high-reputation and celebrity firms experience greater market rewards for positive surprises and smaller market penalties for negative surprises than other firms.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1958The psychology of interpersonal relations.1986Research in Organizational Behavior.1989Asset Stock Accumulation and Sustainability of Competitive Advantage 1990WHAT'S IN A NAME? REPUTATION BUILDING AND CORPORATE STRATEGY.1999Institutional Logics and the Historical Contingency of Power in Organizations: Executive Succession in the Higher Education Publishing Industry, 1958– 1990 2008The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

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