Corporate reputation and firms' performance: Evidence from Spain

被引：26
作者：
Gonzalez Sanchez, Mariano [1 ]
Morales de Vega, Maria Encina [1 ]
机构：
[1] Univ CEU San Pablo, Business Dept, Accounting & Finance, Julian Romea 23, Madrid 28003, Spain
来源：
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT | 2018年 / 25卷 / 06期
关键词：
corporate image; corporate reputation; environmental management; financial performance; liquidity risk; market risk; reputation risk; stock value; SOCIAL-RESPONSIBILITY; OPERATIONAL RISK; FINANCIAL PERFORMANCE; MEDIA REPUTATION; GOVERNANCE; ENGAGEMENT; RETURNS; MARKETS; EVENTS; IMPACT;
D O I：
10.1002/csr.1634
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Reputational risk is negatively perceived by stakeholders and economic agents, and can cause negative future effects on sustainability, corporate image and stakeholder engagement. This study analyzes and selects bad news regarding a sample of Spanish listed companies and uses it to explain abnormal returns and liquidity risk, to better understand how decisions should be taken in the future in a more innovative and sustainable way. The results indicate that there are negative reputational effects on excess returns and trading volume variations, and positive effects on volatility. Additionally, an increase in illiquidity is implied. The inclusion of bad reputational news in the model improves its goodness of fit by between 1.25% and 3%.
引用
收藏
页码：1231 / 1245
页数：15
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