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Purpose – This study explores the relationship between corporate reputation and corporate performance by examining whether the annual list of “Most Admired Companies in Korea” is value generating. Design/methodology/approach– The All Star lists from the Korea Management Association Consulting (KMAC) for the period from 2005 to 2018 were used to assess corporate reputation. The three measures of corporate performance were utilized and these are stock returns, operating performance and Tobin’s Q. Two proxies of stock returns were used: The ratio of the end of year to the beginning of year stock prices (EBR) and the buy-and-hold abnormal returns (BHAR). The operating performance was defined as the the ratio of earnings before interest, taxes, depreciation and amoriztion to total assets. Tobin’s Q was defined as the sum of market value of common stocks plus preferred stocks and book value of bonds divided by total assets. Findings– Firms in the All Star lists exhibited statistically insignificant performance in terms of stock returns (EBR and BHAR), operating performance and Tobin’s Q compared with the comparable firms. Moreover, whereas the stock returns of All Star firms underperformed during the expansion periods, operating performance and Tobin’s Q of All Stars firms over the comparable firms are statistically insignificant both in expansion periods and in recession periods. Research implications or Originality– The results of panel regression models clearly show that the reputation factor has nothing to do with the three performance measures of stock returns, operating performance and Tobin’s Q. To summarize, the empirical findings suggest that there is no information value in terms of firm’s reputation factor as this does not have any positive effect on corporate performance.
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참고문헌 (33)
참고문헌 신청
Aksoy, L. / 2008 / The Long-term Stock Market Valuation of Customer Satisfaction / Journal of Marketing 72(4):105~122
Anderson, J. / 2006 / Great Company Can Be a Great Investment / Financial Analysts Journal 62(4):86~93
Anginer, D. / Stocks of Admired Companies and Despised Ones (SSRN Database, No. 962168)
Antunovich, P. / 2003 / Are Good Companies Bad Investments? / Journal of Investing 12(1):53~65
Bae, G. / 2002 / Stock Returns and Operating Performance of Securities Issuers / Journal of Financial Research 25(3):337~352
Anderson, J. / 2006 / Great Company Can Be a Great Investment / Financial Analysts Journal 62(4):86~93
Anginer, D. / Stocks of Admired Companies and Despised Ones (SSRN Database, No. 962168)
Antunovich, P. / 2003 / Are Good Companies Bad Investments? / Journal of Investing 12(1):53~65
Bae, G. / 2002 / Stock Returns and Operating Performance of Securities Issuers / Journal of Financial Research 25(3):337~352
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