The value of reputation capital during the COVID-19 crisis: Evidence from Japan

被引：10
|
作者：
Manabe, Tomonori [1 ]
Nakagawa, Kei [2 ]
机构：
[1] Sansan Inc, Shibuya Ku, Aoyama Oval Bldg 13F,5-52-2 Jingumae, Tokyo 1500001, Japan
[2] Nomura Asset Management Co Ltd, Koto Ku, 2-2-1 Toyosu, Tokyo 1350061, Japan
来源：
FINANCE RESEARCH LETTERS | 2022年 / 46卷
关键词：
Crash risk; Corporate reputation; COVID-19; Reputation capital; Stakeholder; CORPORATE REPUTATION; PERFORMANCE;
D O I：
10.1016/j.frl.2021.102370
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the value of reputation capital with regard to the stock market crash in the early stages of the COVID-19 pandemic. At that time, when stock prices fell precipitously, firms with a positive reputation for the usefulness of products/services seen from within their business network showed stock returns five to seven percentage points higher than firms with a low reputation score. This suggests a positive reputation among stakeholders can serve as insurance against shocks in times of crisis. Notably, results suggest firms that can build public trust owing to the usefulness of the product/service are more resilient from crash caused by real economic damage, as occurred with the COVID-19-related crash.
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页数：7
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