You are here


Journal Name:

Publication Year:

Author NameUniversity of Author
Abstract (2. Language): 
Identifying the relationship between corporate reputation and business performance is important for an economy. As corporate reputation becomes critical, then firms have to give more emphasis on sound risk management practices and corporate credibility. Most research suggest that good or strong corporate reputation have a positive impact on firm financial performance in developed markets. However, empirical surveys in an emerging economy context by using different financial measures produce controversial results. This study analyzes the financial performance of reputable Turkish firms comparatively by nonreputable firms registered in Turkish Stock Exchange Market (BIST 30) over the period 2008 to 2012. The results indicate that there isn’t enough evidence for firms with high reputation exhibit greater performance than nonreputable firms. The question of whether good corporate reputation increases firm performance in emerging markets like Turkey is not clear enough.

JEL Codes:



ANDERSON, J. and G.N. SMITH (2006), “A Great Company Can Be a Great Investment”, Financial Analysts Journal, 62 (4), 86-93.
ANTUNOVICH, P. and D.S. LASTER (1999), “Do Investors Mistake a Good Company for a Good Investment?”, Staff Reports of the Federal Reserve Bank of New York, Website: (January).
ARSHAD, R., S. OTHMAN, and R. OTHMAN (2012), “Islamic Corporate Social Responsibility, Corporate Reputation and Performance”, World Economy of Science, Engineering and Technology”, 64, 1070-1074.
BARNETT, M. L., J. M. JEMIER, and B. A. LAFFERTY (2006), “Corporate Reputation: The Definitional Landscape”, Corporate Reputation Review, 9(1), 26–38.
BASEL COMMITTEE ON BANKING SUPERVISION (1997), “Core Principles For Effective Banking Supervision”, Basel.
BASEL COMMITTEE BANK SUPERVISION BCBS (2009), “Proposed enhancements to the Basel II framework”. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (1995), “Division of Banking Supervision and Regulation”,
BRAMMER, S., C. BROOKS, and S.PAVELIN (2006), “Corporate Reputation and Stock Returns: Are Good Firms Good for Investors?”, ICMA Center Discussion Papers in Finance, DP2006-05,1-28.
BROWN, B. and S. PERRY (1994), “Removing the financial performance halo from Fortune’s most admired’ companies”, Academy of Management Journal,37(5),1347–1359.
BURKE, R.J. (2011), Corporate Reputation: Managing Opportunities and Threats, Edited by Ronald J.Burke, Graeme Martin and Cary L. Cooper, Gower Publishing, UK. CARUANA, A. and S. CHIRCOP (2000), “Measuring Corporate Reputation: A Case Example”, Corporate Reputation Review, 3(1), 43-57.
CHERCHIELLO, P. (2011), “Statistical Models to Measure Corporate Reputationa”, The International Conference“Innovation and Society 2011”. Statistical Methods for the Evaluation of Services (IES 2011)”, Journal of Applied Quantitative Methods,58-71.
CHUN, R. (2005). “Corporate Reputation: Meaning and Measurement”, International Journal of Management Reviews, 7(2),91–109.
CHUNG,S.Y., K. ENEROTH, and T. SCHNEEWEIS (1999), “Corporate Reputation and Investment Performance: The US and UK Experience, Working Paper,1-26. COLLIER, D. (1979), The new authoritarianism In Latin America, Princeton University Press, New Jersey.
COPELAND, T., T.KOLLER and J.MURRIN (2000), Valuation: Measuring and Managing the Value of Companies. McKinsey&Company, Inc. Second Edition, Canada.
Serpil TOMAK 302
CRAVENS, K., E. OLIVER and S. RAMAMOORTI (2003), “The reputation index: Measuring and managing corporate reputation”, European Management Journal, 21(2), 201-212.
DAMODARAN, A. (1994), Damodaran On Valuation: Security Analysis for Investment and Corporate Finance, John Wiley&Sons, Inc. USA.
DOWLING, G. (2006), “In Practice How Good Corporate Reputations Create Corporate Value”, Corporate Reputation Review, 9(2), 134–143. DUBE, S. C. (2009), “Good management, sound finances, and social responsibility: Two decades of US corporate insider perspectives on reputation and the bottom line.”, Public Relations Review, 35; 77–8.
DUNBAR, R.L.M. and J. SCHWALBACH (2000), “Corporate Reputation and Performance in Germany”, Working Paper;1-15.
ECCLES, R., S. NEWQUIST, and R. SCHATZ (2007), “Reputation and its Risks”, Harvard Business Review, 104-114.
FOMBRUN, C.J. (2007). “List of lists: A compilation of international corporate reputation ratings”, Corporate Reputation Review, 10 (2);144 –153.
FOMBRUN, C. and M. SHANLEY (1990), “What’s in a name? Reputation building and corporate strategy”, Academy of Management Journal, 33(2);233–258.
FOMBRUN, C., and C. VAN RIEL, (1997), “The reputational landscape”. Corporate Reputation Review, 1(1),5–13.
FRYXELL, G. E. and WANG, J. (1994), “The Fortune corporate ‘reputation’ index: Reputation for what?”, Journal of Management, 20 (1),1–14.
GILLET,R., G.HUBNER, and S. PLUNUS, (2010), “Operational risk and reputation in the financial industry”, Journal of Banking & Finance, 34,224–235.
GÖK, O. and H. ÖZKAYA, (2011), “Does corporate reputation improve stock performance in an emerging economy? Evidence from Turkey”, Corporate Reputation Review, 14(1), 53-61.
GREGORY, J. R. (1998), “Does corporate reputation provide a cushion to companies facing market volatility? Some supportive evidence”, Corporate Reputation Review, 1, 288–290.
JONES, G., B. JONES and P. LITTLE (2000), “Reputation as a reservoir: buffering against loss in times of economic crisis”, Corporate Reputation Review, 3, pp. 21–29.
KAMİYA, S., 2010. “Determinants of Insurers’ Reputational Risk”, Society of Actuaries Working Paper: 1-27.
MCGUIRE, J.B., T. SCHNEEWEIS, and B. BRANCHÇ (1990). “Perceptions of firm quality: a cause or result of firm performance”, Journal of Management, 16(1),167–180. MITRA, R., R.J. GREEN, and M.J. DUTTA (2013), The Handbook of Communication and Corporate Reputation in “Corporate Reputation in Emerging Markets: A Culture-Centered Review and Critique”, Edited by Craig E. Carroll, John Wiley&Sons, Inc. USA.
PONZI, L.J., C. J. FOMBRUN and N. A. GARDBERG, (2011), “RepTrak ™ Pulse: Conceptualizing and Validating a Short-Form Measure of Corporate Reputation”, Corporate Reputation Review”,14(1), 15–35.
ROBERTS, P.W. and G.R. DOWLING, (2002), “Corporate reputation and sustained superior financial performance”, Strategic Management Journal, 23,1077–1093.
ROSE, C. and THOMSEN, S. (2004), “The İmpact of Corporate Reputation on Performance: Some Danish Evidence”, European Management Journal, 22 (2) , 201-210.
SABATE, J. M. and PUENTE, E. (2003), “ analysis of the relationship between corporate
reputation and financial performance: A survey of the literature”, Corporate Reputation Review, 6 (2),161 – 177. SURROCA, J., J.A. TRIBO and S. WADDOCK, (2010), “Corporate Responsibility and Financial Performance: The Role of Intangible Resources”, Strategic Management Journal, 31, 463–490.
Niğde Üniversitesi İİBF Dergisi, 2014, Cilt: 7, Sayı: 1, s.289-303 303
SRIVASTAVA, R. K., T. H. MCINISH, R. A. WOOD and A. J. CAPRARO (1997), “The value of corporate reputation: evidence from equity markets”, Corporate Reputation Review, 1, 62–67.
TROTTA, A and G. CAVALLARO, (2012), “Measuring Corporate Reputation: A Framework for Italian Banks”, International Journal of Economics and Finance Studies, 4(2), 21-30.
WADDOCK, S. (2000), “The multiple bottom lines of corporate citizenship: social investing, reputation, and responsibility audits”, Business and Society Review, 105, 323–345.
WANG, K. and M. SMITH, (2008), “Does Corporate Reputation Translate into Higher Market Value?”, SSRN Working Paper, ZHANG, R. and Z. REZAEE, 2009, “Do Credible Firms Perform Better in Emerging Markets? Evidence from China”, Journal of Business Ethics, 90, 221–237.

Thank you for copying data from