Sie befinden Sich nicht im Netzwerk der Universität Paderborn. Der Zugriff auf elektronische Ressourcen ist gegebenenfalls nur via VPN oder Shibboleth (DFN-AAI) möglich. mehr Informationen...
Corporate reputation and firms' performance: Evidence from Spain
Ist Teil von
Corporate social-responsibility and environmental management, 2018-11, Vol.25 (6), p.1231-1245
Ort / Verlag
Bognor Regis: Wiley Periodicals Inc
Erscheinungsjahr
2018
Quelle
Business Source Ultimate
Beschreibungen/Notizen
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%.