Investors are more sensitive to information about financial rather than ethical reputation of a company : evidence from an experimental study

Anna Blajer-Gołębiewska , Maciej Kos


The aim of the research was to identify the nature of the relationship between corporate reputation and individuals’ investment decisions. We focused on three reputational factors that influence such decisions: value of stock market analysts’ recommendation (either neutral or positive), reputation value (either positive or negative), and reputation domain (either ethical or financial). We tested two hypotheses in an online experiment and we have confirmed that investors are more sensitive to firm’s financial rather than to its ethical reputation. However, we could not confirm that a reputation damage has a stronger impact on changes in the planned investment’s value than an improvement in company’s reputation.
Author Anna Blajer-Gołębiewska (FE / DMicro)
Anna Blajer-Gołębiewska,,
- Department of Microeconomics
, Maciej Kos
Maciej Kos,,
Journal seriesEconomics & Sociology, ISSN 2071-789X, e-ISSN 2306-3459, (B 15 pkt)
Issue year2016
Publication size in sheets0.8
Keywords in Englishcorporate reputation, investment decisions, experiments
Languageen angielski
LicenseJournal (articles only); published final; Uznanie Autorstwa (CC-BY); with publication
Score (nominal)15
ScoreMinisterial score = 15.0, ArticleFromJournal
Ministerial score (2013-2016) = 15.0, ArticleFromJournal
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.