Among many factors contributing to a corporation's success, none
is more crucial than reputation. It affects the way management
makes decisions and the positions it takes, and how it takes them,
on critical issues. A good reputation is also a signal to the
market--one way that stakeholders will know that a corporation is
successful. Riahi-Belkaoui looks at the most crucial functions and
influences that determine corporate reputation, among them, the way
it affects a firM's market value; the quality of its disclosures;
how well its earnings are managed, how its executives are
compensated. He also addresses other processes, such as
international production, the informativeness of earnings,
accounting choices, and the characteristics of earnings forecasts.
The result is a succinct, readable, probing study for corporate
decision makers in various functions of the firm, their academic
colleagues, and knowledgeable onlookers who need ways to evaluate
and buttress their investment decisions.
Riahi-Belkaoui examines the process of reputation-building
first, then the role of corporate reputation and how market value
and accounting value differ. He moves to the impact of contextual
factors of multinationality and corporate reputation on accrual and
cash flow valuation models. In Chapter Four he shows how corporate
audiences construct the reputations of firms by interpreting
information signals about the firms from various monitors. He then
reports the result of an empirical study of the 100 most
international firms, which supports the general hypothesis that
corporate audiences construct reputations on the basis of
information and firms' earnings management. In Chapter Six he turns
to the relationship between the level of corporate reputation and
managers' ccounting choices, and in Chapter Seven examines the
value relevance of earnings, cash flows, multinationality, and
corporate reputation. Chapter Eight advances the hypothesis that
corporate boards control top management behavior by means of
compensation, but also by judging them on organizational
effectiveness and social performance. He restates a general model
of international production, and in Chapter 10, hypothesizes that
the level of corporate reputation affects both the informativeness
of earnings and the magnitude of discretionary accounting accrual
adjustments. He ends the book by providing empirical evidence of
the relationship between economic performance and organizational
effectiveness, a measure of overall social performance.
General
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