新冠疫情危机期间声誉资本的价值：来自日本的证据。
The value of reputation capital during the COVID-19 crisis: Evidence from Japan.
作者信息
Manabe Tomonori, Nakagawa Kei
机构信息
Sansan, Inc., Aoyama Oval Building 13F, 5-52-2 Jingumae, Shibuya-ku, Tokyo, 150-0001, Japan.
Nomura Asset Management Co., Ltd., 2-2-1, Toyosu, Koto-ku, Tokyo 135-0061, Japan.
出版信息
Financ Res Lett. 2022 May;46:102370. doi: 10.1016/j.frl.2021.102370. Epub 2021 Aug 17.
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.
本研究探讨了声誉资本在新冠疫情初期股市暴跌方面的价值。当时，股价急剧下跌，在其商业网络中因产品/服务有用性而拥有良好声誉的公司，其股票回报率比声誉得分低的公司高出五到七个百分点。这表明，在利益相关者中拥有良好声誉可以在危机时期作为抵御冲击的保障。值得注意的是，研究结果表明，因产品/服务有用性而能够建立公众信任的公司，在因实际经济损害导致的暴跌（如与新冠疫情相关的暴跌）中更具韧性。
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