Reputation and leadershipa study about reputational transfer in family and non-family firms

  1. María Jesús Moreno Domínguez
  2. Pilar Martín Zamora
  3. Isabel Serrano Czaia
  4. Lázaro Rodríguez Ariza
Management Letters / Cuadernos de Gestión

ISSN: 1131-6837

Year of publication: 2022

Volume: 22

Issue: 1

Pages: 65-80

Type: Article

DOI: 10.5295/CDG.211465MM DIALNET GOOGLE SCHOLAR lock_openOpen access editor

More publications in: Management Letters / Cuadernos de Gestión


Cited by

  • Scopus Cited by: 0 (19-01-2024)
  • Web of Science Cited by: 0 (19-10-2023)
  • Dimensions Cited by: 0 (18-02-2024)

SCImago Journal Rank

  • Year 2022
  • SJR Journal Impact: 0.194
  • Best Quartile: Q3
  • Area: Industrial Relations Quartile: Q3 Rank in area: 42/60
  • Area: Business, Management and Accounting (miscellaneous) Quartile: Q3 Rank in area: 269/375
  • Area: Economics, Econometrics and Finance (miscellaneous) Quartile: Q3 Rank in area: 292/449
  • Area: Organizational Behavior and Human Resource Management Quartile: Q4 Rank in area: 176/224
  • Area: Marketing Quartile: Q4 Rank in area: 165/212
  • Area: Business and International Management Quartile: Q4 Rank in area: 347/442
  • Area: Strategy and Management Quartile: Q4 Rank in area: 386/478
  • Area: Finance Quartile: Q4 Rank in area: 250/313

Índice Dialnet de Revistas

  • Year 2022
  • Journal Impact: 0.630
  • Field: ECONOMÍA Quartile: C1 Rank in field: 22/161


  • Social Sciences: B

Scopus CiteScore

  • Year 2022
  • CiteScore of the Journal : 1.6
  • Area: Industrial Relations Percentile: 50
  • Area: Business and International Management Percentile: 34
  • Area: Organizational Behavior and Human Resource Management Percentile: 32
  • Area: Strategy and Management Percentile: 30

Journal Citation Indicator (JCI)

  • Year 2022
  • Journal Citation Indicator (JCI): 0.24
  • Best Quartile: Q4
  • Area: BUSINESS Quartile: Q4 Rank in area: 238/306


(Data updated as of 18-02-2024)
  • Total citations: 0
  • Recent citations (2 years): 0
  • Field Citation Ratio (FCR): 0.0


The main objective of this paper is to determine the influence of the family on the reputational transfer between the company and its manager. In the field of family businesses, the strong identification of the family with the company has led to the study of the relationship between corporate reputation and the level of family involvement. However, the mutual transfer of reputation between the family business and its manager has yet to be investigated. For this reason, the study also aims to contrast that the corporate reputation contributes to that of its manager, studying how the presence of a family in the management and/or control of the company affects this relationship. To this end, using the rankings published by the Spanish Corporate Reputation Monitor (MERCO) of the most reputable companies and leaders in Spain for the period 2001-2017, different econometric models have been formulated with panel data. The results obtained, with important practical implications, contribute to reputation research and, especially, to the literature on family businesses. In this sense, the results show not only that the family nature of the company gives a reputational advantage to the company and its leader, but also that the reputation of the family business managers is transferred to the corporate reputation in a shorter period of time than when the company does not share this nature.

Bibliographic References

  • Aldrich, H.E. and Cliff, J.E., 2003. The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective. Journal of Business Venturing, 18, 573-596.
  • Anderson, R.C. and Reeb, D.M., 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
  • Ayala, J.C. and Navarrete, E., 2004. Efectos tamaño y sector sobre la rentabilidad, endeudamiento y coste de la deuda de las empresas familiares riojanas. Cuadernos de Gestión, 4(1), 35-53.
  • Barney, J. and Hansen, M., 1994. Trustworthiness as a Source of Competitive Advantage. Strategic Management Journal, 15, 175-190.
  • Barney, J.B., 1991. Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
  • Basco, R., 2017. “Where do you want to take your family firm?” A theoretical and empirical exploratory study of family business goals. Business Research Quarterly, 20, 28-44.
  • Bear, S., Rahman, N. and Post, C., 2010. The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207-221.
  • Berrone, P., Cruz, C., Gómez-Mejía, L.R. and Larraza-Kintana, M., 2010. Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firm pollute less? Administrative Science Quarterly, 5 (1), 82-113.
  • Block, J.H. and Wagner, M., 2014. The effect of family ownership on different dimensions of corporate social responsibility: Evidence from large US firms. Business Strategy Environment, 23, 475-492.
  • Block, J.H., 2010. Family management, family ownership, and downsizing: Evidence from S&P 500 firms. Family Business Review, 23(2), 109-130.
  • Brammer, S.J. and Millington, A., 2005. Corporate reputation and philanthropy: An empirical analysis. Journal of Business Ethics, 61, 29-44.
  • Brammer, S.J., Millington, A. and Pavelin, S., 2009. Corporate reputation and women on the board. British Journal of Management, 20, 17-29.
  • Bravo, F., Abad, C. and Laffarga, J., 2015. The board of directors and corporate reputation: an empirical analysis. Academia Revista Latinoamericana de Administración, 28(3), 359-379.
  • Cao, Y., Myers, J.N., Myers, L.A. and Omer, T.C., 2015. Company reputation and the cost of equity capital. Review of Accounting Studies, 20(1), 42-81.
  • Capelli, P. and Hamori, M., 2004. The path to the top: Changes in the attributes and careers of corporate executives, 1980-2001. Nber Working Papers Series, 10507. Retrieved from papers/w10507
  • Chen, S., Chen, X., Cheng, Q. and Shevlin, T., 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
  • Conte, F., 2018. Understanding the influence of CEO tenure and CEO reputation on corporate reputation: An exploratory study in Italy. International Journal of Business and Management, 13(3), 54-66.
  • Craig, J.B., Dibrell, C. and Davis, P.S., 2008. Leveraging family-based brand identity to enhance firm competitiveness and performance in family business. Journal Small Business Management, 46, 351-371.
  • Cravens, K., Goad, E.O. and Ramamoorti, S., 2003. The reputation index: Measuring and managing corporate reputation. European Management Journal, 21(2), 201-213.
  • Cromie, S., Stephenson, B. and Monteith, D., 1995. The management of family firms: An empirical investigation. International Small Business Journal, 13(4), 11-34.
  • De Quevedo, E., Delgado, J.B. and Blanco, V., 2015. ¿Es relevante la reputación del consejero delegado? Un análisis de su influencia en los resultados empresariales para el contexto español. Revista de Contabilidad y Tributación, 391, 163-190.
  • Decker, W.H., 2012. A firm´s image following alleged wrongdoing: Effects of the firm´s prior reputation and response to the allegation. Corporate Reputation Review, 15(1), 20-34.
  • Deephouse, D.L. and Jaskiewicz, P., 2013. Do family firms have better reputations than non-family firms? An integration of socioemotional wealth and social identity theories. Journal of Management Studies, 50(3), 337-360.
  • Dhalla, R. and Carayannopoulos, S., 2006. Understanding when stakeholders discount reputations. 10th Anniversary Conference on Reputation, Image, Identity and Competitiveness, 25-28 May, New York.
  • Diéguez-Soto, J., Fernández-Gámez, M.A. and Sánchez-Marín, G., 2017. Family involvement and hotel online reputation. Business research Quarterly, 20(3), 151-163.
  • Dierickx, I. and Cool, K., 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), 1504-1511.
  • Dowling, G.R., 2016. Defining and measuring corporate reputations. European Management Review, 13(3), 207-223.
  • Dyer, W.G. and Whetten, D.A., 2006. Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6), 785-802.
  • Family Business Institute, 2015. La Empresa Familiar en España 2015. Barcelona: Instituto de la Empresa Familiar.
  • Fombrun, C. and Shanley, M., 1990. What´s in a name? Reputation building and corporate strategy. Academy of Management Review, 33(2), 233-258.
  • Fombrun, C., 1996. Reputation: Realising value from the corporate image. Boston, MAS: Harvard Business School Press.
  • Fombrun, C., 2006. The RepTrak system. 10th Anniversary Conference on Reputation, Image, Identity and Competitiveness, 25-28 May, New York.
  • Gaines-Ross, L., 2000. CEO reputation: A key factor in shareholder value. Corporate Reputation Review, 3(4), 366‐370.
  • Gaines-Ross, L., 2008. Corporate reputation: 12 steps to safeguarding and recovering reputation. New York, NY: John Wiley & Sons, Inc.
  • Gallo, M.A., 1995. The role of family business and its distinctive characteristic behavior in industrial activity. Family Business Review, 8(2), 83-97.
  • Garbett, T., 1988. How to build a corporation´s identity and project its image? Massachusetts, MAS: Lexington.
  • García-Castro, R. and Aguilera, R.V., 2014. Family involvement in business and financial performance: A set-theoretic cross-national inquiry. Journal of Family Business Strategy, 5, 85-96.
  • Gómez-Mejía, L.R., Cruz, C., Berrone, P. and De Castro, J., 2011. The bind that ties: Socioemotional wealth preservation in family firms. Academy Management Annals, 5, 653-707.
  • Gupta, G., Mahakud, J. and Debata, B., 2018. Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference? Cogen Economics & Finance, 6, 1-15.
  • Hall, R., 1992. The strategic analysis of intangible resources. Strategic Management Journal, 13 (2), 135-144.
  • Hausman, J. and Taylor, W., 1981. Panel data and unobservable individual effects. Journal of the Econometric Society, 49(6), 1377-1398.
  • Hayward, M.L., Rindova, V.P. and Pollock, T.G., 2004. Believing one’s own press: The causes and consequences of CEO celebrity. Strategic Management Journal, 25(7), 637‐653.
  • Helm, S., 2006. Common grounds in the perception of corporate reputation? A comparison of three stakeholder groups. 10th Anniversary Conference on Reputation, Image, Identity and Competitiveness, 25- 28 May, New York.
  • Hoffman, L., 1999. Reputation starts with the CEO. MC Technology Marketing Intelligence, 19(7), 56-58.
  • Hutton, J.G.; Goodman, M.B.; Alexander, J.B. and Genest, C.M., 2001. Reputation Management: the new face of corporation public relations? Public Relation Review, 27(3), 247-261.
  • Ibrahim, A.B., 1992. Strategy formulation in small business: A conceptual framework. Journal of Small Business and Entrepreneurship, 9(4), 71-76.
  • Isakov, D. and Weisskopf, J., 2015. Pay-out policies in founding family firms. Journal of Corporate Finance, 33, 330-344.
  • Jin, C.H. and Yeo, H.C., 2011. Satisfaction, corporate credibility, CEO reputation and leadership effects on public relationships. Journal of Targeting, Measurement and Analysis for Marketing, 19(2), 127–140.
  • Jorissen, A., Laveren, E., Martens, R. and Reheul, A.M., 2005. Real versus sample-based differences in comparative family business research. Family Business Review, 18(3), 229-246.
  • Lawrence, A., 2004. Market research in the Internet age: How record companies will profit from illegal file-sharing. MEIEA Journal, 4(1), 29-40.
  • Lee, S.H., 2007. CEO reputation: Who benefits the firm and the CEO? Doctoral dissertation, University of Southern California.
  • Liu, C., Aharony, J., Richardson, G. and Yawson, A., 2016. Corporate litigation and changes in CEO reputation: Guidance from US Federal Court lawsuits. Journal of Contemporary Accounting & Economics, 12, 15-34.
  • Love, E.G., Lim, J. and Bednar, M.K., 2017. The face of the firm: The influence of CEOs on corporate reputation. Academy of Management Journal, 60(4), 1462-1481.
  • Malmendier, U. and Tate, G., 2009. Superstars CEOs. The Quarterly Journal of Economics, 124(4), 1593‐1638.
  • Mandl, I., 2008. Overview of Family Business Relevant Issues. Final Report. European Commission, Enterprise and Industry Directorate-General, Vienna.
  • Matherne, C., Ring, J.K., and McKee, D.N., 2011. Multiple social identifications and the family firms. Journal of Behavioral and Applied Management, 13, 24-43.
  • Matherne, C., Waterwall, B., Ring, J.K., and Credo, K. 2017. Beyond organizational identification: The legitimization and robustness of family identification in the family firm. Journal of Family Business Strategy, 8(3), 170-184.
  • Men, L.R., 2012. CEO credibility, perceived organizational reputation and employee engagement. Public Relations Review, 38(1), 171- 173.
  • Miller, D., Le Breton-Miller, I. and Scholnick, B., 2008. Stewardship vs. stagnation: An empirical comparison of small family and non-family business. Journal of Management Studies, 45(1), 51-78.
  • Miroshnychenko, I., De Massis, A., Miller, D. and Barontini, R., 2020. Family Business Growth Around the World. Entrepreneurship Theory and Practice, 1-27, DOI: 10.1177/1042258720913028.
  • Naldi, L., Cennamo, C., Corbetta, G. and Gómez-Mejía, L., 2013. Preserving socio-emotional wealth in family firms: Asset or liability? The moderating role of business context. Entrepreneurship Theory & Practice, 37(6), 1341-1360.
  • Nguyen, N. and Leblanc, G., 2001. Corporate Image and Corporate Reputation in Costumers’ Retention Decisions in Services. Journal of Retailing and Consumer Services, 8, 227-236.
  • Niap, D.T. and Taylor, D., 2012. CEO personal reputation: Does it affect remuneration during times of economic turbulence? Procedia Economics and Finance, 2, 125‐134.
  • Park, D.J. and Berger, B.K., 2004. The presentation of CEOs in the press, 1990-2000: Increasing salience, positive valence, and a focus on competency and personal dimensions of image. Journal of Public Relations Research, 16(1), 93-125.
  • Pieper, T.M., 2007. Mechanisms to ensure long-term family business survival: A study of the dynamics of cohesion in multigenerational family business families. Frankfurt: Peter Lang Publishing.
  • Raithel, S. and Schwaiger, M., 2015. The effects of corporate reputation perceptions of the general public on shareholder value. Strategic Management Journal, 36, 945-956.
  • Ranft, A.L., Zinko, R., Ferris, G.R. and Buckley, M.R., 2006. Marketing the image of management: The costs and benefits of CEO reputation. Organizational Dynamics, 35(3), 279‐290.
  • Rau, S.B., Schneider-Siebke, V. and Günter, C., 2019. Family Firm Values Explaining Family Firm Heterogeneity. Family Business Review, 32(2), 195-215.
  • Rindova, V., Pollock, T. and Hayward, M., 2006. Celebrity firms: the social construction of market popularity. Academy of Management Review, 31(1), 50-71.
  • Rindova, V., Williamson, I. and Petkova, A., 2010. Reputation as an intangible asset: Reflections on theory and methods in two empirical studies of business school reputations. Journal of Management, 36(3), 610-619.
  • Roberts, P.W. and Dowling, G.R., 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(2), 1077-1093.
  • Safón, V., Mohedano, A. and Urra, J. A., 2011. La reputación de las empresas españolas y de sus consejeros delegados: Un estudio de sus causas y su interacción. Economía Industrial, 381, 163‐170.
  • Sageder, M., Mitter, C. and Feldbauer-Durstmüller, B., 2018. Image and reputation of family firms: A systematic literature review of the state of research. Review of Managerial Science, 12(1), 335-377.
  • Sánchez-Marín, G. and Baixauli-Soler, J.S., 2014. CEO reputation and top management team compensation: The moderating role of corporate governance. Management Decision, 52(3), 540-558.
  • Santiago, A., Pandey, S. and Manalac, M.T., 2019. Family presence, fa- mily firm reputation and perceived financial performance: Empirical evidence from the Philippines. Journal of Family Business Strategy, 10(1), 49-56.
  • Smith, K.T., Smith, M. and Wang, K., 2010. Does brand management of corporate reputation translate into higher market value? Journal of Strategic Management, 18(3), 201-221.
  • Sohn, Y.J. and Lariscy, R., 2012. Resource-based crisis management: The important role of the CEO´s reputation. Journal of Public Relations Research, 24, 318-337.
  • Sorenson, R.L., Goodpaster, K.E., Hedberg, P.R. and Yu, A., 2009. The family point of view, family social capital, and firm performance: An exploratory test. Family Business Review, 22 (3), 239-253.
  • Sotillo, S., 2010. La reputación del CEO: un activo intangible clave para las empresas. Cuadernos de Gestión del Conocimiento Empresaria, 21, 1-6.
  • Sotillo, S., 2017. La gestión profesional de la reputación del CEO como elemento generador de valor para las organizaciones. Tesis Doctoral, Universitat Jaume I de Castellón.
  • Stavrinoudis, T.A. and Chrysanthopoulou, D., 2017. The role of leadership in building and managing corporate reputation of 4 and 5 star hotels. Tourism and Hospitality Research, 17(2), 176-189.
  • Treadway, D.C., Adams, G.L., Ranft, A.L. and Ferris, G.R., 2009. A meso-level conceptualization of CEO celebrity effectiveness. The Leadership Quarterly, 20, 554-570.
  • Uhlaner, L.M., Van Goor-Balk, H.J. and Masurel, E., 2004. Family business and corporate social responsibility in a sample of Dutch firms. Journal of Small Business and Enterprises Development, 11(2), 186-194.
  • Urra, J.A., Mohedano, A. and Safón, V., 2009. El papel de la reputación del consejero delegado en la reputación de la empresa española. Revista Venezolana de Gerencia, 48, 518‐ 536.
  • Villafañe, J., 2013. La buena empresa. Propuesta para una teoría de la reputación corporativa. Madrid: Pearson.
  • Walker, K., 2010. A systematic review of the corporate reputation literature: Definition, measurement and theory. Corporate Reputation Review, 12(4), 357-387.
  • Weng, P.S. and Chen, W.P., 2017. Doing good or choosing well? Corporate reputation, CEO reputation and corporate financial performance. North American Journal of Economics and Finance, 39, 223-240.
  • Wiesenfeld, B.M., Wurthmann, K.A. and Hambrick, D.C., 2008. The stigmatization and devaluation of elites associated with corporate failures: A process model. Academy of Management Review, 33, 231- 251.
  • Wooldridge, J.M., 2013. Introductory econometrics: A modern approach. (5th ed.). Nashville, TN: South-Western Publishing Company.
  • Yang, M.L., 2010. The impact of controlling families and family CEOs on earnings management. Family Business Review, 23(3), 266-279.
  • Zellweger, T.M., Nason, R.S., Nordqvist, M. and Brush, C.G., 2013. Why do family firms strive for nonfinancial goals? An organizational identity perspective. Entrepreneurship Theory and Practice, 37(2), 229-248.
  • Zinko, R., Ferris G.R., Humphrey S.E., Meyer, C.J. and Aime, F., 2012. Personal reputation in organizations: Two‐study constructive replication and extension of antecedents and consequences. Journal of Occupational and Organizational Psychology, 85(1), 156‐180.
  • Zinko, R., Ferris, G.R., Blass, F.R., and Laird, M.D., 2007. Toward a theory of reputation in organizations. Research in Personnel and Human Resources Management, 26, 163-204.
  • Zinko, R., Furner, Z.Z., Hunt, J. and Dalton, A., 2017. Establishing a reputation. Journal of Employment Counseling, 54, 87-96.