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

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

ISSN: 1131-6837

Año de publicación: 2022

Volumen: 22

Número: 1

Páginas: 65-80

Tipo: Artículo

DOI: 10.5295/CDG.211465MM DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Management Letters / Cuadernos de Gestión

Resumen

El objetivo principal de este trabajo es determinar la influencia de la familia en la transferencia reputacional entre la empresa y su directivo. En el ámbito de la empresa familiar, la fuerte identificación de la familia con la compañía ha propiciado el estudio de la relación entre la reputación corporativa y el nivel de participación de la familia. Sin embargo, está pendiente de investigación la transferencia mutua de reputación entre la empresa familiar y su directivo. Por esta razón, el estudio pretende asimismo contrastar que la reputación corporativa contribuye a la de su directivo, estudiando cómo incide en esa relación la presencia de una familia en la gestión y/o control de la empresa. A tal efecto, utilizando los rankings publicados por el Monitor Español de Reputación Corporativa (MERCO) relativos a empresas y líderes más reputados en España para el período 2001-2017, se han formulado diferentes modelos econométricos con datos de panel. Los resultados obtenidos, con importantes implicaciones prácticas, contribuyen a la investigación en reputación y, especialmente, a la literatura sobre empresa familiar. En este sentido, los resultados ponen de manifiesto no solo que el carácter familiar de la empresa otorga una ventaja reputacional a la compañía y a su líder, sino que la reputación de los directivos de la empresa familiar se transfiere a la reputación corporativa en un plazo más breve que cuando la empresa no comparte ese carácter.

Referencias bibliográficas

  • 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 http://www.nber.org/ 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.