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A corporation is a form of business that is common in most countries. It is chartered by the state and is given legal rights as an entity that is separate from its owners. Characteristics of corporate are that the business has no liability to its owners. There is the issuance of shares of easily transferable stock, and it exists as a going concern. A business becomes a corporation through incorporation. After the business undergoes the incorporation, it is given legal standing that is different from their own. This legal standing protects the owner from being personally liable in an event that the business is sued. Incorporation also gives companies more flexible ways of managing their own structures (Melo & Garrido‐Morgado, 2012).
According to Freeman (2010), Godfrey, Merrill and Hansen (2009) and Musteen, Datta and Kemmerer (2010), reputation is the opinion about a person, social group and an organization. The opinion is as a result of evaluation of criteria. Reputation happens as a result of the corporate branding in the area of the market. Reputation is seen as a sign of future actions and behavior. It also serves as a pledge that justifies and also promotes the expectations of a principal about the actions of the agent in the field of principal agent theory. Reputation is seen as a form of goodwill in accounting. It is also viewed as a manifestation of the identity of a corporation in the field of organization theory. Finally, reputation is a potential market entry barrier in the field of management. This is because if the corporate reputation of a business is negative, the market value of the business is low and the market entry is low compared to businesses that has a positive corporate reputation (Lange, Lee & Dai 2011). R...
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...0). 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.
Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strategic Management Journal, 31 (5), 463-490.
Walker, K. (2010). A Systematic Review of the Corporate Reputation Literature: Definition, Measurement, and Theory. Corporate Reputation Review, 12 (4), 357-387.
Wisdom At Work (2013). Perception is Reality – Building and Managing Corporate Reputation. Hill+ Knowlton strategies Asia. Retrieved from http://asia.hkstrategies.com/perception-is-reality-building-and-managing-corporate-reputation/
Wood, D. J. (2010). Measuring Corporate Social Performance: A Review. International Journal of Management Reviews, 12 (1), 50-84
Our reputations are beliefs and opinions that are held by our friends, family and even complete strangers about bout us. Someone’s reputation determines how they will be seen before even meeting them, almost like a first impression. Which is why your reputation is something you need to handle with care and protect, however some will go to extremes in doing this for instance the play The Crucible, written by Arthur Miller. It is a look into what it was like back in the 1800’s during the Salem witch trails. During this play Miller makes the strong argument of the importance of reputation and the countless ways people will protect it. In the play this occurs with many of the characters some more than others yet it’s of importance to everyone in some way or another. The protection of one’s reputation also occurs outside of the play, an example of this would be in politics and sports. In the play The Crucible, Author Miller makes the argument that reputation is incredibly important and people will go to great lengths such as betrayal and lying to protect it, quite often ones morality will become altered when protecting their reputation.
In Arthur Miller’s The Crucible reputation was a critical factor for characters like John Proctor and Reverend Parris. As a hard working farmer, John Proctor cared very much about having a good name. Reverend Parris had a good reason to care about his reputation since he was a very respected religious leader. I don’t think reputation is everything but for these characters it was very important.
Do you have a reputation? Is it good? Bad? How has your reputation influenced your life? Most people, in one way or another, have developed a reputation for themselves. In my personal opinion, high school is probably one of the most popular and easiest places to acquire a reputation. Not only that, but it seems to be a big problem throughout high school, because once you have a bad reputation, it’s not easy to improve it. Yet, high schools aren’t the only place where you can attain a reputation; work places are also a great place to develop one. Nowadays, even social networking can generate a good or bad reputation and depending on what those sites create, it could affect your career or even prevent you from attaining a certain career. Although
Corporation – “A business organization that exists as a legal entity and provides limited liability to its owners.” (Longenecker, Petty, Palich, Hoy, Pg. 205) The main advantage of a corporation is that the business liability falls onto this entity instead of the individuals that own it. The disadvantages of this organization are found mostly in its formation. A corporation is expensive to create and requires compliance with state
Orlitzky, M, Schmidt, F & Rynes, S 2003, ‘Corporate social and financial performance: A meta analysis’, Organization Studies, vol. 24, no. 3, pp 403-11.
The famous poet James Russell Lowell once said, “Reputation is only a candle, of wavering and uncertain flame, and easily blown out, but it is the light by which the world looks for and finds merit” . Reality stresses the importance to be more concerned with personal character than self reputation, because character beholds who you really are, while your reputation is merely what others perceive. The epic of Beowulf, written in Old English, describes the adventures of a great Scandinavian warrior of the sixth century. Having an outstanding reputation was an important aspect of life, and in the world of Beowulf it was no different.
Moohan, E (2008), ‘Glossary’, in Moohan E (ed.), Reputations (AA100 Book1), The Open University, pp.231-238
Reputation is a company’s biggest asset so you would think that organisations would avoid engaging in any sort of business that would put its reputation in jeopardy. Nevertheless, many organisations find their credibility destroyed due to practices that are harmful and illegal, which could land a CEO’s in prison.
Turker, D. (2009). Measuring corporate social responsibility: a scale development study. Journal of Business Ethics 85, 411-427.
Raman, M., Lim, W., & Nair , S. (2012). The Impact of Corporate Social Responsibility on Consumer Loyalty. Kajian Malaysia , 30 (2), 71-93.
Corporate governance implies governing a company/organization by a set of rules, principles, systems and processes. It guides the company about how to achieve its vision in a way that benefits the company and provides long-term benefits to its stakeholders. In the corporate business context, stake-holders comprise board of directors, management, employees and with the rising awareness about Corporate Social Responsibility; it includes shareholders and society as well. The principles which...
... is just like real life, someone works really hard to have a certain reputation, like the student who did well on all of his assignments, but in one single act tall that hard work can be completely shattered, like how the students reputation was shattered after he failed his final. A reputation is a very fragile thing—something we all must keep in mind whenever we make a decision, complete a project, or make a statement.
Masaka, D (2008) Why forcing corporate social responsibility is morally questionable, Electronic Journal of Business ethics and organizational studies, 13, 1 pp. 13-21
During the twentieth century the concept of goodwill has changed significantly. In the earlier days goodwill was thought of as the good and valuable relationships of a proprietor of a business with his customers. The present concept is broader in that it encompasses many more intangible economic factors of a business enterprise and accountants now consider that goodwill results from the evaluation of the earning power of a business by investors (Johnson, 43).
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...