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Examination of Corporate Reputation Scores, Market Value and Financial Performance with the Perspective of Corporate Brand Sustainability

Year 2023, Volume: 7 Issue: 2, 47 - 62, 30.12.2023
https://doi.org/10.33399/biibfad.1324268

Abstract

In theory and practice, sustainability research offer important doctrines for carrying corporate brands into the future. As for maintaining the sustainability of corporate brands, researchers imply the necessity of various changing parameters, including corporate reputation. In addition, researchers highlight for long-term corporate reputation firms should also focus their market performance and financial performance. With this perspective, the aim of this paper is to examine the relationship amongst long term sustained corporate reputation, market value and financial performance. In parallel to prior research, reputation is conceptualized by pulse scores from reputation institutes’ reports. For the perspective of sustainability, data is put through some filters such as “most repeated corporate brands over 15 years”. After sampling, market values and financial performance indicators taken from online credible sources. As a result, 6 corporate brands and 15 years long data a panel has constructed. Finally, the relationship amongst corporate reputation, market value and financial performance is assessed with panel data. According to panel data correlation results, corporate reputation is only significantly correlated with ROE and ROI. Relationship between market value and financial performance indicators is significantly correlated.

References

  • Agung, I. G. N. (2013). Panel data analysis using eviews. New York: John Wiley & Sons.
  • Alshehhi, A., Nobanee, H., & Khare, N. (2018). The impact of sustainability practices on corporate financial performance: Literature trends and future research potential. Sustainability, 10(2), 494.
  • Anderberg, S., & Clark, E. (2013). Green and sustainable Øresund region: Eco-branding Copenhagen and Malmö. Igor Vojnovic (ed.) Part of: Urban Sustainability: A Global Perspective (591-610), East Lansing: Michigan: Michigan State University Press
  • Bartels, G. C. and Nelissen, W. (2002). Marketing for sustainability: Towards transactional policy-making. New York: John Wiley & Sons.
  • Bedek, A. (2011). Sustainability marketing strategies: examples of best practices in Croatia. International Journal of Management Cases, 13(2), 33-43.
  • Black, E. L., Carnes, T. A., & Richardson, V. J. (2000). The market valuation of corporate reputation. Corporate Reputation Review, 3, 31-42.
  • Caliskan, E., Icke, B., & Ayturk, Y. (2011). Corporate reputation and financial performance: evidence from Turkey. Research Journal of International Studies, 18(1), 61-72.
  • Cravens, K., Oliver, E. G., & Ramamoorti, S. (2003). The reputation index: Measuring and managing corporate reputation. European Management Journal, 21(2), 201-212.
  • Crittenden, V. L., Crittenden, W. F., Ferrell, L. K., Ferrell, O. C., & Pinney, C. C. (2011). Market-oriented sustainability: a conceptual framework and propositions. Journal of the Academy of Marketing Science, 39(1), 71-85.
  • Dauvergne, P. & Lister, J. (2012). Big brand sustainability: Governance prospects and environmental limits. Global Environmental Change, 22(1), 36-45.
  • Dierickx, I. & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), 1504-1511.
  • Dyllick, T. & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11(2), 130-141.
  • Eberl, M., & Schwaiger, M. (2005). Corporate reputation: disentangling the effects on financial performance. European Journal of Marketing, 39(7/8), 838-854.
  • Fan, Y. (2005). Ethical branding and corporate reputation. Corporate Communications: An International Journal, 10(4), 341-350.
  • Fernandez-Gamez, M. A., Gil-Corral, A. M., & Galán-Valdivieso, F. (2016). Corporate reputation and market value: Evidence with generalized regression neural networks. Expert Systems with Applications, 46, 69-76.
  • Fisk, G. (1973). Criteria for a theory of responsible consumption. Journal of Marketing, 37(2), 24-31.
  • Fisk, G. (1998). Green marketing: multiplier for appropriate technology transfer?. Journal of Marketing Management, 14(6), 657-676.
  • Ginesti, G., Caldarelli, A., & Zampella, A. (2018). Exploring the impact of intellectual capital on company reputation and performance. Journal of Intellectual Capital, 19(5), 915-934.
  • Greyser, S. A. (2009). Corporate brand reputation and brand crisis management. Management Decision, 47(4), 590-602.
  • Gupta, S. & Kumar, V. (2013). Sustainability as corporate culture of a brand for superior performance. Journal of World Business, 48(3), 311-320.
  • Heiskanen, E. & Pantzar, M. (1997). Toward sustainable consumption: Two new perspectives. Journal of Consumer Policy, 20(4), 409-442.
  • Herbig, P. & Milewicz, J. (1993). The relationship of reputation and credibility to brand success. Journal of Consumer Marketing, 12(4), 5-11.
  • Horne, R. E. (2009). Limits to labels: The role of eco‐labels in the assessment of product sustainability and routes to sustainable consumption. International Journal of consumer studies, 33(2), 175-182.
  • Iannuzzi, A. (2017). Greener products: The making and marketing of sustainable brands. CRC press.
  • Ind, N. (2007). Living the brand: How to transform every member of your organization into a brand champion. Kogan Page Publishers.
  • Jestratijevic, I., Maystorovich, I., & Vrabič-Brodnjak, U. (2022). The 7 Rs sustainable packaging framework: systematic review of sustainable packaging solutions in the apparel and footwear industry. Sustainable Production and Consumption, 30, 331-340.
  • Jones, P., Clarke‐Hill, C., Comfort, D., & Hillier, D. (2008). Marketing and sustainability. Marketing Intelligence & Planning. 26(2), 123-130.
  • Keller, K. L., Sternthal, B., & Tybout, A. (2002). Three questions you need to ask about your brand. Harvard Business Review, 80(9), 80-89.
  • Khan, M. A. (1995). Sustainable development: The key concepts, issues and implications. Keynote paper given at the international sustainable development research conference, 27–29 march 1995, Manchester, UK. Sustainable Development, 3(2), 63-69.
  • Kitchin, T. (2003). Corporate social responsibility: A brand explanation. Journal of Brand Management, 10, 312-326.
  • Kloepffer, W. (2008). Life cycle sustainability assessment of products. The International Journal of Life Cycle Assessment, 13(2), 89-95.
  • Kumar, V., & Christodoulopoulou, A. (2014). Sustainability and branding: An integrated perspective. Industrial Marketing Management, 43(1), 6-15.
  • Kwon, H. B., Lee, J., & Choi, L. (2021). Dynamic interplay of environmental sustainability and corporate reputation: a combined parametric and nonparametric approach. Annals of Operations Research, 1-33.
  • Lampikoski, T., Westerlund, M., Rajala, R., & Möller, K. (2014). Green innovation games: Value-creation strategies for corporate sustainability. California Management Review, 57(1), 88-116.
  • Lee, J., & Kwon, H. B. (2019). The synergistic effect of environmental sustainability and corporate reputation on market value added (MVA) in manufacturing firms. International Journal of Production Research, 57(22), 7123-7141.
  • Lee, Y. M. & Hu, J. L. (2018). Integrated approaches for business sustainability: The perspective of corporate social responsibility. Sustainability, 10(7), 2318.
  • Lieb, K. J. & Lieb, R. C. (2010). Environmental sustainability in the third‐party logistics (3PL) industry. International Journal of Physical Distribution & Logistics Management, 40(7), 524-533.
  • Luchs, M. G., Naylor, R. W., Irwin, J. R., & Raghunathan, R. (2010). The sustainability liability: Potential negative effects of ethicality on product preference. Journal of Marketing, 74(5), 18-31.
  • Manzini, E. & Vezzoli, C. (2003). A strategic design approach to develop sustainable product service systems: examples taken from the ‘environmentally friendly innovation’Italian prize. Journal of Cleaner Production, 11(8), 851-857.
  • Mead, M. (1970). Responsible Simplification of Consumption Patterns. Ekistics, 324-326.
  • Peattie, K. (2001). Towards sustainability: the third age of green marketing. The Marketing Review, 2(2), 129-146. Purvis, B., Mao, Y., & Robinson, D. (2019). Three pillars of sustainability: in search of conceptual origins. Sustainability Science, 14(3), 681-695.
  • Reputation Institute. (2023). The Global RepTrak 100: The World’s Most Reputable Companies (2009-2023), Date of access: 15.05.2023, https://www.reptrak.com/rankings/
  • Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077-1093.
  • Rose, C., & Thomsen, S. (2004). The Impact of Corporate Reputation on Performance: Some Danish Evidence. European Management Journal, 22(2), 201-210.
  • Salzmann, O., Ionescu-Somers, A., & Steger, U. (2005). The business case for corporate sustainability: literature review and research options. European management journal, 23(1), 27-36.
  • Schaltegger, S. & Wagner, M. (2011). Sustainable entrepreneurship and sustainability innovation: categories and interactions. Business strategy and the environment, 20(4), 222-237.
  • Schultz, D. E. & Block, M. P. (2015). Beyond brand loyalty: Brand sustainability. Journal of Marketing Communications, 21(5), 340-355.
  • Schultz, M., Mouritsen, J., & Gabrielsen, G. (2001). Sticky reputation: Analyzing a ranking system. Corporate Reputation Review, 4, 24-41.
  • Sheth, J. N. & Sinha, M. (2015). B2B branding in emerging markets: A sustainability perspective. Industrial Marketing Management, 51, 79-88.
  • Shultz, C. J. & Holbrook, M. B. (1999). Marketing and the tragedy of the commons: A synthesis, commentary, and analysis for action. Journal of Public Policy & Marketing, 18(2), 218-229.
  • Signitzer, B. & Prexl, A. (2007). Corporate sustainability communications: Aspects of theory and professionalization. Journal of Public Relations Research, 20(1), 1-19.
  • Smith, K. T., Smith, M., & Wang, K. (2010). Does brand management of corporate reputation translate into higher market value?. Journal of Strategic Marketing, 18(3), 201-221.
  • Tristiarini, N., Utomo, S. D., & Setiawanta, Y. (2019). The Capability of Risk as a Corporate Reputation Driver to increase Market Value. Quality-Access to Success, 20(168), 54-62
  • Van Marrewijk, M., & Werre, M. (2003). Multiple levels of corporate sustainability. Journal of Business Ethics, 44, 107-119.
  • Vig, S., Dumičić, K., & Klopotan, I. (2017). The impact of reputation on corporate financial performance: Median regression approach. Business Systems Research: International journal of the Society for Advancing Innovation and Research in Economy, 8(2), 40-58.
  • Walsh, P. R., & Dodds, R. (2017). Measuring the choice of environmental sustainability strategies in creating a competitive advantage. Business Strategy and the Environment, 26(5), 672-687.
  • Weng, P. S., & Chen, W. Y. (2017). Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, 39, 223-240.
  • Woodland, M. & Acott, T. G. (2007). Sustainability and local tourism branding in England's South Downs. Journal of Sustainable Tourism, 15(6), 715-734.
  • Yada, K., Ip, E., & Katoh, N. (2007). Is this brand ephemeral? A multivariate tree-based decision analysis of new product sustainability. Decision Support Systems, 44(1), 223-234.
  • Yahoo Finance (2023). Market Value, Date of Access: 19.05.2023, https://finance.yahoo.com/quote
  • Yilmaz, M. K., Aksoy, M., & Tatoglu, E. (2020). Does the stock market value inclusion in a sustainability index? Evidence from Borsa Istanbul. Sustainability, 12(2), 483.

Kurumsal Marka Sürdürülebilirliği Perspektifinden Kurumsal İtibar Skoru, Piyasa Değeri ve Finansal Performansın İncelenmesi

Year 2023, Volume: 7 Issue: 2, 47 - 62, 30.12.2023
https://doi.org/10.33399/biibfad.1324268

Abstract

Teori ve pratikte sürdürülebilirlik araştırmaları, kurumsal markaları geleceğe taşımak için önemli öğretiler sunmaktadır. Araştırmacılar, kurumsal markaların sürdürülebilirliğini sağlamak için kurumsal itibar da dahil olmak üzere çeşitli parametrelerin değiştirilmesi gerektiğini belirtmektedir. Ayrıca araştırmacılar, uzun vadeli kurumsal itibar için firmaların pazar performanslarına ve finansal performanslarına da odaklanmaları gerektiğini vurgulamaktadır. Bu bakış açısıyla gerçekleştirilen çalışmanın amacı, uzun vadeli sürdürülebilir kurumsal itibar, piyasa değeri ve finansal performans arasındaki ilişkiyi incelemektir. Önceki araştırmalara paralel olarak çalışmada itibar skoru, “reputation institute” raporlarındaki “pulse score” değerlerinden elde edilmiştir. Sürdürülebilirlik perspektifi için veriler “15 yılda en çok tekrarlanan kurumsal markalar” gibi çeşitli filtrelerden geçmiş olup elde edilen örneklem için çevrim içi güvenilir kaynaklardan çalışmanın diğer değişkenleri olan piyasa değerleri ve finansal performans değerleri elde edilmiştir. Sonuç olarak 6 kurumsal marka ve 15 yıllık panel veri ile analizler gerçekleştirilmiştir. Kurumsal itibar, piyasa değeri ve finansal performans arasındaki ilişkinin analiz bulgularına göre; kurumsal itibar sadece ROE ve ROI ile anlamlı bir şekilde ilişkili olduğu bulgusuna ulaşılmıştır. Ek olarak araştırma bulgularına göre piyasa değeri ile finansal performans göstergeleri arasındaki anlamlı bir ilişki tespit edilmiştir.

References

  • Agung, I. G. N. (2013). Panel data analysis using eviews. New York: John Wiley & Sons.
  • Alshehhi, A., Nobanee, H., & Khare, N. (2018). The impact of sustainability practices on corporate financial performance: Literature trends and future research potential. Sustainability, 10(2), 494.
  • Anderberg, S., & Clark, E. (2013). Green and sustainable Øresund region: Eco-branding Copenhagen and Malmö. Igor Vojnovic (ed.) Part of: Urban Sustainability: A Global Perspective (591-610), East Lansing: Michigan: Michigan State University Press
  • Bartels, G. C. and Nelissen, W. (2002). Marketing for sustainability: Towards transactional policy-making. New York: John Wiley & Sons.
  • Bedek, A. (2011). Sustainability marketing strategies: examples of best practices in Croatia. International Journal of Management Cases, 13(2), 33-43.
  • Black, E. L., Carnes, T. A., & Richardson, V. J. (2000). The market valuation of corporate reputation. Corporate Reputation Review, 3, 31-42.
  • Caliskan, E., Icke, B., & Ayturk, Y. (2011). Corporate reputation and financial performance: evidence from Turkey. Research Journal of International Studies, 18(1), 61-72.
  • Cravens, K., Oliver, E. G., & Ramamoorti, S. (2003). The reputation index: Measuring and managing corporate reputation. European Management Journal, 21(2), 201-212.
  • Crittenden, V. L., Crittenden, W. F., Ferrell, L. K., Ferrell, O. C., & Pinney, C. C. (2011). Market-oriented sustainability: a conceptual framework and propositions. Journal of the Academy of Marketing Science, 39(1), 71-85.
  • Dauvergne, P. & Lister, J. (2012). Big brand sustainability: Governance prospects and environmental limits. Global Environmental Change, 22(1), 36-45.
  • Dierickx, I. & Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), 1504-1511.
  • Dyllick, T. & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment, 11(2), 130-141.
  • Eberl, M., & Schwaiger, M. (2005). Corporate reputation: disentangling the effects on financial performance. European Journal of Marketing, 39(7/8), 838-854.
  • Fan, Y. (2005). Ethical branding and corporate reputation. Corporate Communications: An International Journal, 10(4), 341-350.
  • Fernandez-Gamez, M. A., Gil-Corral, A. M., & Galán-Valdivieso, F. (2016). Corporate reputation and market value: Evidence with generalized regression neural networks. Expert Systems with Applications, 46, 69-76.
  • Fisk, G. (1973). Criteria for a theory of responsible consumption. Journal of Marketing, 37(2), 24-31.
  • Fisk, G. (1998). Green marketing: multiplier for appropriate technology transfer?. Journal of Marketing Management, 14(6), 657-676.
  • Ginesti, G., Caldarelli, A., & Zampella, A. (2018). Exploring the impact of intellectual capital on company reputation and performance. Journal of Intellectual Capital, 19(5), 915-934.
  • Greyser, S. A. (2009). Corporate brand reputation and brand crisis management. Management Decision, 47(4), 590-602.
  • Gupta, S. & Kumar, V. (2013). Sustainability as corporate culture of a brand for superior performance. Journal of World Business, 48(3), 311-320.
  • Heiskanen, E. & Pantzar, M. (1997). Toward sustainable consumption: Two new perspectives. Journal of Consumer Policy, 20(4), 409-442.
  • Herbig, P. & Milewicz, J. (1993). The relationship of reputation and credibility to brand success. Journal of Consumer Marketing, 12(4), 5-11.
  • Horne, R. E. (2009). Limits to labels: The role of eco‐labels in the assessment of product sustainability and routes to sustainable consumption. International Journal of consumer studies, 33(2), 175-182.
  • Iannuzzi, A. (2017). Greener products: The making and marketing of sustainable brands. CRC press.
  • Ind, N. (2007). Living the brand: How to transform every member of your organization into a brand champion. Kogan Page Publishers.
  • Jestratijevic, I., Maystorovich, I., & Vrabič-Brodnjak, U. (2022). The 7 Rs sustainable packaging framework: systematic review of sustainable packaging solutions in the apparel and footwear industry. Sustainable Production and Consumption, 30, 331-340.
  • Jones, P., Clarke‐Hill, C., Comfort, D., & Hillier, D. (2008). Marketing and sustainability. Marketing Intelligence & Planning. 26(2), 123-130.
  • Keller, K. L., Sternthal, B., & Tybout, A. (2002). Three questions you need to ask about your brand. Harvard Business Review, 80(9), 80-89.
  • Khan, M. A. (1995). Sustainable development: The key concepts, issues and implications. Keynote paper given at the international sustainable development research conference, 27–29 march 1995, Manchester, UK. Sustainable Development, 3(2), 63-69.
  • Kitchin, T. (2003). Corporate social responsibility: A brand explanation. Journal of Brand Management, 10, 312-326.
  • Kloepffer, W. (2008). Life cycle sustainability assessment of products. The International Journal of Life Cycle Assessment, 13(2), 89-95.
  • Kumar, V., & Christodoulopoulou, A. (2014). Sustainability and branding: An integrated perspective. Industrial Marketing Management, 43(1), 6-15.
  • Kwon, H. B., Lee, J., & Choi, L. (2021). Dynamic interplay of environmental sustainability and corporate reputation: a combined parametric and nonparametric approach. Annals of Operations Research, 1-33.
  • Lampikoski, T., Westerlund, M., Rajala, R., & Möller, K. (2014). Green innovation games: Value-creation strategies for corporate sustainability. California Management Review, 57(1), 88-116.
  • Lee, J., & Kwon, H. B. (2019). The synergistic effect of environmental sustainability and corporate reputation on market value added (MVA) in manufacturing firms. International Journal of Production Research, 57(22), 7123-7141.
  • Lee, Y. M. & Hu, J. L. (2018). Integrated approaches for business sustainability: The perspective of corporate social responsibility. Sustainability, 10(7), 2318.
  • Lieb, K. J. & Lieb, R. C. (2010). Environmental sustainability in the third‐party logistics (3PL) industry. International Journal of Physical Distribution & Logistics Management, 40(7), 524-533.
  • Luchs, M. G., Naylor, R. W., Irwin, J. R., & Raghunathan, R. (2010). The sustainability liability: Potential negative effects of ethicality on product preference. Journal of Marketing, 74(5), 18-31.
  • Manzini, E. & Vezzoli, C. (2003). A strategic design approach to develop sustainable product service systems: examples taken from the ‘environmentally friendly innovation’Italian prize. Journal of Cleaner Production, 11(8), 851-857.
  • Mead, M. (1970). Responsible Simplification of Consumption Patterns. Ekistics, 324-326.
  • Peattie, K. (2001). Towards sustainability: the third age of green marketing. The Marketing Review, 2(2), 129-146. Purvis, B., Mao, Y., & Robinson, D. (2019). Three pillars of sustainability: in search of conceptual origins. Sustainability Science, 14(3), 681-695.
  • Reputation Institute. (2023). The Global RepTrak 100: The World’s Most Reputable Companies (2009-2023), Date of access: 15.05.2023, https://www.reptrak.com/rankings/
  • Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077-1093.
  • Rose, C., & Thomsen, S. (2004). The Impact of Corporate Reputation on Performance: Some Danish Evidence. European Management Journal, 22(2), 201-210.
  • Salzmann, O., Ionescu-Somers, A., & Steger, U. (2005). The business case for corporate sustainability: literature review and research options. European management journal, 23(1), 27-36.
  • Schaltegger, S. & Wagner, M. (2011). Sustainable entrepreneurship and sustainability innovation: categories and interactions. Business strategy and the environment, 20(4), 222-237.
  • Schultz, D. E. & Block, M. P. (2015). Beyond brand loyalty: Brand sustainability. Journal of Marketing Communications, 21(5), 340-355.
  • Schultz, M., Mouritsen, J., & Gabrielsen, G. (2001). Sticky reputation: Analyzing a ranking system. Corporate Reputation Review, 4, 24-41.
  • Sheth, J. N. & Sinha, M. (2015). B2B branding in emerging markets: A sustainability perspective. Industrial Marketing Management, 51, 79-88.
  • Shultz, C. J. & Holbrook, M. B. (1999). Marketing and the tragedy of the commons: A synthesis, commentary, and analysis for action. Journal of Public Policy & Marketing, 18(2), 218-229.
  • Signitzer, B. & Prexl, A. (2007). Corporate sustainability communications: Aspects of theory and professionalization. Journal of Public Relations Research, 20(1), 1-19.
  • Smith, K. T., Smith, M., & Wang, K. (2010). Does brand management of corporate reputation translate into higher market value?. Journal of Strategic Marketing, 18(3), 201-221.
  • Tristiarini, N., Utomo, S. D., & Setiawanta, Y. (2019). The Capability of Risk as a Corporate Reputation Driver to increase Market Value. Quality-Access to Success, 20(168), 54-62
  • Van Marrewijk, M., & Werre, M. (2003). Multiple levels of corporate sustainability. Journal of Business Ethics, 44, 107-119.
  • Vig, S., Dumičić, K., & Klopotan, I. (2017). The impact of reputation on corporate financial performance: Median regression approach. Business Systems Research: International journal of the Society for Advancing Innovation and Research in Economy, 8(2), 40-58.
  • Walsh, P. R., & Dodds, R. (2017). Measuring the choice of environmental sustainability strategies in creating a competitive advantage. Business Strategy and the Environment, 26(5), 672-687.
  • Weng, P. S., & Chen, W. Y. (2017). Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, 39, 223-240.
  • Woodland, M. & Acott, T. G. (2007). Sustainability and local tourism branding in England's South Downs. Journal of Sustainable Tourism, 15(6), 715-734.
  • Yada, K., Ip, E., & Katoh, N. (2007). Is this brand ephemeral? A multivariate tree-based decision analysis of new product sustainability. Decision Support Systems, 44(1), 223-234.
  • Yahoo Finance (2023). Market Value, Date of Access: 19.05.2023, https://finance.yahoo.com/quote
  • Yilmaz, M. K., Aksoy, M., & Tatoglu, E. (2020). Does the stock market value inclusion in a sustainability index? Evidence from Borsa Istanbul. Sustainability, 12(2), 483.
There are 61 citations in total.

Details

Primary Language English
Subjects Product and Brand Management
Journal Section Makaleler
Authors

Yusuf Ozan Yıldırım 0000-0002-0346-2660

Aypar Uslu 0000-0002-6994-9367

Early Pub Date December 29, 2023
Publication Date December 30, 2023
Submission Date July 7, 2023
Published in Issue Year 2023 Volume: 7 Issue: 2

Cite

APA Yıldırım, Y. O., & Uslu, A. (2023). Examination of Corporate Reputation Scores, Market Value and Financial Performance with the Perspective of Corporate Brand Sustainability. Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 7(2), 47-62. https://doi.org/10.33399/biibfad.1324268


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