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Corporate Reputation in Professional Services Firms: ‘Reputation Management Based on Intellectual Capital Management’

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Abstract:

There is a gap between the market price of a listed company and its book value and the difference between the two values relates in part to the value of the company's intangible assets. Accordingly, proper management of intellectual capital represents a significant improvement in the company's value. At professional services firms, corporate reputation is very closely linked to knowledge management, which is the management of the intangible assets that go to make up its intellectual capital. Deloitte Spain's Corporate Reputation Team has developed a theoretical approach based on the ‘tangible treatment’ of companies' intangible assets, which lays down the following ideas for determining a company's corporate reputation:—Corporate reputation is determined by the stakeholders' recognition of a company, ie through their representations that they are aware of and agree with the status and management of the company's intangible assets.—A company is only interested in what its stakeholders perceive it to be. Accordingly, it must avoid rankings based on the perceptions held by audiences that are not important to it.—The ultimate aim is to control (through a Reputation Score Card) and report on the status and management of intellectual capital in order to obtain recognition from stakeholders.—The key to a company obtaining a good reputation lies in making its internal and external behavior the same and ensuring that its mission, vision and values are shared by the company and its stakeholders.The most important aspects of the theoretical development are shown in the graphic representation of corporate reputation. Additionally, mathematical formulas are used, not in an attempt to achieve numerical accuracy, but rather to assist comprehension of the reasoning involved.Corporate Reputation Review (2005) 8, 59–71; doi:10.1057/palgrave.crr.1540239

Document Type: Research Article

DOI: https://doi.org/10.1057/palgrave.crr.1540239

Publication date: 2005-04-01

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