The two faces of reputation risk: anticipating downside losses while exploiting upside gains

Se investiga la naturaleza ambigua del riesgo de la reputación y se discute cómo las empresas reaccionan ante la dualidad de la gestión de la reputación. Abarca, además, las herramientas desarrolladas por el Reputation Institute, que contribuyen a la mensuración y gestión de las amenazas y oportunidades con las cuales las empresas se deparan en la gestión de sus reputaciones, facilitando, así, el proceso de toma de decisión.This article examines the Janus-faced nature of reputation risk and discusses how companies address the duality of reputation management. It also showcases a decisionmaking tool developed by Reputation Institute that companies are now using to help identify and address the largest threats and opportunities they face in managing their reputations.Este artigo examina a natureza ambígua do risco da reputação e discute como as empresas lidam com a dualidade da gestão da reputação. Ele também exibe ferramentas desenvolvidas pelo Reputation Institute que auxiliam na identificação e no gerenciamento de ameaças e oportunidades com as quais empresas se deparam na gestão de suas reputações, facilitando, assim, o processo de tomada de decisão

VALUE MAXIMIZATION AND STAKEHOLDER THEORY: COMPATIBLE OR NOT?

Complicating the current corporate governance controversy is a major disagreement about the fundamental purpose of the corporation. There are two main views on what should constitute the principal goal of the firm. Most economists tend to endorse value maximization-that is, maximization of the value of the firm's debt plus equity-or a version of value maximization known as "value-based management" (VBM) that aims to maximize shareholder value. The main challenger is "stakeholder theory," which argues that the corporation exists to benefit not just investors but all its major constituencies-employees, customers, suppliers, the local community, and the federal government, as well as shareholders. Thus, whereas the success of a corporation under VBM could be assessed simply by its long-run return to shareholders, under stakeholder theory a company's success would be judged by taking account of its contributions to all its stakeholders. 2003 Morgan Stanley.