Looking at the market-to-book ratio of stock quoted companies reveals that the major part of a firm's value is based on intangible assets. Corporate reputation has frequently been denoted as the most valuable intangible asset, not least because of its strong exclusiveness and irreplicability....

Corporate reputation is an important management objective, bearing the potential to create sustainable competitive advantage, and many scholars have studied its impact on firm performance. However, its effect on the cost of equity has only recently begun to attract the attention of academic...