Building stakeholders’ trust through key directions of company’s reputation management

Economic Annals-XXI: Volume 133, Issue 9-10(1), Pages: 50-52

Citation information:
Derevyanko, O. (2013). Building stakeholders’ trust through key directions of company’s reputation management. Economic Annals-XXI, 9-10(1), 50-52. https://ea21journal.world/index.php/ea-v133-13/

Olena Derevyanko
PhD (Economics),
Associate Professor,
D.Sc. (Economics), Degree Seeker,
National University of Food Technologies
14 Behterevskyi St., Kyiv, 04053, Ukraine
y.derevyanko@pr-service.com.ua

Building stakeholders’ trust through key directions of company’s reputation management

Abstract. The author analyses reasoning for the key directions of building trust and confidence in companies through their reputation management and sets forth specific features of such directions. The author suggests treatment of the company confidence building process as a synergy of the three directions of reputation management, namely: reputation management of information communications (i.e. confidence building through information interference), reputation management of business processes (i.e. confidence building through efficient business processes), and company’s influence on stakeholders’ values (i.e. trust building as evidence of homogeneity/coincidence between company’s values and its target audiences). A time lag between managerial influence and its results, i.e. stakeholder’s acts purporting support of company development, is a significant difference characterising such directions of reputation management. Thus, the promptest response is expected to be ensured by information interference, while influence on company’s business process is often associated with a longer response, and changes in stakeholders’ values require the longest time lag. On the other hand, a reputation built up through information interference only is apt to be less sustainable than that ensured through company’s efficient business process and underlying a unique system of stakeholders’ values. The author supports the necessity of combined applying of the three directions of reputation management.

Keywords: Reputation of Enterprise; Trust; Stakeholders’ Values; Interference of Information; Reputation Management

JEL Classification: D21; M39

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Received 17.09.2013