Editing Reputation (section)

===Building reputation through stakeholder management===
According to [[stakeholder theory]], [[corporation]]s should be managed for the benefit of all their "stakeholders," not just their [[shareholder]]s.  Stakeholders of a company include any individual or group that can influence or is influenced by a company's practices.<ref>{{Cite book|title=Strategic Management: A Stakeholder Approach|last=Freeman|first=R. Edward|author-link=R. Edward Freeman|publisher=Pitman|year=1984|isbn=9780521151740|location=Boston, MA|url-access=registration|url=https://archive.org/details/strategicmanagem0000free}}</ref> The stakeholders of a company can be [[Supply chain|supplier]]s, [[consumer]]s, employees, shareholders, [[financial]] community, [[government]], and [[Mass media|media]]. Companies must properly manage the relationships between stakeholder groups and they must consider the [[Project stakeholder|interest]](s) of each stakeholder group carefully. Therefore, it becomes essential to integrate [[public relation]]s into corporate governance to manage the relationships between these stakeholders which will enhance the organization's reputation. Corporations or institutions which behave [[ethics|ethically]] and govern in a good manner build reputational [[Social capital|capital]] which is a [[competitive advantage]].  A good reputation enhances profitability because it attracts customers to products, investors to securities and employees to its jobs.<ref name=":0" />  A company's reputation is an [[intangible asset]]  and a source of competitive advantage against rivals because the company will be viewed as more reliable, credible, trustworthy and responsible to its employees, customers, shareholders and financial markets.

In addition, according to [[MORI]]'s survey of about 200 [[Management|managers]] in the private sector, 99%
responded that the management of corporate reputation is very (83%) or fairly (16%) important. Reputation is a reflection of companies' [[company culture|culture]] and [[Corporate identity|identity]]. Also, it is the outcome of managers' efforts to prove their success and excellence. It is sustained through acting reliably, credibly, trustworthily and responsibly in the market. It can be sustained through consistent communication activities both internally and externally with key stakeholder groups. This directly influences a public company's stock prices in the financial market. Therefore, this reputation makes a reputational capital that becomes a strategic asset and advantage for that company.  As a consequence, public relations must be used in order to establish long lasting relationships with the stakeholders, which will enhance the reputation of the company.<ref>Özekmekçi, Abdullah Mert (2004) "The Correlation between Corporate Governance and Public Relations", Istanbul Bilgi University</ref>