Reputation Repair: Scott Graffin. Anticipatory Impression Management. University of Georgia
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1 Reputation Repair: Anticipatory Impression Management Scott Graffin University of Georgia 1
2 Reputation Repair Maintenance: Anticipatory Impression Management Scott Graffin University of Georgia
3 Reputation-Threatening Events Filing for Bankruptcy The reputations they earn from doing some things particularly well sit on the slippery ground of their constituents fickle interpretations. And managing those interpretations requires considerable savvy (Fombrun, 1996: ). Missing Earnings Forecast Supplier Misconduct CEO Succession Settlement of Lawsuit Industrial Accident Disclosure by Whistleblower Consumer Fatality Cyber attack Oil Spill 3
4 Impression Management Research suggests firm leaders attempt to influence stakeholder reactions to negative events: Poor firm Performance (Bettman & Weitz, 1983; Salancik & Meindl, 1984; Staw, McKechnie & Puffer, 1983) Executive Compensation (Porac et al., 1999; Zajac & Westphal, 1995) Strategic Change (Gioia & Chittipeddi, 1991; Fiss & Zajac, 2006) Controversial events or actions (Elsbach, 1994; Elsbach & Sutton, 1992) 4
5 Prior Impression Management & Reputation Repair Studies Generally share an implicit causal chain: Reputation Threatening Occurs and Becomes Known by Stakeholders Negative Stakeholder Reactions Organizational Impression Management 5
6 Reputation-Threatening Events - Can be anticipated and/or known by organization first Filing for Bankruptcy Missing Earnings Forecast Supplier misconduct CEO Succession Settlement of Lawsuit Industrial Accident Disclosure by Whistleblower Consumer Fatality Cyber attack Oil Spill 6
7 Anticipatory Impression Management Causal Chain Reputation Threatening Negative Organizational Occurs and Stakeholder Impression Becomes Reactions Management Known by Stakeholders 7
8 Anticipatory Impression Management (AIM) Actions to influence perceptions of the organization prior to an event becoming known that may positively impact external perceptions of the organization.(elsbach et al. 1998; Graffin et al., 2011) In contrast to reactive impression management, firms know of these events and anticipate and plan for the expected reaction. (Elsbach, 2006; Graffin et al., 2011) 8
9 Advantages of AIM Provides a frame or narrative through which a negative event is perceived Frames, select some aspects of a perceived reality and make them more salient in a communication text, in such a way as to promote a particular problem definition, causal interpretation, moral evaluation, and/or treatment recommendations Obfuscating the linkage between the stock market reaction and the negative event Reduce the severity of the negative reaction to an event By providing other positive news to dampen the negative market reaction 9
10 Anecdotal Evidence of Framing In February 2009 Apple updated its supplier code of conduct for the first time in 5 years: Based on our auditing experience and through discussions with stakeholder groups, we have revised our Code, making it more protective of the workers in our supply chain and further clarifying our expectations. [We clarified] that all workers involved in Apple production, whether directly employed by our suppliers or hired through a labor agency, are covered by the standards outlined in our Code. We clarified that overtime work must be voluntary In the following months news of suicides at one of its key suppliers, Foxconn, were made public 10
11 Evidence of Obfuscation In the context of CEO Succession, directors commented (Graffin et al., 2011): We ve tried to avoid any second guessing [by the stock market] by making sure that we announce the new CEO at a time when a lot of other stuff is going on. This way, if the market does react negatively, it s pretty easy to say it was not the CEO announcement.our goal is [to] get the CEO into place where they can prove their mettle, but avoid being saddled out of the box with a negative impression (750). I just want to be sure that the CEO comes into the role on their own terms, and is not unduly constrained by what the market has said about their potential. The market may be efficient over time, but a bad response [on the announcement date] really weighs heavily on the spirit of the board and their relationship with the new CEO (751). 11
12 An Empirical Examination of AIM (Graffin, Haleblian, & Kiley, under review) Research Questions: Do firms seek to improve event market reactions by releasing positive, unrelated news? What characteristics of acquiring firms and their targets influence this behavior? Does it work? 12
13 An Empirical Examination of AIM (Graffin, Haleblian, & Kiley, under review) Defined: actions initiated to positively manage external perceptions of the organization in anticipation of the occurrence of a likely negative event (cf. Graffin, et al., 2011) Form: contemporaneously announcing one or more significant, positive, but unrelated occurrence(s) or event(s). Context: The announcement of acquisitions 13
14 Hypotheses H1: Impression offsetting will be present H2-H6: Impression offsetting will be positively associated with (H2) firm size, (H3) high reputation, (H4) dynamic environments, (H5) unprofitable targets, and (H6) unrelated targets H7: Impression offsetting will be positively associated with abnormal returns 14
15 Results H1: 26% of all acquisition announcement are made in concert with positive, but unrelated news 136% more likely than by chance Also 36:1 positive to negative ratio of news H2: 89% more likely from large firms H3: 122% more likely from high reputation firms H5: 41% more likely for unprofitable targets H7: 44% smaller negative market reaction 15
16 Conclusions When firms expect a negative reaction to an acquisition, they release unrelated positive news to influence the market reaction This is more likely for: Large or high reputation firms For unprofitable target This tactic works. Average market reaction in our sample = -0.42% At sample mean each new releases increases the acquirer s market capitalization by $286 million Reaction becomes positive at more than 2 positive releases 16
17 Reputational Benefits of AIM Gives firms control of the narrative when anticipated negative events occur Provides a frame or alternative interpretation Reduces the causal link between a negative event and the stock market reaction Reduces stakeholders negative reaction to an anticipated negative occurrence May, in turn, reduce the perceived severity of occurrence It is thus a means by which firms can protect and maintain its reputation 17
18 Thank you for your time and attention! Questions?
19 AIM Techniques Goal Strategic Noise Obfuscate Big Bath Exhaust bad news Frequency Infrequent Infrequent Expected reaction Firm Response Impression Offsetting Positive influence Potentially recurring Uncertain Negative Negative Negative to Positive Negative Positive
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