Relationship between reputational aspects of companies and their share price in the online environment

Although the relationship between many reputational aspects of companies and their share price have received attention from researchers, most studies have been directly or indirectly based on opinions collected through surveys or interviews. This work provides evidence of the existence of such relationships in the online environment. This involved collecting opinions that, in general, are published spontaneously, come from a range of different audiences and represent a large volume of information. This study shows that a company's integrity of governance contributes significantly to the formation of its corporate reputation. This is of great importance since corporate reputation is one of the factors that financial analysts take into account when deciding whether or not to recommend investing in a company's shares. In turn, both the perception of a company's integrity and analysts' recommendations have an impact on share prices variations.