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The Risk of Marginal Ranking: A Replication and Extension of Lewis & Carlos (2023)

Author

Listed:
  • W. Chad Carlos
  • Yasir Dewan

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

  • Ben Lewis
  • Brian Reschke
  • S. Isaac St. Clair

Abstract

Conventional wisdom suggests that being included in an exclusive ranking leads to positive external evaluations. However, Lewis and Carlos (2023) found that firms situated near the threshold for inclusion on the 100 Best Corporate Citizen ranking were devalued by investors. To assess the generalizability of this surprising finding, we quasi-replicate and extend this finding by applying the same regression discontinuity design to the Fortune 500 ranking. We find corroborating evidence: firms near the bottom of the Fortune 500 receive lower external evaluations, not only from investors but also from industry peers. Our findings therefore quasi-replicate and extend Lewis and Carlos' (2023) results by showing that negative reactions to marginal ranking are not limited to investors or to a single ranking context.

Suggested Citation

  • W. Chad Carlos & Yasir Dewan & Ben Lewis & Brian Reschke & S. Isaac St. Clair, 2025. "The Risk of Marginal Ranking: A Replication and Extension of Lewis & Carlos (2023)," Working Papers hal-05384744, HAL.
    • Handle: RePEc:hal:wpaper:hal-05384744
    DOI: 10.2139/ssrn.5280271
    as

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