We investigate and quantify the financial consequences of corporate reputation by using manually assembled litigation, fraud, and cyberattack data from 2000 to 2018 to measure reputation changes following events that are often tied to public scrutiny. We examine the role of reputation in government subsidy awards and find reputational damage is linked to lower subsidies and Mega Deals, particularly tax-related and state government awards. Moreover, subsidies only relate to higher firm value for firms without reputational damage. Our findings suggest that reputation is an important determinant of relatively opaque economic incentive awards and that reputational damage constrains the benefits thereof.

中文翻译：

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声誉受损的财务后果：来自政府经济激励措施的证据

我们通过使用人工收集的 2000 年至 2018 年的诉讼、欺诈和网络攻击数据来调查和量化企业声誉的财务后果，以衡量通常与公众监督相关的事件发生后的声誉变化。我们研究了声誉在政府补贴奖励中的作用，发现声誉受损与较低的补贴和大额交易有关，尤其是与税收相关的和州政府奖励。此外，补贴只与没有声誉损害的公司更高的公司价值有关。我们的研究结果表明，声誉是相对不透明的经济激励奖励的重要决定因素，而声誉损害限制了其收益。