This article extends preliminary research with the aim of examining to what extent stakeholder engagement can lead to unfavorable outcomes in terms of corporate social reputation. A favorable perceived stakeholder image, does not necessarily lead to a positive reputation outcome. To evaluate this conceptual rupture, applied to the Defense sector, the use of two-stage double bootstrap efficiency determinants, and stability analysis is proposed. The statistical significance of a group of exogenous factors implies that part of the observed performance is due to the environment. Their influence can either enhance or weaken reputation. In any case, knowledge of the underlying operating environment offers an opportunity for strategic action in Corporate Social Responsibility policy. The results show a statistically significant relationship of all the exogenous variables considered in each of the years. The most relevant result indicates a drag effect of stakeholders' perceptions on public institutions through perceived corruption.

中文翻译：

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利益相关者参与和企业社会声誉：外生因素对效率绩效的影响（利益相关者参与和外生因素）

本文扩展了初步研究，目的是检验利益相关者的参与在多大程度上会导致企业社会声誉方面的不利结果。良好的利益相关者形象并不一定会带来积极的声誉结果。为了评估这种应用于国防部门的概念性破裂，建议使用两阶段双引导效率决定因素和稳定性分析。一组外生因素的统计显着性意味着观察到的性能的一部分是由于环境造成的。他们的影响可以增强或削弱声誉。无论如何，对基本运营环境的了解为企业社会责任政策中的战略行动提供了机会。结果表明，每一年考虑的所有外生变量之间都存在统计学上的显着关系。最相关的结果表明利益相关者通过感知腐败对公共机构的感知产生拖累效应。