There are two different concepts of corporate reputation grounded in individual and collective perceptions, respectively. The aim of this study was to identify how these two ways of conceiving of corporate reputation affect investors' decisions about whether or not to buy stock in a given company. As this problem tackles individual decision-making processes, we designed and applied an incentivised economic experiment based on vignette studies and focused on individual decisions of single investors. Subjects took part in an online game that imitates stock exchange conditions and that concerns corporate reputation and investing. We found that the individual propensity to invest is not directly based on an investor's perception (rooted in historical share price and other objective metrics) of a firm's reputation but rather on an investor's subjective recognition of collective corporate reputation in the market. This suggests a need to rethink the popular measures of corporate reputation in the context of studies of stock market investor decisions.

中文翻译：

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个人企业声誉和对股票市场投资的集体企业声誉的看法。

有两种不同的企业声誉概念，分别基于个人和集体的认知。本研究的目的是确定这两种对公司声誉的构想如何影响投资者关于是否购买特定公司股票的决定。由于这个问题涉及个人决策过程，因此我们设计并应用了一项基于小插曲研究的激励经济实验，并专注于单个投资者的个人决策。受试者参加了一个模拟证券交易所条件的网络游戏，该游戏涉及企业声誉和投资。我们发现个人的投资倾向并不直接基于投资者对公司的看法（植根于历史股价和其他客观指标）” 的声誉，而是投资者对市场集体企业声誉的主观认可。这表明需要在股票市场投资者决策研究的背景下重新考虑公司声誉的流行衡量标准。