Skip to main content
No Access

The need and corporate reputation in publicly traded sports corporations: examination of Beşiktaş Sports Inc.

Published Online:pp 4-31

Recent developments in the business environment have brought stakeholder concept to the forefront of a business’s competitive ability. Corporate reputation, which is a concept that is closely related to stakeholder management, refers to the general regard which the business is held in by stakeholders and is a strategic asset that contributes business’ competitive advantage. Both of these concepts are also important for sports businesses. Sports corporations are posited as corporations that belong to professional sports clubs.

In this study, we review the concepts of stakeholder, corporate reputation and stakeholder management and their roles in a business’s success. We proceed to introduce the publicly traded sportive corporations that are related to the four biggest professional football clubs in Turkey and are traded in the Istanbul Securities Exchange. We propose corporate reputation and stakeholder management as techniques to be used to control the volatility of sportive corporations’ market value.

Keywords

stakeholder management, corporate reputation, sports corporations, professional football clubs, stakeholder approach

References

  • 1. Alsop, R.J. (2004). The 18 Immutable Laws of Corporate Reputation: Creating, Protecting, and Repairing Your Most Valuable Asset. New York:Free Press Google Scholar
  • 2. Alvesson, M. ‘The business concept as a symbol’. International Studies of Management and Organisation. 1998, Fall, 28, 3, 86-108 Google Scholar
  • 3. Antunovich, P. , Laster ve, D. , Mitnick, S. (2000). ‘Are high quality firms also high quality investments?’. Current Issues in Economics and Finance. 6, 1, 1-6 Google Scholar
  • 4. Ata Yatırım Araştırma Raporu (2002). (accessed on 05 December 2009), [online] http://www.ataonline.com.tr/ Google Scholar
  • 5. Aydın, A.D. , Murat Turgut, Rıdvan (2007). ‘Bayırlı Spor Kulüplerinin Halka Açılmasının Türkiye’ De Uygulanan Modeller Açısından İncelenmesi’. Ticaret ve Turizm Egitim Fakültesi Dergisi. 1, 59-70 Google Scholar
  • 6. Aygören, H. , Uyar, S. , Sarıtaş, H. (2008). ‘Yatırımcılar futbol maçlarının sonuçlarından etkilenir mi? İMKB’de bir uygulama’. Hacettepe Üniversitesi İİBF Dergisi. 26, 1, 121-13 Google Scholar
  • 7. Ayuso, S. , Rodriguez, M.A. , Ricart, J.E. (2006). ‘Responsible competitiveness at the ‘micro’ level of the firm using stakeholder dialogue as a source for new ideas: a dynamic capability underlying sustainable innovation’. Corporate Governance. 6, 4, 475-490 Google Scholar
  • 8. Barich, H. , Kotler, P. ‘A framework for marketing image management’. Sloan Management Review. 1991, Winter, 94-104 Google Scholar
  • 9. Barnett, M.L. , Jermier, J.M. , Lafferty, B.A. (2001). ‘Corporate reputation: the definitional landscape’. Corporate Reputation Review. 9, 1, 26-38 Google Scholar
  • 10. Barney, J.B. (1991). ‘Firm resources and sustained competitive advantage’. Journal of Management. 17, 1, 99-120 Google Scholar
  • 11. Beatty, R.P. , Ritter, J.R. (1986). ‘Investment banking, reputation and underpricing of initial public offerings’. Journal of Financial Economics. 15, 213-232 Google Scholar
  • 12. Bernstein, D. (1984). ‘Company image and reality: a critique of corporate communications’. Holt, Rinehart and Winston, The Advertising Association. Eastbourne Google Scholar
  • 13. Berument, H.N. , Ceylan, B. , Gozpinar, E. (2009). ‘Performance of soccer on the stock market: evidence from Turkey’. (accessed on 24 December), [online] http://econpapers.repec.org/paper/bilbilpap/0606.htm Google Scholar
  • 14. Beşiktaş Futbol A.S. Halka Arz İzahnamesi (2002). (accessed on 15 January 2010), [online] http://www.bjk.com.tr/tr/sirket/ sirket_bilgileri/2010/halkaarz_izahnamesi.pdf Google Scholar
  • 15. Boatright, J.R. (2006). ‘What’s wrong – and what’s right – with stakeholder management’. Journal of Private Enterprise. 21, 2, 106-130 Google Scholar
  • 16. Brammer, S. , Millington, A. (2005). ‘Corporate reputation and philanthropy: an empirical analysis’. Journal of Business Ethics. 61, 29-44 Google Scholar
  • 17. Bromley, D. (1993). Reputation, Image and Impression Management. Sussex:John Wiley and Sons Google Scholar
  • 18. Bunn, M.D. , Savage, G.T. , Holloway, B.B. (2002). ‘Stakeholder analysis for multi-sector innovations’. The Journal of Business & Industrial Marketing. 17, 2/3, 181-203 Google Scholar
  • 19. Carroll, A. (1991). ‘The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders’. Business Horizons. 34, 4, 39-48 Google Scholar
  • 20. Clarkson, M. (1995). ‘A stakeholder framework for analyzing and evaluating corporate social performance’. Academy of Management Review. 20, 1, 92-107 Google Scholar
  • 21. Coşkun, M. (2008). Sermaye Piyasaları. Eskişehir:Genç Copy Center Google Scholar
  • 22. Davies, G. , et al. (2003). Corporate Reputation and Competitiveness. London:Routledge Google Scholar
  • 23. Deniz Portföy Fenerbahçe Sportif A.S. Şirket Raporu (2005). Google Scholar
  • 24. Devecioğlu, S. (2004a). ‘Halka arz edilen spor kulüplerinin sportif başarıları ile piyasa değerleri arasındaki ilişki’. SPORMETRE Beden Eğitimi ve Spor Bilimleri Dergisi. 2, 1, 11-18 Google Scholar
  • 25. Devecioğlu, S. (2004b). ‘Sporun ekonomik boyutu’. Standart Ekonomik ve Teknik Dergi T.S.E.. 43, 511, Google Scholar
  • 26. Devecioğlu, S. (2005). ‘Türkiye’de spor sektörü stratejilerinin geliştirilmesi’. Verimlilik Dergisi. 2, Google Scholar
  • 27. Devecioğlu, S. , Çoban, B. (2003). ‘Türkiye’de spor kulüplerinin halka arzı’. Standart Ekonomik ve Teknik Dergi T.S.E.. 42, 493, Google Scholar
  • 28. Dobson, J. (1992). ‘Moral hazard, adverse selection and reputation: a synthesis’. Managerial Finance. 16, 6, Google Scholar
  • 29. Donaldson, T. , Preston, L. (1995). ‘A stakeholder theory of the corporation: concepts, evidence and implications’. Academy of Management Review. 20, 1, 65-91 Google Scholar
  • 30. Dowling, G. (2001). Creating Corporate Reputations: Identity, Image and Performance. London:Oxford University Press Google Scholar
  • 31. Dutton, J.E. , Dukerich, J.M. , Harquail, C.V. (1994). ‘Organisation images and member identification’. Administrative Science Quarterly. 39, 239-263 Google Scholar
  • 32. Eryılmaz, M.E. (2008). Örgüt İtibarı Kavramı ve Yönetimi ile İlgili Bazı Sorunlar. 8, 1, Anadolu Üniversitesi Sosyal Bilimler Drgisi Google Scholar
  • 33. Fassin, Y. (2009). ‘The stakeholder model refined’. Journal of Business Ethics. 84, 113-135 Google Scholar
  • 34. Fenerbahçe Sportif A.S. Halka Arz İzahnamesi (2004). (accessed on 05 December 2009), [online] http://www.fenerbahce.org/ pic_lib/FBSportifIzahname.pdf Google Scholar
  • 35. Flannery, D.M. (1997). ‘Toward a theory of socially responsible images: impression management and corporate social performance’. The California School of Professional Psychology Alameda, Unpublished Doctorate dissertation Google Scholar
  • 36. Fombrun, C. (1996). Reputation: Realizing Value from the Corporate Image. Boston:Harvard Business School Press Google Scholar
  • 37. Fombrun, C. , Shanley, M. (1990). ‘What’s in a name? Reputation building and corporate strategy’. Academy of Management Journal. 33, 2, 233-258 Google Scholar
  • 38. Fombrun, C. , van Riel, C. (1997). ‘The reputation landscape’. Corporate Reputation Review. 1, 1, 5-12 Google Scholar
  • 39. Fombrun, C. , van Riel, C. (2004). Fame & Fortune: How Successful Companies Build Winning Reputations. New Jersey:Pearson Education Google Scholar
  • 40. Foo, L.M. (2007). ‘Stakeholder engagement in emerging economies: considering the strategic benefits of stakeholder management in a cross-cultural and geopolitical context’. Corporate Governance. 7, 4, 379-387 Google Scholar
  • 41. Freeman, E. (2004). ‘The stakeholder approach revisited’. Zeitschrift für Wirtschafts- und Unternehmensethik. 5, 3, 220-241 Google Scholar
  • 42. Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Boston, MA:Pitman Google Scholar
  • 43. Futbol Kulüplerinin Şirketleşmesi ve Halka Arz (2009). (accessed on 02 September), [online] http://www.fesam.org/sur_makale.php?kod=2&url=uzman/ta024.htm Google Scholar
  • 44. Galatasaray Sportif A.S. Faaliyet Raporu (2004). (accessed on 05 December 2009), [online] http://www.galatasaray.org/files/ sportif/fraporu/gssportif-fraporu2004.pdf Google Scholar
  • 45. Gardberg, N. (2001). ‘How do individuals construct corporate reputations?: Examining the effects of stakeholder status and firm strategy on cognitive elaboration and schema complexity about firm performance’. New York University, Unpublished Doctorate dissertation Google Scholar
  • 46. Goldberg, R. (1998). ‘Corporate image business competency vs. social conscience’. Harvard University, Unpublished Doctorate dissertation Google Scholar
  • 47. Gotsi, M. , Wilson, A.M. (2001). ‘Corporate reputation: seeking a definition’. Corporate Communications: An International Journal. 6, 1, 24-30 Google Scholar
  • 48. Gupta, S. (2002). ‘Strategic dimensions of corporate image: corporate ability and corporate social responsibility as the sources of competitive advantage via differentiation’. Temple University, Unpublished Doctorate dissertation Google Scholar
  • 49. Hall, R. (1992). ‘The strategic analysis of intangible resources’. Strategic Management Journal. 13, 2, 135-144 Google Scholar
  • 50. Hall, R. (1993). ‘A framework linking intangible resources and capabilities to sustainable competitive advantage’. Strategic Management Journal. 14, 8, 607-618 Google Scholar
  • 51. Ind, N. (1997). The Corporate Brand. London:MacMillan Press Google Scholar
  • 52. Jones, T.M. (1995). ‘Instrumental stakeholder theory: a synthesis of ethics and economics’. Academy of Management Review. 20, 404-437 Google Scholar
  • 53. Kaler, J. (2002). ‘Morality and strategy in stakeholder identification’. Journal of Business Ethics. 30, 91-9 Google Scholar
  • 54. Kambora, K. (2000). ‘Strategic regeneration’. University of California Irvine, Unpublished Doctorate dissertation Google Scholar
  • 55. Korukoğlu, A. , Korukoğlu, S. ‘Üç büyüklerin-Bjk, Fb ve gsfinans piyasalarındaki durum değerlendirmesi’. Ege Akademik Akış Dergisi. 2005, 01–07, 5, 1–2, 47-54 Google Scholar
  • 56. Lamberg, J-A. , Pajunen, K. , Parvinen, P. , Savage, G.T. (2008). ‘Stakeholder management and path dependence in organizational transitions’. Management Decision. 46, 6, 846-863 Google Scholar
  • 57. Long-Tolbert, S. (2000). ‘A conceptual framework and empirical tests of the antecedents and consequences of corporate reputation: a study of consumer markets’. Ohio State University, Unpublished Doctorate dissertation Google Scholar
  • 58. Mahon, J.F. , Wartick, S.L. (2003). ‘Dealing with stakeholders: how reputation, credibility and framing influence the game’. Corporate Reputation Review. 6, 1, 19-35 Google Scholar
  • 59. Martineau, P. The Personality of the Retail Store. 1958, 01/02, Harvard Business School Press, 47-55 Google Scholar
  • 60. Marwick, N. , Fill, C. (1997). ‘Towards a framework for managing corporate identity’. European Journal of Management. 31, 5/6, 396-409 Google Scholar
  • 61. Michalisin, M. (1996). ‘Strategic assets and firm performance: an empirical study of the resource based view’s main prescriptions’. Kent State University, Unpublished thesis Google Scholar
  • 62. Michalisin, M. , Smith, R. , Kline, D. (1997). ‘In search of strategic assets’. International Journal of Organizational Analysis. 5, 4, 360-387 Google Scholar
  • 63. Mitchell, R. , Agle, B. , Wood, D. (1997). ‘Toward a theory of stakeholder identification and saliene: defining the principle of who and what really counts’. Academy of Management Review. 22, 4, 853-886 Google Scholar
  • 64. Porter, M. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. New York:The Free Press Google Scholar
  • 65. Post, J.E. , Preston, L.E. , Sachs, S. (2002). Redefining the Corporation: Strategic Management and Organizational Wealth. Stanford, California:Stanford Business Books Google Scholar
  • 66. Rao, H. ‘The social construction of corporate reputation: certification contests, legitimization and the survival of organizations in the American automobile industry ‘1895–1912’’. Strategic Management Journal. 1994, Winter, 19, Google Scholar
  • 67. Rindova, V. (1998). ‘Competing for the mind: corporate communications and observers’ interpretations of specialty coffee chains’. New York University, Unpublished Doctorate sissertation Google Scholar
  • 68. Rose, C. , Thomsen, S. (2004). ‘The impact of corporate reputation on performance: some Danish evidence’. European Management Journal. 22, 2, Google Scholar
  • 69. Sarıkaya, M. , Aydın, N. (2009a). ‘İşletmelerin sürdürülebilirliğinde ikincil paydaşlarla ilişkilerin onemi’. Kamunun Aydınlatılmasında Yatırımcı İlişkileri. Eskişehir:Anadolu Üniversitesi Yayınları , 159-184 Google Scholar
  • 70. Sarıkaya, M. , Besler, S. (2009b). Paydaş Yönetimi, Yönetim Yaklaşımlarıyla Kurumsal Sürdürülebilirlik. İstanbul:Beta Basım Google Scholar
  • 71. Sarıkaya, M. , Özdemir, S. (2009). ‘The changing business environment and the internet media as a stakeholder group’. The Third International Scientific Conference on Changes in Social and Business Environment, Panevezys, Lithunia, 345-348 Google Scholar
  • 72. Saxton, K. (1998). ‘Where do reputations come from?’. Corporate Reputation Review. 1, 4, 393-399 Google Scholar
  • 73. Sevim, Ş. , Güven, O.Z. Spor Kulüplerinin Halka Açılması Ve Hisse Senetlerinin Değerini Etkileyen Faktörlerin Analizi: Besiktaş Ve Galatasaray Örneği Dumlupınar Üniversitesi Sosyal Bilimler Dergisi Sayı: 7. 2002, 12, 1-18 Google Scholar
  • 74. Shenkar, O. , Yuchtman-Yaar, E. (1997). ‘Reputation, image, prestige and goodwill: an interdisciplinary approach to organizational standing’. Human Relations. 50, 11, 1361-1381 Google Scholar
  • 75. Shropshire, C. , Hillman, A.J. (2007). ‘A longitudinal study of significant change in stakeholder management’. Business and Society. 46, 1, 63-87 Google Scholar
  • 76. Sjovall, M. (2002). ‘From actions to impressions: cognitive attribution theory and the formation of corporate reputation’. 2002 Winner Best MBA Paper in Corporate Citizenship. The Center For Corporate Citizenship at Boston College Google Scholar
  • 77. Walters, G. , Chadwick, S. (2009). ‘Corporate citizenship in football: delivering strategic benefits through stakeholder engagement’. Management Decision. 47, 1, 51-66 Google Scholar
  • 78. Yılmaz, S. , Besler, S. (2009). Kurumsal itibar, Yönetim Yaklaşımlarıyla Kurumsal Sürdürülebilirlik. İstanbul:Beta Basım Google Scholar