By Kevin T. Jackson

This sensible consultant unearths simple ideas of integrity and equity with which companies can construct a permanent attractiveness. the writer outlines some great benefits of a solid popularity, describes the important function the firm's chief needs to play, and lots more and plenty extra.

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The folktale is, of course, subject to multiple interpretations. Cynics tend to see the traveler as a trickster who dupes the villagers while contributing nothing of his own. But this overlooks the unique properties of the stone in the wider context, which includes trust, reciprocity, and goodwill. I think a better reading of the tale acknowledges the special value the traveler adds by inspiring and mobilizing the townspeople. The question of motivation—whether the man with the stone is really just interested in himself or whether he wants to make everyone better off, is not especially important.

So it's not that constituencies other than shareholders—employees, customers, suppliers, and the larger community—are left by the wayside. These groups secure protection from other kinds of contracts. All in all, they are well served when shareholders have control. Gaps in the Contractual Model Recognizing the key roles played by reputational capital fills in several gaps left open by the contractual theory of the firm. Externalities. Externalities happen. Society's welfare takes a dive when corporations reap profits for shareholders by dumping toxic wastes into rivers.

Reputational capital is a manifestation of the dynamic interplay of the polar opposites of "soft" intuitive, complex character assets captured in ethics (yin) and "hard," clear, rational financial assets studied in economics (yang). [1]See, F. Capra, The Tao of Physics (Boston: Shambhala, 2000), pp. 106–108. [2]In other words, a company cannot give away what it doesn't yet have. A company just starting out on a shoestring budget cannot match the largess of a global pharmaceutical giant However it should be noted that many good deeds that magnify reputational assets can be undertaken by low-budget start-up companies at little or no financial cost.

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