How to Develop Key Stakeholders Trust in Terms of Corporate Reputation
Keywords:trust, development of trust, corporate reputation, key stakeholders, organization
In scientific literature, the trust of key stakeholders is considered to be the base for the survival of organizations. In the context of the relation between corporate reputation and the trust of stakeholders, scientists agree on evident importance of corporate reputation for the development of stakeholder trust in the organization; however, there is a lack of recommendations suggesting how an organization should develop the trust of key stakeholders using corporate reputation. The article presents a summarized view on the relationship between the main dimensions of corporate reputation and the factors of key stakeholder trust in the organization. Such relationships reveal that it is purposeful to invoke corporate reputation in order to develop trust of key stakeholders. Also, the article states the relation between the factors determining different stakeholders’ trust in the organization and different dimensions of corporate reputation based on which the trust of the key stakeholders of the organization should be developed. The result of the theoretical study is a developed conceptual model of key stakeholder trust development in terms of corporate reputation. The model will be applied in further empirical studies on the development of trust of the key stakeholders: customers, employees, shareholders and suppliers.