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A range of perspectives, including instrumental stakeholder theory, the resource-based view, and social cognition research, are integrated to model formation of corporate reputations. Stakeholders, focusing on their exchange relationship with the corporation, distill information on corporate performance to derive a label for its dominant reputation–reflecting the corporation’s stock of reputational capital with those stakeholders. Propositions relating to the effects of corporate activities and media exposure on reputation stocks and how these stocks stabilize over time are developed.