Economics and Finance

   

Reputation Risk Management (RRM) in the Petroleum Industry: the Role of Corporate Social Responsibility

Authors: Evangelia FRAGOULI

The petroleum industry is institutionally complex and its operations are integrated across the entire supply chain. In case of accidents, there are always major economic losses and serious environmental consequences which can damage the reputation of the companies. This makes reputation risk management very important. As a policy strategy, CSR plays significant role in shaping the perceptions of stakeholders about the activities of companies, hence has the potential of protecting companies against reputational risks. This study aims to critically examine the role CSR plays in Reputation Risk Management in the petroleum industry. It investigates and critically analyses Reputation Risk Management policies and the influence CSR initiatives have on stakeholders. After a general background introduction to the petroleum industry, it discusses the nature of reputation and reputation risk management, highlighting the existence of policy issues and the approach adopted in managing reputation risk in the petroleum industry. Reputation is driven by regulatory compliance, strong financial performance, employees and customer satisfaction, good corporate governance and leadership. The study shows that CSR as a policy strategy plays a significant role in RRM. In this regard, the study concludes that CSR initiatives can positively influence the desire to manage the reputation of companies in the petroleum industry. The study recommends CSR as a holistic approach capable of building an everlasting reputation for companies within and outside the petroleum industry.

Comments: 21 Pages. Published in The Hellenic Open Business Administration Journal; https://hobajournal.wordpress.com/

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Submission history

[v1] 2018-07-01 03:52:52

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