The Role of Corporate Reputation in the Crisis Response Process of Food Industry Businesses:A Comparative Analysis Based on Two Listed Companies
This research adopts the perspectives of signaling theory and situational crisis communication theory,analyzes the crisis events of the"expired honey"in Tongrentang and the"cyclamate"in Jiugui Liquor,aiming to shed light on how crisis response strategies vary in effectiveness depending on corporates'reputation.We find that such crises can diminish corporates'market value and disrupt their production and operations.A corporate's generalized favorability enhances the protective effect of its crisis response strategies.However,a high degree of popularity can complicate the crisis response process.In the case of Tongrentang,the corporate responded to its product crises by adopting apology and remediation strategies.This approach was adaptive to the situation,enabled high information transparency in crisis communication,and repaired relationships with stakeholders.By contrast,Jiugui Liquor opted for a denial strategy in response to rumors,this approach lacked transparency and resulted in less effective crisis communication.The conclusions can offer valuable managerial insights for business crisis communication.
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