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Research Collection Lee Kong Chian School Of Business

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Articles 61 - 90 of 170

Full-Text Articles in Business and Corporate Communications

What Case Studies Can Teach Us In International Public Relations, Gregor Halff Feb 2017

What Case Studies Can Teach Us In International Public Relations, Gregor Halff

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Nationalism And International Disputes In China: Implications For Transnational Corporations As Corporate Diplomats, Lisa Tam, Soojin Kim Jan 2017

Nationalism And International Disputes In China: Implications For Transnational Corporations As Corporate Diplomats, Lisa Tam, Soojin Kim

Research Collection Lee Kong Chian School Of Business

For decades, the territorial dispute between China and Japan over the sovereignty of the Senkaku Islands has caused diplomatic deteriorations in Sino-Japanese relations. When there is extensive media coverage on news about the dispute, nationalist sentiments in both two countries would be triggered and could be expressed through detrimental behaviors towards transnational corporations (hereinafter TNCs). While TNCs play a significant political function as corporate diplomats for their home countries, they are subject to the risk of crises when their home countries are involved in political and economic conflicts with the foreign countries in which they have operations. Against this backdrop, …


Product Safety Failure And Restoring Reputation Across Markets: Fonterra's Management Of The 2013 Bacterial Contamination Crisis, Augustine Pang Jan 2017

Product Safety Failure And Restoring Reputation Across Markets: Fonterra's Management Of The 2013 Bacterial Contamination Crisis, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Modern distribution systems often stretch beyond national borders such that a highly-visible product failure in a single country may negatively influence the reputation and market share of all identifiable supply chain members-even those that are blameless-in multiple countries, especially when the product is related to food safety. This study considers how Fonterra's response to its 2013 bacterial contamination crisis influenced its own reputation and that of the New Zealand dairy milk industry. It first traces how the crisis started in March 2013 and how it ended in August when investigations showed that the bacteria found did not cause botulism, a …


How Crisis Managers Define Ethical Crisis Communication In Singapore: Identifying Organizational Factors That Influence Adoption Of Ethical Stances, Augustine Pang, Yan Jin, Benjamin Meng-Keng Ho Jan 2017

How Crisis Managers Define Ethical Crisis Communication In Singapore: Identifying Organizational Factors That Influence Adoption Of Ethical Stances, Augustine Pang, Yan Jin, Benjamin Meng-Keng Ho

Research Collection Lee Kong Chian School Of Business

This study explores the veracity of the six ethical variables proposed in the contingency theory of strategic conflict management – the role of PR practitioner, the role of top management, nature of the crisis, the activism of stakeholders; government regulation/intervention; diversity to different cultures and exposure external business environments. In-depth interviews with 10 communication professionals in Singapore were conducted. In line with the patriarchal management structure, the top management plays a critical role in determining ethical stances, with practitioners playing important consultative positions. Also, the role of the relevant government almost predisposes the organization toward certain ethical stances. The study …


Simulations For Crisis Communication: The Use Of Social Media, Siyoung Chung Dec 2016

Simulations For Crisis Communication: The Use Of Social Media, Siyoung Chung

Research Collection Lee Kong Chian School Of Business

Simulations have been widely used in crisis and emergency communication for practitioners but have not reached classrooms in higher education. The purpose of this study was to investigate the effects that simulations using social media have on learning of crisis communication among college students. To explore the effects, a real-time crisis simulation activity using social media are created for 132 undergraduate students enrolled at a business school. Both quantitative and qualitative data collected from pre- and post-simulation surveys are used to investigate the benefits of simulations on learning and identify the challenges the participants experienced.


Did The Sarbanes-Oxley Act Impede Corporate Innovation? An Analysis Of The Unintended Consequences Of Regulation, Cao, Jerry X., Aurobindo Ghosh, Choo Yong, Jeremy Goh, Feichin Ted Tschang (Or F. Ted Tschang) Oct 2016

Did The Sarbanes-Oxley Act Impede Corporate Innovation? An Analysis Of The Unintended Consequences Of Regulation, Cao, Jerry X., Aurobindo Ghosh, Choo Yong, Jeremy Goh, Feichin Ted Tschang (Or F. Ted Tschang)

Research Collection Lee Kong Chian School Of Business

We investigate whether innovation by publicly listed U.S. companies deteriorated significantly after the adoption of the Sarbanes-Oxley Act of 2002. Using data on patent filings as proxies for firms‟ innovative activities, we find firms‟ innovation as measured by patents and innovation efficiency dampened significantly after the enactment of the Act. The degree of impact is related to firm-specific characteristics such as the firm‟s value (Tobin‟s Q) and its measure of corporate governance (G-Index), as well as the firm‟s operating conditions (i.e., the firm being in an high-tech industry, and being delisted or not). We find evidence that the SOX‟s impact …


Word Power: The Impact Of Negative Media Coverage On Disciplining Corporate Pollution, Ming Jia, Li Tong,, P. V. Viswanath, Zhe Zhang Oct 2016

Word Power: The Impact Of Negative Media Coverage On Disciplining Corporate Pollution, Ming Jia, Li Tong,, P. V. Viswanath, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

Sequences of individual words make up media reports. And sequences of media reports constitute the power of the news media to influence corporate practices. In this paper, we focus on the micro-foundations of news reports to elaborate how an atmosphere of negative news reports following an initial exposure of corporate pollution activity can help stop such activity through their impact on corporate managers. We extend our understanding of the corporate governance effect of news media by considering two new aspects of reports—one, the proportion of words in negative reports relative to the total number of words in all reports; and …


Did Bp Atone For Its Transgressions? Expanding Theory Of “Ethical Apology In Crisis Communication, Audra Diers-Lawson, Augustine Pang Sep 2016

Did Bp Atone For Its Transgressions? Expanding Theory Of “Ethical Apology In Crisis Communication, Audra Diers-Lawson, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Ethical communication during crisis response is often assessed by external perceptions of the organization's intentions, rather than an assessment of the organization's communicative behaviors. This can easily lead researchers to draw editorial conclusions about an organization's ethics in crisis response rather than accurately describing its communicative behaviors. The case of BP's 2010 oil spill in the Gulf of Mexico provides a prime example for the importance of accurately assessing the ethical content of an organization's crisis response because the ethics of BP's response have been discussed in news and academic sources; yet little direct examination of the ethical content in …


What 100,000 Tweets About The Volkswagen Scandal Tell Us About Angry Customers, Vanitha Swaminathan, Suyun Mah Sep 2016

What 100,000 Tweets About The Volkswagen Scandal Tell Us About Angry Customers, Vanitha Swaminathan, Suyun Mah

Research Collection Lee Kong Chian School Of Business

In September 2015 the Environmental Protection Agency found that many Volkswagen cars sold in the United States were equipped with software that could falsely improve the performance of diesel engines on emissions tests. This cheating was subsequently acknowledged by the car maker.Among the many issues at stake for the company was one of public perception. Anecdotal evidence at the time of the incident suggested irreparable harm to the Volkswagen brand. So could Volkswagen recover in the short term in this regard? And, the broader question, how can you measure brand perception in times of scandal, particularly in an era where …


Strategic Predisposition In Communication Management: Understanding Organizational Propensity Towards Bridging Strategy, Soojin Kim Aug 2016

Strategic Predisposition In Communication Management: Understanding Organizational Propensity Towards Bridging Strategy, Soojin Kim

Research Collection Lee Kong Chian School Of Business

Purpose – The purpose of this paper is to identify factors influencing an organization’s predisposition to bridging strategy, and tests relationships between those factors and bridging strategy. Design/methodology/approach – Online survey was conducted in South Korea. Hierarchical regression was used. Findings – Identified factors are environmental complexity, top management attitude toward stakeholders, analysis orientation, and authoritarian culture. Research limitations/implications – By adopting the concept and measures of bridging as an organization’s public-engagement strategy, this study was able to capture an organization’s strategic approach for problem-solving in communication management. Practical implications – Strong analysis orientation allows organizations to look into problems …


Explaining Social Exchanges In Information-Based Online Communities (Ibocs), Sabine Benoit, Nicola Bilstein, Jens Hogreve, Christina Sictmann Aug 2016

Explaining Social Exchanges In Information-Based Online Communities (Ibocs), Sabine Benoit, Nicola Bilstein, Jens Hogreve, Christina Sictmann

Research Collection Lee Kong Chian School Of Business

Purpose - The purpose of this paper is to scrutinize platforms for members to exchange information by information-based online communities (IBOCs, like LinkedIn or Facebook). Because member participation is vital for IBOCs, this research aims to identify and validate factors that drive member participation. Design/methodology/approach - With reference to social exchange theory the authors developed a model of antecedents of participation in IBOCs that was tested with survey data using PLS. Because some of the results contradicted the theory, the authors examined those results in a mainly qualitative study with online community providers. These experts offered explanations that inform the …


Public Relations Practitioners’ Perceptions Of The Use Of Crisis Response Strategies In China, Yang Hu, Augustine Pang Jun 2016

Public Relations Practitioners’ Perceptions Of The Use Of Crisis Response Strategies In China, Yang Hu, Augustine Pang

Research Collection Lee Kong Chian School Of Business

This study seeks to solicit Chinese PR practitioners’ views on the veracity of identified indigenous crisis response strategies (CRSs) and examine the underpinning socio-contextual factors that contribute to the employment of these strategies. Through 20 interviews, the authors found that political power, cultural backgrounds, media nature, public idiosyncrasies, and companies’ problematic status contributed to the use of indigenous strategies of “Barnacle”, “Third-party endorsement” and “Setting up new topics”.


Bridge Or Buffer: Two Ideas Of Effective Corporate Governance And Public Engagement, Soojin Kim, Jeong-Nam Kim May 2016

Bridge Or Buffer: Two Ideas Of Effective Corporate Governance And Public Engagement, Soojin Kim, Jeong-Nam Kim

Research Collection Lee Kong Chian School Of Business

This study identifies organizational factors that influence corporate governance and formulation of public relations strategies for public engagement. This study explores intertwined relationships between public relations strategies and organizational factors. A total of 22 qualitative interviews were conducted with a diverse pool of communication consultants. Results show that the two public relations strategies, bridging and buffering, are frequently observed and linked with key factors such as size, organizational culture, environment specificity, and strategic orientation. Implications for future public relations and corporate governance research are discussed.


A One Health Message About Bats Increases Intentions To Follow Public Health Guidance On Bat Rabies, Hang Lu, Katherine A. Mccomas, Danielle E. Buttke, Sungjong Roh, Margaret A. Wild May 2016

A One Health Message About Bats Increases Intentions To Follow Public Health Guidance On Bat Rabies, Hang Lu, Katherine A. Mccomas, Danielle E. Buttke, Sungjong Roh, Margaret A. Wild

Research Collection Lee Kong Chian School Of Business

Since 1960, bat rabies variants have become the greatest source of human rabies deaths in the United States. Improving rabies awareness and preventing human exposure to rabid bats remains a national public health priority today. Concurrently, conservation of bats and the ecosystem benefits they provide is of increasing importance due to declining populations of many bat species. This study used a visitor-intercept experiment (N = 521) in two U.S. national parks where human and bat interactions occur on an occasional basis to examine the relative persuasiveness of four messages differing in the provision of benefit and uncertainty information on intentions …


Corporate Reputation In Asia, Chong, Mark Apr 2016

Corporate Reputation In Asia, Chong, Mark

Research Collection Lee Kong Chian School Of Business

It is convenient but misleading to think of Asia as a monolithic entity. Indeed, the historical, cultural, political, economic, and religious differences between Asian nations—even those within a single economic bloc, such as ASEAN (Association of Southeast Asian Nations)—are significant. Nonetheless, there are several characteristics that define corporate reputation in Asia. This entry discusses the importance of corporate reputation in Asia, challenges for multinational companies operating in Asia, challenges for Asian companies in maintaining a good reputation, and effects of a good corporate reputation on companies in the region.


Secret Conversation Opportunities Facilitate Minority Influence In Virtual Groups: The Influence On Majority Power, Information Processing, And Decision Quality, Roderick I. Swaab, Katherine W. Phillips, Michael Schaerer Mar 2016

Secret Conversation Opportunities Facilitate Minority Influence In Virtual Groups: The Influence On Majority Power, Information Processing, And Decision Quality, Roderick I. Swaab, Katherine W. Phillips, Michael Schaerer

Research Collection Lee Kong Chian School Of Business

We examined the impact of secret conversation opportunities during virtual team discussions on majority opinion holders’ motivation to attend to minority opinion holders. Studies 1a and b showed that majorities were more motivated to process others’ arguments when secret conversation opportunities were available (vs. not), provided these arguments contained unique (vs. shared) information and this information was offered by the minority (vs. majority). Study 2 demonstrated that this effect occurs because secret opportunities made majorities feel less powerful after being exposed to unique information from the minority (Study 2a), especially when majority members expected others to use these channels (Study …


The Effect Of Bad Reputation: The Occurrence Of Crisis, Corporate Social Responsibility, And Perceptions Of Hypocrisy And Attitudes Toward A Company, Kyujin Shim, Sung-Un Yang Mar 2016

The Effect Of Bad Reputation: The Occurrence Of Crisis, Corporate Social Responsibility, And Perceptions Of Hypocrisy And Attitudes Toward A Company, Kyujin Shim, Sung-Un Yang

Research Collection Lee Kong Chian School Of Business

Based on attribution theory, this study examines how corporate social responsibility (CSR) and media coverage of corporate reputation, crisis, and CSR history affect the attribution of corporate hypocrisy and subsequently shape attitudes toward a company. The study found that perceptions of corporate hypocrisy mediated corporate reputation and attitudes toward a company during a crisis. The study suggested that CSR might be utilized best when a company has a good reputation with no crisis, whereas corporate hypocrisy is perceived most when a bad reputation and/or a company crisis lead the public to infer ulterior motives in CSR. Theoretical and practical implications …


Encouraging The Rise Of Fan Publics: Bridging Strategy To Understand Fan Publics’ Positive Communicative Actions, Arunima Krishna, Soojin Kim Mar 2016

Encouraging The Rise Of Fan Publics: Bridging Strategy To Understand Fan Publics’ Positive Communicative Actions, Arunima Krishna, Soojin Kim

Research Collection Lee Kong Chian School Of Business

The identification and engagement of supportive publics or fan publics to being a part of an organization’s communication efforts and activities has very recently emerged as a key agenda among public relations scholars and practitioners. While discussions on fandom and fan activism can be found extensively in the social sciences (e.g., Lee, 2011; Parry, Jones & Wann, 2014; Millward & Poulton, 2014), public relations as a field is yet to address fans as a public of interest. A few efforts have been made to build the connections between relationship management research (e.g., Bruning, Dials, & Shirka, 2008), public relations, and …


Think Socially But Act Publicly: Refocusing Csr As Corporate Public Responsibility, Soojin Kim, Jeong-Nam Kim, Laishan Tam Feb 2016

Think Socially But Act Publicly: Refocusing Csr As Corporate Public Responsibility, Soojin Kim, Jeong-Nam Kim, Laishan Tam

Research Collection Lee Kong Chian School Of Business

Current literature has identified many different definitions for the concept of corporate social responsibility (CSR). As a result, many organizations fail to implement and measure CSR strategically. This study reviews the different theories and concepts within CSR and suggests that the current scope of CSR activities is too large that organizations are unable to find a tangible link between CSR and their bottom line. Using two case examples, this study proposes refocusing the concept of CSR as corporate public responsibility (CPR) based on which organizations utilize the concept of publics to prioritize the groups to which they must fulfill their …


How Narrative Focus And A Statistical Map Shape Health Policy Support Among State Legislators, Jeff Niederdeppe, Sungjong Roh, Caitlin Dreisbach Feb 2016

How Narrative Focus And A Statistical Map Shape Health Policy Support Among State Legislators, Jeff Niederdeppe, Sungjong Roh, Caitlin Dreisbach

Research Collection Lee Kong Chian School Of Business

This study attempts to advance theorizing about health policy advocacy with combinations of narrative focus and a statistical map in an attempt to increase state legislators’ support for policies to address the issue of obesity by reducing food deserts. Specifically, we examine state legislators’ responses to variations in narrative focus (individual vs. community) about causes and solutions for food deserts in U.S. communities, and a statistical map (presence vs. absence) depicting the prevalence of food deserts across the United States. Using a Web-based randomized experiment (N = 496), we show that narrative focus and the statistical map interact to produce …


Are Primetime Diets Congruent With Dietary Recommendations? Content Analyses Of Food Advertisements In The United States, China, And Singapore, Su Lin Yeo, Wonsun Shin, May O. Lwin, Jerome Williams, Ying-Yi Hong Jan 2016

Are Primetime Diets Congruent With Dietary Recommendations? Content Analyses Of Food Advertisements In The United States, China, And Singapore, Su Lin Yeo, Wonsun Shin, May O. Lwin, Jerome Williams, Ying-Yi Hong

Research Collection Lee Kong Chian School Of Business

Despite public programs to promote healthy eating among populations in developed and developing countries, the increase in obesity as a result of poor dietary patterns continues to persist. As food advertising has been implicated for contributing to this global health challenge, this study aims to provide empirical evidence on food advertising in a broader global context, across economically and culturally different nations. We conducted a large scale content analysis of the types of food advertised on primetime television in the United States, China, and Singapore, which resulted in the collection of 1,008 television hours. Using the dietary blue2376s proposed by …


The Word Outside And The Pictures In Our Heads: Contingent Framing Effects Of Labels On Health Policy Preferences By Political Ideology, Sungjong Roh, Jeff Niederdeppe Jan 2016

The Word Outside And The Pictures In Our Heads: Contingent Framing Effects Of Labels On Health Policy Preferences By Political Ideology, Sungjong Roh, Jeff Niederdeppe

Research Collection Lee Kong Chian School Of Business

This study uses data from systematic Web image search results and two randomized survey experiments to analyze how frames commonly used in public debates about health issues, oper- ationalized here as alternative word choices, influence public support for health policy reforms. In Study 1, analyses of Bing (N = 1,719), Google (N = 1,872), and Yahoo Images (N = 1,657) search results suggest that the images returned from the search query “sugar-sweetened beverage” are more likely to evoke health-related concepts than images returned from a search query about “soda.” In contrast, “soda” search queries were more likely to incorporate brand-related …


Hardcore Subcultures For Law-Abiding Citizens And Online Nationalism: Case Study On The Korean Internet Community Ilbe Jeojangso, Kyujin Shim Dec 2015

Hardcore Subcultures For Law-Abiding Citizens And Online Nationalism: Case Study On The Korean Internet Community Ilbe Jeojangso, Kyujin Shim

Research Collection Lee Kong Chian School Of Business

In general, the Internet is perceived as a liberal space in terms of major user demographics and political orientation, and Korea’s cyberspace leans toward liberals and left-wing groups (Peak, 2013). So, interesting questions arise regarding ILBE and its popularity: In a liberal-dominant cyberspace, what drives conservative netizens to the ILBE community, armed with strong racism and nationalism? What are the differences and commonalities between the ILBE community and Japanese Netto-uyo? In the chronology of Korean online communities, sporadically, netizens possessing conservative and racist traits have attempted to build conservative online communities but these have been limited, and none …


Inquiring Into Activist Publics In Chronic Environmental Issues: Use Of The Mutual Gains Approach For Breaking A Deadlock, Soojin Kim, Jeong-Nam Kim, Laishan Tam, Gwang Tae Kim Nov 2015

Inquiring Into Activist Publics In Chronic Environmental Issues: Use Of The Mutual Gains Approach For Breaking A Deadlock, Soojin Kim, Jeong-Nam Kim, Laishan Tam, Gwang Tae Kim

Research Collection Lee Kong Chian School Of Business

This study aims to understand different publics’ communicative behaviors for problem solving surrounding an oil spill issue in Korea. Specifically, it explores the differences between chronic activists and other types of publics who were affected by this chronic environmental issue. A total of 24 interviews were conducted, from which five different types of publics were identified. The findings suggest that the majority of activists who are currently working on the issue are closed-chronic activists, which are slightly different from Ni and Kim’s findings on chronic activists’ communicative behaviors. Interviews were also conducted with five communication experts to propose viable conflict …


Can't We All Just Get Along?, Pang, A., Yan Jin Nov 2015

Can't We All Just Get Along?, Pang, A., Yan Jin

Research Collection Lee Kong Chian School Of Business

Looking for a conflict management strategy that works? Contingency theory could hold the key.


Confessions Of An Angry Employee: The Dark Side Of De-Identified “Confessions” On Facebook, Arunima Krishna, Soojin Kim Sep 2015

Confessions Of An Angry Employee: The Dark Side Of De-Identified “Confessions” On Facebook, Arunima Krishna, Soojin Kim

Research Collection Lee Kong Chian School Of Business

Employees’ communication behaviors are an important area of research for public rela-tions. In this study, employees’ communication behaviors in a de-identified context havebeen studied from the perspective of online flaming by analyzing “confessions” posted on aFacebook confessions page. The theoretical perspectives of the uses and gratification theoryand employee communication behavior in public relations literature were adopted in thisstudy. Positive and negative “confessions” were analyzed to identify employees’ motiva-tions in posting them. While negative posts expressing anger and frustration at policies,personnel, and the management in general dominated the page, positive posts indicatedexpressions of pride, nostalgia, and gratitude for social support from …


Beyond The Western Masses: Demography And Pakistani Media Credibility Perceptions., Kyujin Shim, Guy J. Golan, Anita G. Day, Sung-Un Yang Jul 2015

Beyond The Western Masses: Demography And Pakistani Media Credibility Perceptions., Kyujin Shim, Guy J. Golan, Anita G. Day, Sung-Un Yang

Research Collection Lee Kong Chian School Of Business

Based on a random survey sample, the current study examined audience assessments of different media platforms in Pakistan. This study found that in the complex Pakistani media landscape, ethnicity is a key indicator in predicting media credibility. Our study’s results indicate that minority ethnic groups tend to find domestic television to be less credible, and international television or traditional media to be more credible, than do members of the majority Punjabi group. Media reliance was found to be a significant indicator of media credibility assessment — particularly regarding media such as international television and the Internet — as media reliance …


Communicating About Marine Disease: The Effects Of Message Frames On Policy Support, Katherine A. Mccomas, Jonathon P. Schuldt, Colleen A. Burge, Sungjong Roh Jul 2015

Communicating About Marine Disease: The Effects Of Message Frames On Policy Support, Katherine A. Mccomas, Jonathon P. Schuldt, Colleen A. Burge, Sungjong Roh

Research Collection Lee Kong Chian School Of Business

Oceans are suffering from the dual climatic pressures of warming temperatures and acidification, increasing the presence of disease risks that affect marine organisms and public health. Through a randomized field-based experiment, this study examines the effects of communicating about risks to marine organisms and public health on people’s support for policies aimed at mitigating those risks as a function of different message frames. To maximize the salience of these issues, participants were recruited from ferry passengers (N1⁄4543) in the San Juan Islands of Washington State in the summer of 2013 and randomized to read one of four fictitious news articles …


Perceptions Of Social Norms Surrounding Digital Piracy: The Effect Of Social Projection And Communication Exposure On Injunctive And Descriptive Norms, Hichang Cho, Siyoung Chung, Anna Filippova Jul 2015

Perceptions Of Social Norms Surrounding Digital Piracy: The Effect Of Social Projection And Communication Exposure On Injunctive And Descriptive Norms, Hichang Cho, Siyoung Chung, Anna Filippova

Research Collection Lee Kong Chian School Of Business

Using a national sample of 620 Internet users in the US, this study examined the extent to which social projection, communication exposure, and an interaction between the two, influenced individuals’ perceptions about two subordinate types of social norms surrounding digital piracy: injunctive norms and descriptive norms. In line with the social projection model, individuals made social estimates about others’ piracy attitudes and behaviors anchoring on their own personal attitudes and behavior. However, frequent communication exposure reduced the degree to which they relied on this egocentric thought process. In addition, the two-way interaction was contingent on another condition (perceiver’s own piracy …


What Is Public Relations To Society? Toward An Economically Informed Understanding Of Public Relations, Jurrien Gregor Halff, Anne Gregory Jun 2015

What Is Public Relations To Society? Toward An Economically Informed Understanding Of Public Relations, Jurrien Gregor Halff, Anne Gregory

Research Collection Lee Kong Chian School Of Business

The notion of public relations contributing to the fabric of society is heavily contested in the public sphere and under-researched by the academy. The authors of this paper propose that the study of the relevance of public relations to society can be enlightened by turning to economics. Using information asymmetry as a framework, the argument is that public relations can be analyzed as a social institution that both helps to mitigate market imperfections and consequently increases the efficiency with which society’s resources are allocated as well as the chances for more market participants to derive value out of economic transactions.