It turns out a company's reputation — good or bad — doesn't make much difference in the stock market.

The big picture: Results from the Axios Harris Poll 100, a new partnership between Axios and Harris Poll, found little difference between the performance of shares for the 10 companies that had gotten the biggest ranking improvements and those with the biggest ranking declines.

Expand chart
Data: The Axios Harris Poll 100; Chart: Axios Visuals
  • In fact, the basket of 10 public companies that saw the largest ratings declines marginally outperformed the basket of 10 public companies with the largest ratings improvements in 2018 (-4.9% vs -5.6%).

What they're saying: "Shareholders care about reputation, only in regards to return," Brian Battle, director of trading at Performance Trust Capital Partners, tells Axios.

  • Harris Poll CEO John Gerzema agrees, but says that in 20 years of the poll he's seen these things catch up with companies.
  • "In any given year we don't expect to see financial performance and reputation move in lockstep because shareholder value is often not correlated with the public interest. So many companies — even sectors like FAANG — can take reputational hits and still grow, at least in the short term. But over time, they risk losing market value by not being aligned with changing societal tastes."

Go deeper: America's least favorite company is the U.S. government

Methodology: The Axios Harris Poll 100 survey was conducted November through January in a nationally representative sample. One group, 6,118 U.S. adults, was asked to identify the two companies they believe have the best and worst reputations. Then, the 100 “most visible companies” were ranked by a second group of 18,228 adults across key dimensions of corporate reputation attributes.

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.