Media Output Volatility and Reputational Stability: Stock–Flow Dynamics in the Portuguese Telecommunications Sector

This study assesses the elasticity between integrated media performance and corporate reputation by examining the relationship between Media Output Score (MOS) and RepScore™ in the Portuguese telecommunications sector (Altice/MEO, NOS, and Vodafone) between 2021 and 2023. Adopting a longitudinal observational design, the analysis compares inter-annual variation in communication output with corresponding changes in stakeholder-based reputation. Media performance is operationalized through MOS as a composite indicator of visibility, favorability, readership, targeting, and social amplification, while corporate reputation is measured using third-party RepScore™ data. The findings indicate directional alignment between media output and corporate reputation; however, the magnitude of reputational adjustment appears substantially lower than the amplitude of media volatility. Across heterogeneous crisis contexts, including cybersecurity incidents and governance-related events, reputational scores exhibit incremental and comparatively stable evolution despite pronounced fluctuations in media performance. These results suggest that the relationship between media output and corporate reputation is characterized by constrained responsiveness at the annual level, consistent with a stock–flow interpretation in which communication signals operate as high-variance flows and reputation evolves as a path-dependent stock. By empirically illustrating this asymmetry, the study contributes to media influence research by identifying a structural boundary condition in the translation of media exposure into stakeholder evaluation. The findings further clarify the analytical distinction between output-level communication metrics and outcome-level reputational constructs in digital media environments.