Story Stocks: How Stock Market-Induced Corporate Identity is Being Formed

DOI: 10.20542/0131-2227-2022-66-1-100-109
MGIMO University, 76, Prosp. Vernadskogo, Moscow, 119454, Russian Federation;
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation.

Received 31.08.2021.

Abstract. The article examines the process of forming a “stock market-induced corporate identity”. Nowadays, the concept of corporate identity is becoming multifaceted and interdisciplinary. The main thing in forming this image is the role and active position of the company’s management, a built-up system of communications with society, and a proactive management policy. At the same time, there are external factors of corporate identity that do not depend on the proactive actions of management. According to the author, the financial market can be the field for establishing indirect communications between corporations and society where many investors are mediating. The stock market-induced corporate identity is forming in the process of this mediation. The driving belt between the financial market and corporate identity is investors’ behavior, moods, preferences, and characteristics of investment choices. Recently emotions and subjective moods are replacing fundamental analysis. As a result, investors selecting the groups of stocks with the most noticeable stories – “story stocks”. These stories provoke their rush of investment demand. Story stocks serve as an integrated concept for “meme stocks”, “hot stocks”, “NFT stocks”, “buzzing stocks”, “concept stocks”, “thematic investing”, “ESG stocks”. The author shows the dynamics and growth of investors’ attention to these groups of stocks in the article. Based on the analysis of quotes and fundamental indicators of story stocks, the author proves that the formation of corporate identity is divorced from internal factors that depend on the corporation itself, its management and shareholders, and increasingly depends on external factors determined by market sentiments of investors. The stock market-induced corporate identity is acquiring an independent role as one of the critical drivers of investors’ behavior. Analysis of story stocks reveals a particular pattern: the more popular and louder the stories of stocks the more their value breaks away from the fundamental indicators.

Keywords: story stocks, meme stocks, corporate identity, financial market, sustainable development, non-fungible tokens, retail investors, investors’ sentiments, corporate citizenship, ESG


  1. McLuhan M. Counterblast. London, Rapp & Whiting Ltd., 1969. 143 p.
  2. Shiller R. Narrative Economics. How Stories Go Viral & Drive Major Economic Events. Princeton, Oxford, Princeton University Press, 2019. 377 p.
  3. Balmer J.M.T. Corporate Identity, Corporate Branding and Corporate Marketing. Seeing through the Fog. European Journal of Marketing, 2001, vol. 35, no. 3/4, pp. 248-291. DOI: 10.1108/03090560110694763
  4. Melevar T.C., Karaosmanoglu E. Seven Dimensions of Corporate Identity. A Categorization from the Practitioners’ Perspectives. European Journal of Marketing, 2006, vol. 40, no. 7/8, pp. 846-869. DOI: 10.1108/03090560610670025
  5. Olins W. Corporate Identity: The Myth and Reality. Revealing the Corporation. Perspectives on Identity, Image, Reputation, Corporate Branding, and Corporate-Level Marketing. Balmer J.M.T., Greyser S. A., eds. London, New York, Routledge, 2003, pp. 53-65.
  6. Olutayo Otubanjo B., Melewar T.C., Cornelius N. The Informal Corporate Identity Communication Process. SSRN, November 11, 2008. Available at: (accessed 30.08.2021).
  7. Stewart J.B. Tesla Has Something Hotter than Cars to Sell: Its Story. The New York Times, 06.04.2017. Available at: (accessed 30.08.2021).
  8. Montier J. Value Investing. Tools and Techniques for Intelligent Investment. Chichester, John Wiley & Sons Ltd., 2009. 394 p.
  9. Hsieh J., Walking R.A. The History and Performance of Concept Stocks. Journal of Banking & Finance, 2006, vol. 30, no. 9, pp. 2433-2469. DOI: 10.1016/j.jbankfin.2004.12.006
  10. Google Ngram Viewer. Available at: (accessed 30.08.2021).
  11. Siegel J.J. Stocks for the Long Run. The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies. New York, McGraw-Hill, 2008. 381 p.
  12. Google Trends. Available at: (accessed 30.08.2021).
  13. Yahoo Finance. Available at: (accessed 30.08.2021).
  14. Buzz. VanEck Vectors Social Sentiments ETF. Available at: (accessed 30.08.2021).
  15. Buzzing Stocks. Available at: (accessed 30.08.2021).
  16. Thematic Investing. The Social Sentiments Factor. March 31, 2021. Available at: (accessed 30.08.2021).
  17. Available at: (accessed 30.08.2021).
  18. Milovidov V. Risk management under information asymmetry: to differentiate those distinguishable. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2015, no. 8, pp. 14-24. (In Russ.) Available at:  
  19. Latapi Agudelo M., Johannsdottir L., Davidsdottir B. A Literature Review of the History and Evolution of Corporate Social Responsibility. International Journal of Corporate Responsibility, 2019, vol. 4, no. 1. Available at: (accessed 30.08.2021).
  20. Garriga E., Mele D. Corporate Social Responsibility Theories: Mapping the Territory. Journal of Business Ethics, 2013, no. 53, pp. 51-71. DOI: 10.1023/B:BUSI.0000039399.90587.34
  21. Carroll A.B. Social Responsibility: toward the Moral Management of Organizational Stakeholders. Business Horizons, 1991, vol. 34, no. 4, pp. 39-48. DOI: 10.1016/0007-6813(91)90005-G
  22. Matten D., Crane A., Chapple W. Behind the Mask: Revealing the True Face of Corporate Citizenship. Journal of Business Ethics, 2003, no. 45, pp. 109-120. DOI: 10.1023/A:1024128730308
  23. Moon J., Crane A., Matten D. Can Corporate Be Citizen? Corporate Citizenship as a Metaphor for Business Participation in Society. Business Ethics Quarterly, 2005, vol. 15, no. 3, pp. 429-453. DOI: 10.5840/beq200515329
  24. Carroll A. The Four Faces of Corporate Citizenship. Business and Society Review, 1998, vol. 100-101, no. 1, pp. 1-7. DOI: 10.1111/0045-3609.00008
  25. Milovidov V. The “Linked Prosperity” Model as an Integrated Response to Corporate Management Challenges in a Network Society. Foresight and STI Governance, 2020, vol. 14, no. 4, pp. 112-120. DOI: 10.17323/2500-2597.2020.4.112.120
  26. Globalance World. Available at: (accessed 30.08.2021).

Registered in System SCIENCE INDEX

For citation:
Milovidov V. Story Stocks: How Stock Market-Induced Corporate Identity is Being Formed. World Eonomy and International Relations, 2022, vol. 66, no. 1, pp. 100-109.

Comments (0)

No comments

Add comment






Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies


Current Issue
2024, vol. 68, No. 7
Topical Themes of the Issue:
  • The Supporting Structure of Global Security
  • Institutional Features of the Fourth Energy Transition
  • The Evolution of Modern German Christian Democracy
  • The Monarchies of the Persian Gulf and Central Asia
Submit an Article
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.