Corporate reputation can be broadly defined as a set of collectively held beliefs about a company’s ability to satisfy the interests of its various stakeholders. In this paper we report findings from an empirical study of drivers affecting the judgment of a specific group of stakeholders, i.e. securities analysts. Results from a survey of 75 analysts operating on the Milan Stock Exchange indicate that securities analysts tend to judge companies mainly on their financial performance, the configuration of their governance structures, the quality of their financial disclosure, and the quality of their leadership and of their prospects for the future.