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Professor Carola Hillenbrand

Professor in Organisational Psychology

Co-Director of the John Madejski Centre for Reputation UK and Africa
Senior Fellow, UK HEA

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Specialisms

  • Stakeholder Relationships, 
  • Business and Society, 
  • Responsibility and Sustainability, 
  • Emotions and Behaviours in Organisational Contexts, 
  • Reputation and Identity

Location

Engine House building room 520, Greenlands campus

Professor Carola Hillenbrand is Co-Director of the John Madejski Centre for Reputation (JMCR) and its sister research centre in Africa, the JMCR Africa, at Henley Business School. She is also a Chartered Psychologist with the British Psychological Society.

As an organisational psychologist, Carola is passionate about applying psychological theory to the study of business and society. Her research takes a psychological approach to developing and enhancing theory and practice in management. She has twenty years of experience in researching stakeholder-organisational relationships in areas such as sustainability and responsibility, behavioural finance, societal change and wellbeing.

Her work drives impacts in private, public and not-for-profit organisations and she has let and contributed to a total of four Research Excellence Framework (REF) impact case studies in 2014 and 2021. She is working on two new impact case studies for REF 2029. One is based on a research report published with and for the UK government communication service, titled 'A Review of Current Practice and Future Directions for Evaluation Within and Across the Government Communication Service', and one is based on the JMCR 'Impact Partnership' with organisations in Southern Africa.

Carola has been an investigator on large research grants with the Economic and Social Research Council, the European Institute of Innovation and Technology's EIT Food scheme and the Health and Innovation Partnership. From 2022-2024, she led an inquiry with the Deputy Vice-Chancellor and the University Committee on Research and Innovation into the University of Reading's research culture, designing empirical studies and reporting on findings.

Reference: Cantarella, S. , Hillenbrand, C. and Brooks, C. (2023) Do you follow your head or your heart? The simultaneous impact of framing effects and incidental emotions on investment decisions. Journal of Behavioral and Experimental Economics, 107. 102124. ISSN 2214-8043 doi: 10.1016/j.socec.2023.102124
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Brooks, C. , Sangiorgi, I. , Saraeva, A. , Hillenbrand, C. and Money, K. (2023) The importance of staying positive: the impact of emotions on attitude to risk. International Journal of Finance and Economics, 28 (3). pp. 3232-3261. ISSN 1099-1158 doi: 10.1002/ijfe.2591
Henley faculty authors:
Dr Ivan Sangiorgi - Dr Anastasiya Saraeva - Professor Carola Hillenbrand - Professor Kevin Money
Reference: Hillenbrand, C. , Saraeva, A. , Money, K. and Brooks, C. (2022) Saving for a rainy day… or a trip to the Bahamas? How the framing of investment communication impacts retail investors. British Journal of Management, 33 (2). pp. 1087-1109. ISSN 1467-8551 doi: 10.1111/1467-8551.12455
Henley faculty authors:
Professor Carola Hillenbrand - Dr Anastasiya Saraeva - Professor Kevin Money
Reference: Sah, A. , Hillenbrand, C. and Vogt, J. (2021) Visible sugar: salient sugar information impacts health perception of fruit juices but only when motivated to be responsible and not when motivated to enjoy. Appetite, 164. 105262. ISSN 0195-6663 doi: 10.1016/j.appet.2021.105262
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Rendall, S. , Brooks, C. and Hillenbrand, C. (2021) The impacts of emotions and personality on borrowers’ abilities to manage their debts. International Review of Financial Analysis, 74. 101703. ISSN 1057-5219 doi: 10.1016/j.irfa.2021.101703
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Hillenbrand, C. , Saraeva, A. , Money, K. and Brooks, C. (2020) To invest or not to invest? The roles of product information, attitudes towards finance and life variables in retail investor propensity to engage with financial products. British Journal of Management, 31 (4). pp. 688-708. ISSN 1467-8551 doi: 10.1111/1467-8551.12348
Henley faculty authors:
Professor Carola Hillenbrand - Dr Anastasiya Saraeva - Professor Kevin Money
Reference: Brooks, C. , Sangiorgi, I. , Hillenbrand, C. and Money, K. (2019) Experience wears the trousers: exploring gender and attitude to financial risk. Journal of Economic Behavior & Organization, 163. pp. 483-515. ISSN 0167-2681 doi: 10.1016/j.jebo.2019.04.026
Henley faculty authors:
Dr Ivan Sangiorgi - Professor Carola Hillenbrand - Professor Kevin Money
Reference: Hillenbrand, C. , Money, K. G. , Brooks, C. and Tovstiga, N. (2019) Corporate tax: what do stakeholders expect? Journal of Business Ethics, 158 (2). pp. 403-426. ISSN 1573-0697 doi: 10.1007/s10551-017-3700-6
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Littlewood, D., Decelis, R., Hillenbrand, C. and Holt, D. (2018) Examining the drivers and outcomes of corporate commitment to climate change action in European high emitting industry. Business Strategy and the Environment, 27 (8). pp. 1437-1449. ISSN 0964-4733 doi: 10.1002/bse.2194
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Finch, D. J., Abeza, G., O'Reilly, N. and Hillenbrand, C. (2018) Organizational identification and independent sales contractor performance in professional services. Journal of Services Marketing, 32 (4). pp. 373-386. ISSN 0887-6045 doi: 10.1108/jsm-07-2016-0278
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Brooks, C. , Sangiorgi, I. , Hillenbrand, C. and Money, K. (2018) Why are older investors less willing to take financial risks? International Review of Financial Analysis, 56. pp. 52-72. ISSN 1057-5219 doi: 10.1016/j.irfa.2017.12.008
Henley faculty authors:
Dr Ivan Sangiorgi - Professor Carola Hillenbrand - Professor Kevin Money
Reference: Cantarella, S. , Hillenbrand, C. , Aldridge-Waddon, L. and Puzzo, I. (2018) Preliminary evidence on the Somatic Marker Hypothesis applied to investment choices. Journal of Neuroscience, Psychology, and Economics, 11 (4). pp. 228-238. ISSN 1937-321X doi: 10.1037/npe0000097
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Money, K. , Saraeva, A. , Garnelo-Gomez, I. , Pain, S. and Hillenbrand, C. (2017) Corporate reputation past and future: a review and integration of existing literature and a framework for future research. Corporate Reputation Review, 20 (3-4). pp. 193-211. ISSN 1479-1889 doi: 10.1057/s41299-017-0034-3
Henley faculty authors:
Professor Kevin Money - Dr Anastasiya Saraeva - Professor Carola Hillenbrand
Reference: Day, M. , Magnan, G., Hillenbrand, C. and Fawcett, S. (2017) Relational architecture and relational capability: organisational levers to support strategic supplier relationships. International Journal of Procurement Management, 10 (3). pp. 267-289. ISSN 1753-8432 doi: 10.1504/IJPM.2017.10003360
Henley faculty authors:
Professor Marc Day - Professor Carola Hillenbrand
Reference: West, B., Hillenbrand, C. , Money, K. , Ghobadian, A. and Ireland, R. D. (2016) Exploring the impact of social axioms on firm reputation: a stakeholder perspective. British Journal of Management, 27 (2). pp. 249-270. ISSN 1467-8551 doi: 10.1111/1467-8551.12153
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money - Professor Abby Ghobadian
Reference: Finch, D., Deephouse, D., O'Reilly, N., Massie, T. and Hillenbrand, C. (2016) Follow the leaders? An analysis of convergence and innovation of faculty recruiting practices in US business schools. Higher Education, 71 (5). pp. 699-717. ISSN 0018-1560 doi: 10.1007/s10734-015-9931-5
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Brooks, C. , Godfrey, C. , Hillenbrand, C. and Money, K. (2016) Do investors care about corporate tax? Journal of Corporate Finance, 38. pp. 218-248. ISSN 0929-1199 doi: 10.1016/j.jcorpfin.2016.01.013
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Hillenbrand, C. , Money, K. and Ghobadian, A. (2015) Corporate responsibility and stakeholder relationship impact. In: Lawton, T. C. and Tazeeb, S. R. (eds.) The Routledge Companion to Non-Market Strategy. Routledge Companions in Business, Management and Accounting. Routledge. ISBN 9780415712316
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money - Professor Abby Ghobadian
Reference: Hillenbrand, C. and Money, K. G. (2015) Unpacking the mechanism by which psychological ownership manifests at the level of the individual: a dynamic model of identity and self. Journal of Marketing Theory and Practice, 23 (2). pp. 148-165. ISSN 1069-6679 doi: 10.1080/10696679.2015.1002334
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: West, B., Hillenbrand, C. and Money, K. (2015) Building employee relationships through corporate social responsibility: the moderating role of social cynicism and reward for application. Group & Organization Management, 40 (3). pp. 295-322. ISSN 1059-6011 doi: 10.1177/1059601114560062
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Finch, D., Hillenbrand, C. and Rubin, H. (2015) Proximity, strategic groups and reputation: an exploratory study of reputation in higher education. Corporate Reputation Review, 18 (3). pp. 174-194. ISSN 1479-1889 doi: 10.1057/crr.2015.8
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Finch, D., O’Reilly, N., Hillenbrand, C. and Abeza, G. (2015) Standing on the shoulders of giants: an examination of the interdisciplinary foundation of relationship marketing. Journal of Relationship Marketing, 14 (3). pp. 171-196. ISSN 1533-2675 doi: 10.1080/15332667.2015.1069525
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Finch, D., Hillenbrand, C. , O’Reilly, N. and Varella, P. (2015) Psychological contracts and independent sales contractors: an examination of the predictors of contractor-level outcomes. Journal of Marketing Management, 31 (17-18). pp. 1924-1964. ISSN 1472-1376 doi: 10.1080/0267257X.2015.1076496
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Ghobadian, A. , Money, K. and Hillenbrand, C. (2015) Corporate responsibility research: past – present – future. Group & Organization Management, 40 (3). pp. 271-294. ISSN 1059-6011 doi: 10.1177/1059601115590320
Henley faculty authors:
Professor Abby Ghobadian - Professor Kevin Money - Professor Carola Hillenbrand
Reference: Mason, D., Hillenbrand, C. and Money, K. (2014) Are informed citizens more trusting? Transparency of performance data and trust towards a British police force. Journal of Business Ethics, 122 (2). pp. 321-341. ISSN 1573-0697 doi: 10.1007/s10551-013-1702-6
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. , Hillenbrand, C. , Henseler, J. and da Camara, N. (2013) Exploring unanticipated consequences of strategy amongst stakeholder segments: the case of a European Revenue Service. Long Range Planning, 45 (5-6). pp. 395-423. ISSN 0024-6301 doi: 10.1016/j.lrp.2012.09.003
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Hillenbrand, C. , Money, K. and Ghobadian, A. (2013) Unpacking the mechanism by which corporate responsibility impacts stakeholder relationships. British Journal of Management, 24 (1). pp. 127-146. ISSN 1467-8551 doi: 10.1111/j.1467-8551.2011.00794.x
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money - Professor Abby Ghobadian
Reference: Money, K. , Hillenbrand, C. , Hunter, I. and Money, A.G. (2012) Modelling bi-directional research: a fresh approach to stakeholder theory. Journal of Strategy and Management, 5 (1). pp. 5-24. ISSN 1755-425X doi: 10.1108/17554251211200428
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Money, K. , Hillenbrand, C. and Downing, S. (2011) Reputation in relationships. In: Helm, S., Liehr-Gobbers, K. and Storck, C. (eds.) Reputation management. 1st edition. Management for professionals. Springer, pp. 75-90. ISBN 9783642192654
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Birchall, D., Chanaron, J.-J., Tovstiga, G. and Hillenbrand, C. (2011) Innovation performance measurement: current practices, issues and management challenges. International Journal of Technology Management, 56 (1). pp. 1-20. ISSN 1741-5276 doi: 10.1504/IJTM.2011.042492
Henley faculty authors:
Professor Carola Hillenbrand
Reference: Hillenbrand, C. , Money, K. and Pavelin, S. (2011) Stakeholder-defined corporate responsibility for a pre-credit-crunch financial service company: lessons for how good reputations are won and lost. Journal of Business Ethics, 105 (3). pp. 337-356. ISSN 1573-0697 doi: 10.1007/s10551-011-0969-8
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. , Rose, S. and Hillenbrand, C. (2010) The impact of the corporate identity mix on corporate reputation. Journal of Brand Management, 18. pp. 197-211. ISSN 1479-1803 doi: 10.1057/bm.2010.31
Henley faculty authors:
Professor Kevin Money - Professor Emerita Susan Rose - Professor Carola Hillenbrand
Reference: Hillenbrand, C. , Money, K. G. and Pavelin, S. (2010) Stakeholder-defined corporate responsibility for a pre-credit-crunch financial service company. In: Academy of Management Conference, 6-10 Aug 2010, Montreal, Canada .
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Da Camara, N. Z. , Money, K. G. and Hillenbrand, C. (2010) The role of rational trust and emotional trust in developing brand sustainability and strategic reputation management in the public sector. In: 14th International Conference on Corporate Reputation, Brand, Identity and Competitiveness, 19-21 May 2010, Rio de Janeiro, Brazil.
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Money, K. G. and Hillenbrand, C. (2010) From approaches to life to approaches to work – applying positive psychology principles to shed new light on employee well-being and commitment. In: The British Psychological Society Annual Conference 2010, 14-16 Apr 2010, Stratford-upon-Avon, UK.
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Da Camara, N. Z. , Money, K. G. and Hillenbrand, C. (2010) The differential role of trust and distrust in building relationships with favourable and unfavourable customer groups. In: 18th International Conference in Relationship Marketing (ICRM), 27-30 Sept 2010, Henley on Thames, UK .
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Hillenbrand, C. and Money, K. G. (2010) Building trust and positive intent among customers and employees through corporate responsibility. In: Academy of Management Conference, 6-10 Aug 2010, Montreal, Canada.
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. G. , Hillenbrand, C. , Day, M. B. and Magnan, G.M. (2010) Exploring reputation of B2B partnerships: extending the study of reputation from the perception of single firms to the perception of inter-firm partnerships. Industrial Marketing Management, 39 (5). pp. 761-768. ISSN 0019-8501 doi: 10.1016/j.indmarman.2010.02.015
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand - Professor Marc Day
Reference: Rose, S. , Hillenbrand, C. and Money, K. (2009) Corporate identity and the missing link to corporate reputation. In: Global brand conference: branding and society, 1-3 Sep 2009, Cambridge, UK. (Unpublished)
Henley faculty authors:
Professor Emerita Susan Rose - Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. and Hillenbrand, C. (2009) Exploring characteristics of BRB partnerships that can bring societal benefits. In: Society for Business Ethics Annual Meeting, 6-9 Aug 2009, Chicago, IL. (Unpublished)
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Hillenbrand, C. and Money, K. (2009) Segmenting stakeholders in terms of corporate responsibility: implications for reputation management. Australasian Marketing Journal, 17 (2). pp. 99-105. ISSN 1441-3582 doi: 10.1016/j.ausmj.2009.05.004
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. , Hillenbrand, C. and Da Camara, N. (2009) Putting positive psychology to work in organisations. Journal of General Management, 34 (3). pp. 21-36. ISSN 0306-3070 doi: 10.1177/030630700903400302
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Money, K. , Rose, S. and Hillenbrand, C. (2008) Where does corporate branding end and reputation management begin? In: 12th International Reputation Institute Conference, 29 May - 1 June, Beijing. (Unpublished)
Henley faculty authors:
Professor Kevin Money - Professor Emerita Susan Rose - Professor Carola Hillenbrand
Reference: Hillenbrand, C. and Money, K. (2008) A behavioural schema to the impact of corporate responsibility on customer and employee relationships. In: International Association for Business & Society (IABS), June 2008, Tampere, Finland. (Unpublished)
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. , Money, A., Downing, S. and Hillenbrand, C. (2007) Relationship marketing and the not-for-profit sector: an extension and application of the commitment-trust theory. In: Sargeant, A. and Wymer, W. (eds.) The Routledge companion to nonprofit marketing. Routledge, London, pp. 28-48. ISBN 9780415417273
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Hillenbrand, C. and Money, K. (2007) So messen Sie, ob sich Gutes lohnt. Harvard Business Manager. pp. 36-44.
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Hillenbrand, C. and Money, K. (2007) Corporate responsibility and corporate reputation: two separate concepts or two sides of the same coin? Corporate Reputation Review, 10 (4). pp. 261-277. ISSN 1479-1889 doi: 10.1057/palgrave.crr.1550057
Henley faculty authors:
Professor Carola Hillenbrand - Professor Kevin Money
Reference: Money, K. and Hillenbrand, C. (2006) Using reputation measurement to create value: an analysis and integration of existing measures. Journal of General Management, 32 (1). pp. 1-12. ISSN 0306-3070 doi: 10.1177/030630700603200101
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: MacMillan, K., Money, K. , Downing, S. and Hillenbrand, C. (2005) Reputation in relationships: measuring experiences, emotions and behaviors. Corporate Reputation Review, 8 (3). pp. 214-232. ISSN 1479-1889 doi: 10.1057/palgrave.crr.1540251
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: MacMillan, K., Money, K. , Downing, S. and Hillenbrand, C. (2004) Giving your organisation SPIRIT: an overview and call to action for directors on issues of corporate governance, corporate reputation and corporate responsibility. Journal of General Management, 30 (2). pp. 15-42. ISSN 0306-3070
Henley faculty authors:
Professor Kevin Money - Professor Carola Hillenbrand
Reference: Borg, I. and Hillenbrand, C. (2003) Prognosen als Methode zur Reduktion der Offensichtlichkeit von Umfragebefunden: Ein Pilotexperiment. ZUMA-Nachrichten, 52 (27). pp. 7-19.
Henley faculty authors:
Professor Carola Hillenbrand

Kahriz, B.M., Robb, D., Hillenbrand C., Money, K. and Gooch, J. (2024). “Values-Based Leadership and Ethical Decision-Making in the Financial Service Sector: A Fictional Case Study of a Regional Bank’s Response to a Localised Economic Crisis” European Case Clearing House, thecasecentre.com, Case Reference 724-0023-1 and Teaching Note 724-0023-1.

Van Heerden, G., Zibi, D., Money, K. and Hillenbrand, C. (2023). “Traditional Leadership in Africa – Navigating Complex Stakeholder Relationships.” European Case Clearing House, thecasecentre.com, Case Reference no. 323-029901.

Hillenbrand C., Money, K., White, J., Bo, Z.B., and Ding, J. (2012). Leadership, Decision-making, Communication and Reputation Management Lessons from the Sichuan (Wenchuan) Earthquake: An Authentic Chinese Perspective. European Case Clearing House, thecasecentre.com, Case Reference no. 312-206-1.

A Review of Current Practice and Future Directions for Evaluation within and across the Government Communication Service -

Money Hillenbrand Review