Reputation of an original project and its effect on the commercial success of the project remake: The case of film remakes in the US film industry

Eva Hamann 11731788 22nd June 2018 – Final version MSc. Business Administration Entrepreneurship and Management in the Creative Industries Track Amsterdam Business School – University of Amsterdam

1st supervisor: Dr. A. Tomaselli

Statement of Originality This document is written by student Eva Hamann, who declares to take full responsibility for the contents of this document.

I declare that the text and the work presented in this document are original and that no sources other than those mentioned in the text and its references have been used in creating it.

The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents.

2 TABLE OF CONTENTS

1. INTRODUCTION 4

2. THEORETICAL BACKGROUND 7

2.1. REPUTATION AND ORGANIZATIONAL PERFORMANCE 7

2.2. REPUTATION AND PROJECT PERFORMANCE 8

2.3. REPUTATION AND RECRUITMENT 11

2.4. STAR PROFESSIONALS 11

3. HYPOTHESES BUILDING 13

3.1. DIFFERENT TYPES OF REPUTATION 13

3.2. MEDIATING ROLE OF STAR PROFESSIONALS 15

4. METHOD AND DATA 18

4.1. RESEARCH SETTING AND SAMPLE 18

4.2. FILM INDUSTRY AND PROJECT REMAKES 18

4.3. FILM INDUSTRY AND STAR PROFESSIONALS 19

5. MEASURES 20

6. RESULTS 23

6.1. DESCRIPTIVE STATISTICS 23

6.2. CORRELATIONS 24

6.3. TESTING HYPOTHESES 26

7. DISCUSSION 28

7.1. HYPOTHESES 28

7.2. THEORETICAL CONTRIBUTIONS 31

7.3. MANAGERIAL IMPLICATIONS 32

7.4. LIMITATIONS AND FUTURE RESEARCH 33

8. CONCLUSION 35

REFERENCES 36

APPENDIX 41

APPENDIX 1 – LOCAL AWARD SHOWS 41

3

1. INTRODUCTION Reputation and the effect it has on performance is a well-studied phenomenon. Many studies show that a good corporate reputation can affect financial performance (Rindova, Petkova, &

Sever, 2005) reduce perceived risk for suppliers and other stakeholders (Roberts & Dowling,

2002) and attract more talented applicants (Cable & Turban, 2003). However, according to

Fombrun and Shonley (1990) reputation is a multi-dimensional construct, which is perceived differently amongst stakeholders. Several studies attempted to operationalize reputation in, for example, perceived quality and prominence (Rindova, Petkova, & Sever, 2005) or artistic and economic reputation (Delmestri, Monanari, & Usai, 2005). In addition, Wijnberg (1995) set up the selection system theory, which includes the different types of stakeholders called

“selectors” and how they in turn affect consumer behavior. The selection system theory aims to shed light on the competitive process by categorizing three types of selectors, each dominant in their competitive environment: market, peer and expert. Ebbers and Wijnberg

(2012) used the selection system theory to analyze an organizations’ reputational signals divided in the different types of selectors. The selection system theory has already been applied by earlier studies, showing how “winning or being nominated for an award impacts box office revenues of mainstream or art-house films” (Gemser, Leenders, & Wijnberg,

2008). No studies have used selection system theory to explain how the reputation attached to an old project can influence the level of star professionals within the founding team of a remake project. And no studies have explained how both – the reputation attached to an old project and the star professional in the remake project – influence the final performance of the remake project. Hence, to gain a more in-depth knowledge on which type of reputation influences this success, the following research question was conducted: “How are the different types of reputation - divided in market, expert and peer - of an original project

4 related to the commercial success of its project remake? And how does the level of star professionals involved in the project remake mediate this relation?”

The empirical setting is the US film industry from 1980 to 2016. Many studies have focused on the effect of reputation from directors, producers and others on box office success and future projects, however none have studied the effect of the reputation of an original film on its remake. A movie remake is different than original films, since consumers already know the story and how the movie ends (Bohnenkamp, Knapp, Hennig-Thurau, & Schauerte, 2014).

Still, the past few years it has become noticeable that many of the new movie releases are actual remakes of past movies. Whether it is Disney remaking their nostalgic animated classics into live-action form or Stephen King’s mini-series It being turned into a movie, the presence of movie remakes is hard to ignore. After Disney’s remake of Beauty and the Beast became the highest grossing PG-rated film in de U.S. ever, with over $1 billion at the domestic box office, Disney has planned at least 14 other live-action adaptations coming over to the big screen in the next 5 years.1

The final results show that there is indeed a positive effect of the market reputation of an original project on the commercial success of its remake. However, contrary to the expectations beforehand, peer reputation and expert reputation did not affect the commercial success. This could be explained by the study of Ebbers and Wijnberg (2012), who state that the selection system only affects outcomes that match their dimension, which would imply that peer reputation only influences peer results. Additionally, this study falls in accordance with the literature since the results provide evidence that the presence of star professionals in the team of the project remake increases the odds of having commercial success.

Unfortunately, the overall mediation model was not confirmed, perhaps because the different

1 http://collider.com/upcoming-live-action-disney-movies-release-dates (Chitwood, 2018)

5 types of reputation were measured on a project basis instead of the individuals involved in the original project.

This study contributes to previous studies since in provides evidence that reputation is indeed a multidimensional construct and should be treated as such. Also, it shows that managers should try and involve star professionals in their project remakes since they increase the chances of commercial success. By studying both of these constructs, this study provides new insights of the possible combined effect, an avenue that has not yet previously been researched. It applies the selection system theory on reputation, as tested by Ebbers and

Wijnberg (2012), to the “galacticos effect” tested in the study of Ferriani et al. (2013).

However, Ebbers and Wijnberg only applied the dimensions of reputation on their matched selectors, whereas this study tests if the dimensions can also affect the other types, in this case market selection. By using the selection system theory, this study aims to provide a more in- depth explanation of the effect that was found by Ferriani et al. (2013). To elaborate, it uses the multi-dimensional approach to reputation in contrast to the one-dimensional approach.

This thesis is structured as follows: First, an overview will be given of reputation, selection system theory and how it influences recruitment. Next, star power and how it affects financial performance will be highlighted as a mediator, resulting in a number of hypotheses. Then the variable and their measurements will be explained, followed by the results of the quantitative analysis. This is followed by a discussion of the results including implications and limitation.

Lastly, suggestions for future research are offered.

6 2. THEORETICAL BACKGROUND

2.1. REPUTATION AND ORGANIZATIONAL PERFORMANCE

Many studies have showed the importance of reputation. As Fombrun and Shanley (1990, p.

233) defined it, reputation is “a perceptual representation of a company’s past actions and future prospects that describe the firm’s overall appeal to all its key constituents when compared to other leading rivals”. Reputation is multidimensional and constructed by many signals, including media reports, accounting and market information, resource allocations, media exposure and many more (Fombrun & Shanley, 1990).

“Reputation can affect the behavior of stakeholders and investors”, as quoted in the study by

Ebbers and Wijnberg (2012, p. 373). Another way to find more clarity into the multidimensional construct of reputation is by linking it to the selection system theory of

Wijnberg (1995) consisting of three types of selection systems. Many studies have shown the importance of separating stakeholders into these three categories to evaluate performance and competition and how these influence consumers in the cultural industry. The selection system theory divides the individuals and firms whose opinions determine the performance of certain projects (Wijnberg N. G., 2000). There are three types of selection systems, market selection, expert selection and peer selection. To elaborate, “market selection is when the consumers themselves are the selectors, peer selection is when other producers are the selectors, and expert selection is when evaluations by third parties – who are neither producers nor consumers – are the decisive factor in determining which producers are successful” (Ebbers &

Wijnberg, 2012, p. 374). Ebbers en Wijnberg distinguish between these reputational signals and provide evidence that each of them affect stakeholders and thus organizational performance differently. For example, market reputation had a significant effect on the market performance. Also, in their study on corporate reputation, Roberts and Dowling found that firms with a superior performance have a greater chance of keeping a superior performance in

7 the future if they also have a good reputation (Roberts & Dowling, 2002). In their attempt to provide better insights into the concept of reputation, Rindova et al. (2005) divided reputation in only two dimensions, perceived quality and prominence, and studied the contribution of each dimension on the economic payoffs. This study showed that dividing reputation into different dimensions results in interesting outcomes, since only prominence, which “derives from the choices of influential third parties vis-à-vis an organization”, had a significant contribution to the price premium. So, according to Rindova et al. prominence, for example the concept of star professionals, affects the results of a product. However, linking this study of Rindova et al. with the selection system theory (Wijnberg N. G., 2000; Ebbers & Wijnberg,

2012), the perceived quality could have been further divided into the three different selection systems, which may have resulted in very different outcomes.

Since reputation also reduces risk for stakeholders, as Roberts and Dowling mentioned, it could be an important concept to consider in industries where there is much uncertainty and high risk. An example of this is the creative industry, where risk is high, competition is high and many organizations are project-based. Peltoniemi mentions that there is extreme uncertainty in the creative industries because they offer experience goods where consumers cannot have complete information about the product prior to consumption, hence reducing the chance to predict the success of a project (Peltoniemi, 2015). Additionally, these project-based organizations have more uncertainty since these projects are usually non- repetitive, with different skills necessary each project, a variety in stakeholders and thus high managerial complexity (Atkinson, Crawford, & Ward, 2006).

2.2. REPUTATION AND PROJECT PERFORMANCE

The previous paragraph has established the multiple effects reputation can have on organizational performance, one of which is reducing the risk for stakeholders. If this is the case, then reputation should have a positive effect on project performances, since projects

8 have a high uncertainty. This uncertainty is partly a result of the different roles and responsibilities that the founders of projects have (Ebbers & Wijnberg, 2017). In their study on the effect of reputation on project success in the software community, Cai and Zhu (2016) provide evidence that the overall reputation of a group has a significant effect on the success of their project. This study however, only focuses on the effect of reputation on the current project’s success, without mentioning the effect it may have on any future projects. For example, the reputation of a project could also increase the chances of success for a future project, especially when this project is similar to the original, as is the case with project remakes.

Lewis (1986) studied the effect of reputation on project performance. This study shows that if the manager has high ratings on previous projects, the costs of the next project reduce significantly. Also, high reputation increases the chances of attracting more stakeholders in the future, since it shows them a sign of high quality, providing the project with more resources to ensure higher performance, especially when projects are similar or the same as the previous projects (Lewis, 1986). In an attempt to map a process-oriented model for critical activities in building reputation and the following consequences, Christansen and

Vendelo (2003) provided more evidence that firms who built a better reputation performed better in current and future projects than firms who did not focus on reputation building. This was studied amongst collaborative firms who lacked prior knowledge about each other and may have been hesitant to work on projects together. Both of these studies, however, only provide evidence that reputation of individuals involved in the projects affects the success of future projects. It could also be the case that the project itself has a good reputation, making it attractive to perform again. For example, in the case of the Volkswagen Beetle, which has been re-launched with large characteristics of the traditional product and state-of-the-art innovations to satisfy the new modern times. The original Beetle was a huge success and

9 wildly popular amongst the common working man, ensuring its huge market success. Its market reputation remained significant over the years, so much that the remake was almost destined to perform just as well. The fact that it was a good balance between the old and the new ensured that it was a radical redefinition of the original Beetle and not a reproduction

(Brown, Kozinets, & Sherry, 2003). Another example is the case of the British model reviving

American musicals, studied by Peck (2011). In this situation, the British government first subsidized small theatres to reinvent the original American musicals, which were both commercial successes and critically acclaimed in their original country. Because of these subsidies, there was a lack of pressure to ensure commercial success, which allowed the theatre to really innovate and experiment with the original projects. Most of these projects then ended up generating enough critical support to allow them to transfer into the commercial sector, generating huge amount of box-office success. For these musicals, the good reputation of the original resulted in the opportunity to reinvent the show without copying it, which was the reason for their following success (Peck, 2011). Both remakes show us that the reputation of an original can most certainly influence the success of the remake, as long as some aspects are adjusted to the current time and environment. However, where the

Volkswagen beetle differs from the American musical, is that its good reputation was solely based on the market success and the reputation it had amongst consumers. The American musicals also had a good market reputation, but maybe an even better reputation amongst critics. This could be the reason for the British government to allow small theatres to work with the rights instead of West end theatres where the only end result would be a possible commercial success, they wanted a product that would appease the critics. This difference shows that reputation is a multi-dimensional construct, with each dimension possibly having different outcomes.

10 2.3. REPUTATION AND RECRUITMENT

Previous studies have shown the effect that reputation can have on commercial success, however there are more different outcomes of a having a good reputation. Firstly, Roberts and

Dowling (2002) state that a good reputation can also retain a cost advantage since these organizations tend to seem less risky for suppliers and attract more employees who are willing to work harder and demand less pay. As mentioned, a good reputation is an indicator of good quality, which can attract more and better applicants for an organization, thus influencing recruitment (Roberts & Dowling, 2002). Additionally, institutional theory proposes that the reputation of an organization is a reflection of the social standing in the organizational field

(Rindova, Petkova, & Sever, 2005). Firms with good reputations are likely to be prominent and to receive public recognition, thereby validating them as suitable employers (Rindova,

Petkova, & Sever, 2005). Similarly, Cable and Turban (2003) also found that the organization’s reputation is used as a signal about job attributes for applications in addition to affecting the possible pride “that individuals expect from organizational membership”.

Moreover, individuals were willing to pay a premium in the form of lower wages to join firms with positive reputations. Ertug and Castellucci (2013) also research the effect of reputation on recruitment, hiring and in return team performance in the empirical setting of the NBA recruitment. Their results show that high reputation results in better quality and thus performance, in addition to the fact that their numbers show that high reputation also attracts individuals with a high reputation towards their organization.

2.4. STAR PROFESSIONALS

Although reputation can have a positive effect on attracting talented individuals, it is unclear how these individuals affect the overall performance, in particular, the commercial performance of a project. The assets obtained by talented professionals can be transferred to the other individuals in a team, resulting in better performance overall. According to Drucker

11 (1998) this is especially the case when there are knowledge workers involved, since they can bring that knowledge with them to whatever their next project may be. On the other hand, hiring stars can negatively influence the market response since it may imply in overpayment of the stars (Groysberg, Lee, & Nanda, 2008). Additionally, star individuals may also be more inclined to show championing behavior by expressing confidence about a project in addition to involving and motivating others to support said project (Howell & Shea, 2001). This championing behavior has proven to affect performance of projects because star individuals have a bigger network to involve, which increases the amount of resources available.

As shown by Drucker (1998), star individuals are more likely to affect performance in an industry where knowledge is one of the most important assets, for example the creative industries. The effect of the presence of star professionals is studied quite frequently in this industry, with a variety of results. Firstly, Ravid (1999) provides evidence that implies that hiring star professionals with the skill of generating revenues do not necessarily lead to greater profits. Additionally, the study by Delmestri et. al. shows us that there was no impact of stars on the final profits (Delmestri, Monanari, & Usai, 2005). But, as mentioned by

Groysberg and Lee (2009) commercial success and the revenues it entails is a bigger objective for executives in the movie industry, since profits are either “less important or more unpredictable, or both” (Groysberg & Lee, 2009, p. 743). Hence, it is more important to show the effect of star professionals on the box office success than on the overall financial success.

So, even though the study by De Vany and Walls (1999) shows us that the presence of stars did not influence the overall financial success, they more importantly, did find proof that stars influenced the attendance decision of consumers and thus positively influenced the commercial success. Also, Prag and Casavant (1994) provided evidence that star power indeed has a positive effect on the box office success of a film. Additionally, other studies show that a cast containing stars had a significant effect on film rentals, which can be seen as

12 another way of increasing the commercial success of movies (Litman & Kohl, 1989; Sochay,

1994). Wanting to add more research to the on-going discussion concerning the effect of star power, Ferriani et al. (2013) tested the so-called Galacticos effect known in NBA teams. They tested the Galacticos effect: “the case in which the arrival of too many star professionals results in very disappointing team performance” in Hollywood films (Ferriani, Cattani,

Mariani, & Mengoli, 2013, p. 28). Their results show that signing star professionals to a movie project has positive impact on the box office revenues, hence providing arguments against the Galacticos effect.

To summarize, studies on the effect of the presence of star professionals have different viewpoints. Some have provided evidence that the presence negatively influences overall profits, however this depends on the costs of these star professionals. On the other hand evidence has been found that star professionals have a positive influence on the commercial success of projects. Thus, in an industry where commercial success is considered more important than profit, star professionals can be an important asset to project leaders and organizations.

3. HYPOTHESES BUILDING

3.1. DIFFERENT TYPES OF REPUTATION

So, studies have shown the different effects of reputation on project performance, however most of these studies see reputation as a one-dimensional construct. This one-dimensional construct of reputation has been proven to have an effect on the commercial success of several project remakes. In addition, it is shown to the influence the recruitment of star professionals, who in turn also affect project performance. The separate relationships have been researched, though one more extensively than the other. But, reputation as a multidimensional construct and the different outcomes it entails is still an understudied topic.

13 One of the studies that divided reputation into different dimensions is the study by Ebbers and

Wijnberg (2012). They show us that the selection system theory can be applied to reputation, which will provide different outcomes than reputation as a one-dimensional construct. They stated that market reputation had a significant effect on the market success. Similarly, in the study by Brown et al. about the Volkswagen Beetle, it is evident that the project remake was successful because the original had such a good market reputation (Brown, Kozinets, &

Sherry, 2003). An additional result of Ebbers and Wijnberg (2012) is that the expert reputation has a significant effect on success with expert selectors. In line with these results is the study on the revivals of American musicals, where expert selectors were the most important, since they were the ones who decided to support a musical or not. This support then allowed the revival access into the commercial market (Peck, 2011). However, when looking at the environments where reputation can have the most effect, the industries with high risk and uncertainty, expert selectors are still not the main focus, the market success is

(Groysberg & Lee, 2009). Even though peer reputation had no significant effect in the study by Ebbers and Wijnberg, it could still have an effect on commercial success. Since in an industry with high uncertainty, individuals can become more well known and benefit immensely in the market if they are supported by their peers (Mol & Wijnberg, 2007). So, if the support from peers influenced the notoriety of an original project, it may also influence the success of its remake. So, based on the theoretical background the next hypothesis was tested:

H1a. The market reputation of an original project, compared to the other types of reputation, has the strongest positive effect on the commercial performance of the project remake.

14 H1b. The expert reputation of an original project has a stronger positive effect on the commercial performance of the project remake, compared to the peer reputation, but a weaker effect compared to the market reputation.

H1c. The peer reputation of an original project, compared to the other types of reputation, has the weakest positive effect on the commercial performance of the project remake.

3.2. MEDIATING ROLE OF STAR PROFESSIONALS

Ertug and Castellucci (2013) have shown that reputation can affect hiring and team performance in addition to attracting individuals with a strong positive reputation. Applying this theory to and industry with high uncertainty, Delmestri et. al (2005) provide evidence that a director with a good economic reputation ensures future success, because “it helps attract talented individuals who share with the director the knowledge of how to design a successful movie.” Their study also mentions the importance of having talented individuals by quoting the research from Lacey (2002): “Cultural industries need the constant infusion of new talented individuals in order to assure the vitality of its cultural production in the long run.”

As it is proven that reputation can affect recruitment and attract more talented individuals, one could argue that the reputation of an original product can also attract so-called stars to participate in the remake of an original project with a good reputation. However, it has not yet been studied which type of reputation has the most effect on attracting star professionals.

According to Roberts and Dowling (2002), firms with a good reputation amongst consumers are more likely to be popular employers since their reputation is a sign of good quality. Thus indicating that a good market reputation increases the chances of attracting star professionals in a team. In turn, the study by Ertug and Castellucci (2010) provides evidence that the expert reputation increases the chances of attracting star professionals. In their study the reputation with the expert selectors – i.e. coaches, sportswriters, broadcasters – is an indicator for the

15 star professionals to be interested in certain teams. As mentioned by Rindova et al. (2005), the reputation of an organization within the organizational field attracts better applicants. Hence, if there is a positive reputation amongst peers, it is more likely that star professionals will be interested in working at that organization. To conclude, each type of reputation could affect the capacity to attract star professionals in different ways, hence the following hypotheses:

H2a. The market reputation of an original project has a positive impact on the capacity to attract star professionals for a project remake.

H2b. The expert reputation of an original project has a positive impact on the capacity to attract star professionals for a project remake.

H2c. The peer reputation of an original project has a positive impact on the capacity to attract star professionals for a project remake.

Studies have shown that the presence of star professionals can affect performance in multiple ways. As mentioned by Lewis (1986), having talented individuals, especially with a good reputation, ensures less costs and better outcomes. Additionally, star professionals have a better chance at attracting more stakeholders, increasing the amount of resources available and influencing the consumers buying behavior (Howell & Shea, 2001; De Vany & Walls,

1999). The positive effects of star professionals can be of importance for projects that are dependent on their talents for success. For example, project remakes tend to have more commercial success if there are certain adaptations from the original (Brown, Kozinets, &

Sherry, 2003; Peck, 2011). Involving star professionals may lead to these necessary adaptations. Star professionals can increase performance by sharing their knowledge and skills (Drucker, 1998), so their presence may cause the exact innovation, experimentation and

16 adaption project remakes need to have commercial success (Brown, Kozinets, & Sherry,

2003). Hence, the following hypothesis was tested:

H3. The level of star professionals in a project remake is positively related to the commercial performance of a project remake.

As theory shows, project remakes have more commercial success when there are adaptations of the original. In the case of the Volkswagen Beetle and its remake, the good reputation of the original was not enough for its remake to also be successful (Brown, Kozinets, & Sherry,

2003). The innovations that were suitable for the more modern times were found to be the main reason for the project remake to be a commercial success. Since theory shows that involving star professionals results in experimentation and innovations to a project because of their skills and knowledge, it could be implied that the inclusion of star professionals signal consumers that suitable and interesting innovations were added (Drucker, 1998; Lacey, 2002).

Additionally, star professionals have a positive influence on the consumers’ attendance decision (De Vany & Walls, 1999; Prag & Casavant, 1994). Thus, if the reputation of an original project can attract these star professionals to the team for the project remake, then their presence may be the reason for its commercial success. Hence, the following mediation model is proposed:

H4a. The market reputation of an original project has a positive effect on the commercial performance of a project remake, which is mediated by the level of star professionals involved in the project remake.

17 H4b. The expert reputation of an original project has a positive effect on the commercial performance of a project remake, which is mediated by the level of star professionals involved in the project remake.

H4c. The peer reputation of an original project has a positive effect on the commercial performance of a project remake, which is mediated by the level of star professionals involved in the project remake.

4. METHOD AND DATA

4.1. RESEARCH SETTING AND SAMPLE

The empirical setting of this study is the U.S. film industry. A dataset consisting of 492 movie remakes released in the U.S. from 1980-2016 was used with data collected from IMDB.com,

RottenTomatoes and several other sources. These remakes included remakes from plays, tv- series, tv-movies and short movies. In total, 467 of the originals were movies, 15 were tv- series, 5 were tv-movies and lastly 7 were short movies. Additionally, variables were added by collecting data about achieved awards, market success, genres and star presence. This total sample size meets the requirements according to Field (2009).

4.2. FILM INDUSTRY AND PROJECT REMAKES

The film industry has been an important aspect of the creative industries for a long period of time. In the year 2016 alone, the total box office tickets sold in the U.S. grossed over 1.2 billion, spread across about 5800 cinema sites2. Of the total spending across the entire creative industry, the movie industry is known to spend more than 30%3. Also, the creative industries

2 https://www.statista.com/topics/964/film/

3https://www.filmfonds.nl/nl/media/inline/2017/9/4/spi_creative_industries_report_for_publication_2017_07_31 .pdf

18 are more likely to imitate their projects due to the high market and technical uncertainty there is because of the high costs of producing creative content (DeFillipi, 2015). Since reputation can have a big effect in a project-based industry where risk and uncertainty is high, the movie industry is an ideal empirical setting. As mentioned by Ebbers and Wijnberg, the film industry is characterized by project-based organizations and according to Caves (2000) has high sunk cost and high demand uncertainty. It is stated that the “performance-based reputations are relatively valuable in such uncertain environments because they seem to offer at least an indication of the likelihood of future success” (Ebbers & Wijnberg, 2012, p. 376).

The concept of reputation has already been studied quite frequently in the movie industry, for example Delmestri et al. (2005) studied how the reputation of a director affects the performance of that movie. The creative industries are known for prioritizing psychological income, also called Art for Art’s Sake (Menger, 1999) so as a result, Delmestri et al. (2005) divided the directors’ reputation in artistic reputation and economic reputation.

Both affected the commercial success and artistic merit of the film. In the study of Ebbers and

Wijnberg, the authors also distinguish the three types of reputation, both of the producer and director, and the effect these have on different types of investors in the Dutch movie industry.

Their results show many different effects of all three selection systems. As shown by these two studies, directors’ reputation is related to artistic and economic performance, both for this film and future films, and affects the chance of attracting investors. Additionally, in the movie industry it has become noticeable that many of the new movie releases are actual remakes of past movies.

4.3. FILM INDUSTRY AND STAR PROFESSIONALS

The creative industries are probably the industries that produce the most star professionals in the world, with film stars earning over 20 million a picture and even more if the films are a commercial success. Thus, the presence of such stars must have a big impact on the

19 commercial success. Delmestri et al. (2005, p. 996) provide evidence that a director with a good economic reputation ensures future success, because “it helps attract talented individuals who share with the director the knowledge of how to design a successful movie.” Their study also mentions the importance of having talented individuals by quoting the research from

Lacey (2002, p. 998): “need the constant infusion of new talented individuals in order to assure the vitality of its cultural production in the long run.” As it is proven that reputation can affect recruitment and attracts more talented individuals, one could argue that the good reputation of an original film can also attract so-called stars to participate in the remake.

5. MEASURES

This study uses the single project as the unit of analysis, hence all variables are measured at project level.

Dependent variable

Box office revenues of film remake: The commercial performance of the remake was collected from the reported Box Office Performance on IMDB.com. All revenues were exchanged into U.S. dollars and adjusted accordingly using a CPI index. In the analysis the standardized variables were used.

Independent variables.

Market Reputation Original Movie: Market reputation data was collected by studying the top 20 highest US grossing films in its year of release. The original assumed the value of 1 if it occurred in this ranking and 0 if it did not. It was assumed that any of the missing values occurred because it was a relatively small film or it was not released in the cinema. In these cases, the market reputation of other similar movies was observed by looking at both similar genres and year. The missing values were then computed into the minimal number that occurred for those variables.

20 Peer Reputation Original Movie: To analyze the effect of peer reputation, data was collected on the received by the original movie. The Academy of Motion

Picture Arts and Sciences is made up of members from every field of film production.

Therefore, other producers are the selectors of quality. A dummy variable was measured, where 0 represents “no Academy Awards” and 1 represents “1 or more Academy Awards” were received. In the case of an original that was not produced in the U.S., similar award shows were found for the specific country. A list can be found in Appendix 1.

Expert Reputation Original Movie: Data for this variable was collected via the number of Golden Globes received by the original film. Winners and nominees of the Golden Globes are selected by the Hollywood Foreign Press Association. The Hollywood Foreign Press

Association (HFPA) is a non-profit organization of journalists and photographers who report on the entertainment industry activity and interests in the United States for information outlets. The HFPA is made up of 90 correspondents for media outlets around the world. As shown, receiving a Golden Globe can be a sign of quality since the winners and nominees are all selected by third-party experts. Again, a dummy variable was measured, where 0 represents “no Golden Globes” and 1 represents “1 or more Golden Globes” were received.

As with the peer reputation measurement, local award shows were used to determine the results for films outside the U.S.

Commercial Performance of Movie Remake: The commercial performance of the remake was collected from the reported Box Office Performance on IMDB.com. All revenues were exchanged into U.S. dollars and adjusted accordingly using a CPI index.

Star Presence: Since this study builds on the study by Ferriani et al., the same criteria is used. To elaborate, Ferriani et al. (2013) based their variables on the historical performance of the individuals. They “computed the cumulative number of “top 10 box office” movies in which each professional (producer, director, 3 main actors/actresses, and scriptwriter) worked

21 in the previous years to the focal one.” Similar to the study of Ferriani et al. (2013), a star professional was someone who performed in at least two top-grossing movies over the selected 4-year time window.

Control variables

As stated by Bohnenkamp et al. (2014) remakes with certain types of characteristics are more successful, since they have less risk and higher revenue. Such films include, as quoted:

“remakes based on films with medium awareness, a medium-/low- image, medium recency”

(Bohnenkamp, Knapp, Hennig-Thurau, & Schauerte, 2014, p. 37). This has resulted in the following control variables.

Budget of remake: Since the dependent variable is commercial success, we must take into account that the budget of the remake may influence this outcome. The study of Ferriani et al. (2013) provides evidence that the budget of movies strongly affects the outcome, since their independent variables had significantly more effect on the big-budget movies than the small-budget movies. Hence, data on the budget of films was included from the IMDB.com website. All budgets were transformed into U.S. dollars and adjusted using the CPI index.

Genre overlap: According to Chang and Ki (2005) remakes could be successful because consumers value familiarity, since in that case they already have experience with the good character and story, reducing their consumption risk. Adding a genre means changing the story, which can result in less attendance by consumers.

Time distance: As mentioned by Bohnenkamp et al. (2014) a remake with medium recency has a higher chance of a good commercial performance. Hence it is important to include the time distance between the original film and the film remake as a control variable.

The recency of the film was measured by adding the amount of years between the two release dates.

22 6. RESULTS

6.1. DESCRIPTIVE STATISTICS

A descriptive summary of all projects in the dataset (N=492) can be found in Table 1.

Noticeably, there is a higher number of projects that have a good market reputation compared to the expert and peer reputation. In specific, approximately 26,4% of film remakes are known to have a good market reputation, whereas only 11,8% have a good expert reputation.

Peer reputation lies in between with 15,7% of films having received an Academy Awards or something similar. More than three quarters of the remakes (78%) lack the presence of a star professional, with only 0,8% having three stars in the cast. On average, the remakes share less than 2 genres with their original, which could confirm that project remakes tend to innovate as to attract more consumers. The budget of the remake is generally lower than the overall box office revenues, which could imply that when sticking to the budget the remakes generally make a profit. Lastly, the remakes are most likely produced more than 20 years after the original was released.

Table 1: Descriptive statistics for all projects

Variables N % Min Mean Max SD Model 1.Box Office Remake 492 0,001 52,4 369,5 64,8 (mil. $) 2.Market Reputation 492 0 = No 362 73,6 1 = Yes 130 26,4 3.Expert Reputation 492 0 = No 434 88,2 1 = Yes 58 11,8 4.Peer Reputation 492 0 = No 415 84,3 1 = Yes 77 15,7 5.Star Professionals 492 0 .260 3 .5429 0 = no stars 385 78,3 1 = 1 star 90 18,3 2 = 2 stars 13 2,6 3 = 3 stars 4 0,8 Controls 6. Shared Genres 492 0 1,79 5 0,971 7. Budget Remake 492 0 40,2 286,1 44,4 (mil. $) 492 0 23,73 113 17,48 8. Recency

23 6.2. CORRELATIONS

In Table 2, the correlation matrix is provided, which includes all variables of the model in addition to the control variables. As is shown in the matrix, only the market reputation of an original, compared to the other types of reputation, is positively correlated with the dependent variable (r =.189, p < 0.01). Additionally, the mediating variable of star professionals present also has a significant positive effect on the dependent variable (r = .286, p < 0.01). This suggests that market reputation and the presence of star professionals have a positive effect on the box office performance of the remake. Expert reputation and peer reputation show small positive but insignificant correlation with the box office performance (r = .063, p > 0.05; r =

.028, p > 0.05). An interesting result of the correlation matrix is the fact that both expert reputation and peer reputation have significant positive effects on the market reputation of an original project (r = .238, p < 0.01; r = .173, p < 0.01). This would mean that an original with an Academy Award or Golden Globes is more popular with consumers than films without such an awards. Additionally, peer reputation also has a strong correlation with expert reputation (r = .415, p < 0.01). Hence, it is implied that a film remake that has received one of the types of awards is more likely to also receive the other. Another interesting finding is the fact that the reputation of the original project does not increase the likelihood of having star professionals present in the project remake. Market reputation has the biggest relation to star professionals, however it is not significant (r = .053, p > 0.05). Expert reputation has a slightly smaller insignificant relation (r = .045, p > 0.05) and peer reputation has neither positive nor negative insignificant effect on the presence of star professionals (r = 000, p >

0.05).

Most of the control variables have a significant with the other variables. For example, the number of overlapping genres is positively related to the dependent variable, to market reputation and to expert reputation (r = .116, p < 0.05; r = .100, p < 0.05; r = .097, p < 0.05).

24 Thus, the higher the amount of overlapping genres between the original and the remake, the higher the box office performance will be. Also, it is more likely for genres to overlap if the original project had a high market and expert reputation. The genre overlap did no have significant relations with peer reputation and the presence of star professionals (r = .086, p >

0.05; r = .064, p > 0.05). The budget of the remake had significant positive relation with all other variables except for peer reputation, where it had an insignificant negative relation (r = -

.019, p > 0.05). It had an especially high positive relation with the box office performance of the remake (r = .613, p < 0.01), which could imply that indeed a higher budget results in higher commercial performance. According to the results, it is also suggested that a good market and expert reputation results in a higher budget for the remake (r = .172, p < 0.01; r =

.097, p < 0.01). The budget of the remake correlates positively to star professionals and genre overlap as well, thus a high budget implies more star professionals and more overlapping genres (r = .313, p < 0.01; r = .238, p < 0.01). Lastly, the control variable recency also relates positively to multiple variables. Firstly, it has a positive significant relation with the box office performance of the remake (r = .170, p < 0.01), hence the higher the amount of years in between the releases of both films, the higher the likelihood of commercial success. Secondly, market reputation and peer reputation both relate to the recency (r = .168, p < 0.01; r = -.171, p < 0.01). However, in contrast to market reputation, peer reputation is negatively related to recency, implying that it is more likely for the remake to be released earlier if the peer reputation of the original was high. Also, the more years between the release date of the original and the release date of the remake, the higher the budget of the remake, according to the correlation matrix (r = .340, p < 0.01).

25 Table 2: Means, standard deviations and correlations

M SD 1 2 3 4 5 6 7

1. Box Office Remake (mil. $) 55.5 65,7 2. Market Reputation .42 .49 .189** 3. Expert Reputation .14 .35 .063 .238** 4. Peer Reputation .16 .37 .028 .173** .415** 5. Star Professionals .26 .52 .286** .053 .045 .000 6. Genre Overlap 1.86 .89 .116* .100* .098* .086 .064 7. Budget Remake (mil. $) 40.7 40.9 .613** .172** .097** -.019 .313** .238** 8. Recency 27.37 16.78 .170** .168** .014 -.171** -.019 .036 .340**

Note: * = p < 0,05 and ** = p < 0,01

6.3. TESTING HYPOTHESES

Table 3 shows the results of the regression analysis. Before calculating all relations, a control model was estimated for “genre overlap”, “budget of remake” and “recency” (Model 1: Rˆ2 =

0,399). The budget of the remake had a significant positive effect on the outcome (B = 0,848, p < 0,01). This means that the higher the budget of the remake, the higher the commercial performance will be. Other than that, no control variables had a significant effect on the dependent variable.

Hypotheses 1a,b,c – Next, the independent variables of the different types of reputation were added to calculate the direct effect they have on the dependent variable of box office performance of the remake. As is shows in Table 3, only market reputation had a small, yet significant effect on the box office performance. This means that hypothesis 1a is accepted, since p < 0,01. It was expected that expert reputation would have a positive effect, albeit smaller than the market reputation. The coefficient was indeed smaller, however since the result was insignificant hypothesis 1b is rejected. Contrary to what was expected, peer reputation has a higher coefficient than expert reputation, nevertheless because the p-value is higher than 0,05 hypothesis 1c is also rejected. However, after calculating the correlations, these results were to be expected. Looking at the assumptions on which the mediation effect is

26 based, assumption (1) “the independent variable must significantly affect the outcome when the mediator is not included” is met, since market reputation has a direct significant effect on box office performance. It is not met for the other two types of reputation, hence the mediation effect will not occur for expert and peer reputation.

Hypotheses 2a,b,c – The second set of hypotheses is based on the independent variables having a direct effect on the mediating variable. As is shown in Table 3, none of the independent variables have a direct significant effect on the presence of star professionals in the project remake. Since market reputation is the only one with a direct effect on the outcome, it also needs to significantly affect the mediator as the next step of a mediation model. The results show that market reputation has a very positive, yet insignificant effect on the presence of star professionals in a remake (B = .38, p > 0,05) hence hypothesis 2a is rejected. In a similar fashion, hypothesis 2b and 2c are also rejected. Expert reputation also has a positive insignificant effect (B = .52, p > 0,05) and peer reputation has a negative insignificant effect on the outcome (B = -.70, p > 0,05). After this it can be stated that assumption 2 for a mediation model is not met.

Hypothesis 3 – The second assumption of a mediation model is the mediator must have a significant direct effect on the outcome. As shown in Table 3, the presence of star professionals in the cast of a remake has a positive significant effect on the box office performance of the remake (B = 11693,73, p < 0,01). Thus, hypothesis 3 is accepted.

Hypothesis 4a,b,c – Lastly, the entire mediation model is tested. The mediation is tested for all independent variables, even though expert reputation and peer reputation did not meet the original assumptions. As a result of the mediation, market reputation had a small significant direct effect on the box office performance (B = .096, p < 0,01). Based on these calculations, it can be stated that there is no mediation, since the direct effect of market reputation on box office is still significant and has only a very small decrease after involving

27 star professionals, thus hypothesis 4a is rejected. As expected after the correlation analysis, neither hypothesis 4b nor hypothesis 4c are accepted. The result of the mediation model with expert reputation was B = .003, p > 0,05 and for peer reputation it was B = .029 p > 0,05.

Table 3: Results regression analysis

Variables Model 1 Model 2 Model 4 Box Office Box Office Star Prof. Box Office Controls Genre Overlap -.033 -.040 -.441 -1,039 (.367) (284) (.660) (.300) Budget Remake .636** .626** 7,772** 14,309** (.000) (.000) (.000) (.000) Recency -.045 -.054 -3,179** -1,117 (.239) (.168) (.002) (.265) Explanatory Market .098** .370 .096** Reputation (.010) (.712) (.009) Expert -.027 .090 .003 Reputation (.497) (.112) (.930) Peer .021 .106 .029 Reputation .604) (.058) (.432) Star Professionals .098** (mediator) (.009) N 492 492 492 492 R .615 .622 .342 .622

Rˆ2 .378 .387 .117 .387 F 98,901 51,134 16,082 76,787 Average VIF 1,132 1,179 1,193 1,213

Note: * = p < 0,05 and ** = p < 0,01

7. DISCUSSION

7.1. HYPOTHESES

In this study it was sought to investigate the influence of reputation of an original project on the commercial success of the project remake and how star professionals influenced this relation. Based on the literature on reputation, project performance and star professionals, four main hypotheses were proposed. Firstly, it was predicted that three different types of

28 good reputation all affected the commercial success positively, however market reputation was expected to have the biggest effect. Secondly, in order to have a mediation model, it was expected that these three types of reputation also affected the likelihood of having star professionals in the team of the project remake. Next, it was proposed that the presence of star professionals in the project remake team would positively affect the commercial success of said remake. Lastly, a full mediation was expected, where the presence of star professionals in the project team is the explanation for the effect the reputation of an original has on commercial success. Hypothesis 1 was accepted in the case of market reputation and hypothesis 3 was also accepted, whereas on the other hand, hypotheses 2 and 4 were rejected.

The first hypothesis was based on several theoretical assumptions. First, reputation is a multidimensional construct that can be separated in three selection systems (Wijnberg N. ,

1995). Based on the theory of Ebbers and Wijnberg (2012), it was expected that the market reputation of the original would have the greatest effect on the commercial success, compared to the other types of reputation. This theory was partially confirmed by the results of this study. Nevertheless, it was expected beforehand that both expert reputation and peer reputation would also have a significant positive effect on the outcome, but these hypotheses were not supported. Possible explanation for the fact that both expert and peer reputation did not affect the commercial success could be explained by the theory of Ebbers and Wijnberg

(2012). They provided evidence that the type of reputation affected the outcome strongest when it matched, for example, expert reputation would affect expert selection. In this study, the outcome was commercial success, which is a market-based result, hence following the theory of Ebbers and Wijnberg expert and peer reputation would not affect the dependent variable.

Lastly, the mediation model was rejected. It was found that it did not meet all of the assumptions of Baron and Kenny (1986). Support was found for the first and second

29 assumption, however only in the case of market reputation. The mediator star professionals has significant effect on commercial success, nevertheless, because reputation does not significantly affect the likelihood of star professionals in the cast, the mediation model cannot be significant. A possible explanation for the independent variable to not affect the mediator could be that the reputation was tested on the project level instead of the individuals involved in the project. For example, as mentioned by Ebbers and Wijnberg (2012), the reputation of a producer indicates something differently than the reputation of a director. So basing the reputation solely on the project and not the individuals involved in the project may not be enough proof of quality for star professionals to be attracted to a project. Especially since the remake regularly involves different cast members than the original.

Another explanation could be that most theories considering reputation and recruitment are more focused on the organizational reputation instead of project reputation.

Organizational reputation has shown to influence the recruitment of talented individuals, however this does not mean the same can be said about project reputation. Projects are more uncertain, have higher risk for stakeholders and are usually non-repetitive. But as mentioned, a project remake should have small innovations and upgrades for it to be a commercial success (Brown, Kozinets, & Sherry, 2003; Peck, 2011), which may raise uncertainty for star professionals since the success after adjustments is not guaranteed. With organizational reputation star professionals are more certain what they can expect which is not necessarily the case for project remakes, especially if they need to experiment.

Lastly, in the empirical setting, star professionals may not have been interested in the reputation of an original project because they are more interested in making art for arts sake

(Menger, 1999). Since the market reputation of an original is not necessarily proof of artistic quality, star professionals in the film industry may not be interested in joining the remake because it does not align with their artistic vision.

30 7.2. THEORETICAL CONTRIBUTIONS

Firstly, this thesis contributes to the literature that focuses on reputation and its effect. It provides evidence that reputation indeed is a multidimensional construct, with each dimension having different outcomes (Ebbers & Wijnberg, 2012; Rindova, Petkova, & Sever, 2005). The studies performed on reputation and its effect on project performance provide evidence that reputation of individuals in projects can affect the commercial success of its remake. This thesis adds to that by proving that commercial success does depend on which type of reputation system is used. By doing this, my thesis further elaborates on the selection system theory by showing that the type of selection system only results in positive outcomes if it matches, as it showed that market reputation significantly positively affects commercial success of a remake. Additionally, although no significant evidence was found, this study is an addition to literature on reputation and its effect on attracting star professionals. It has been studied that a good reputation attract individuals with high reputation towards an organization or project (Ertug & Castellucci, 2013) (Ferriani, Cattani, Mariani, & Mengoli, 2013).

However, those studies did not test reputation as a multidimensional construct. This study shows that dividing reputation in different dimensions can influence the outcome differently than when reputation is seen as a one-dimensional construct, as is done in previous studies.

Also, this study provides more evidence that the presence of star professionals does indeed affect commercial success. As studied by Drucker (1998), star professionals, especially in a knowledge-based industry such as the creative industries, ensure more revenues and in this empirical setting influence the consumers attendance decision. This study confirms this theory, since the direct effect of star professionals on commercial success was significant and positive. An important contribution of this study is the combination of two perspectives, namely selection system theory and star effects. Previous studies only focused on one of the two constructs and its effect, but a combination of the two is a novel avenue

31 (Ebbers & Wijnberg, 2012; Ferriani, Cattani, Mariani, & Mengoli, 2013). Especially, the avenue of the selection system’s dimensions of reputation, the effect it has on star professionals and how the combined effect of both then influences commercial success. Even though the mediation model was not found significant, this study aims to shed a light on the possibilities of combining the two constructs, some of which shall be discussed in section 7.4.

An innovative aspect of this research was the use of film remakes as empirical setting.

Film remakes are becoming more popular, however not much research has been done on the phenomenon. Especially on the aspects that influence the commercial success of such a project remake. This study provides more evidence that reputation of a project as a whole can affect the success of the project remake. Previous studies mostly focused on the reputation of the individuals involved (Delmestri, Monanari, & Usai, 2005; Ertug & Castellucci, 2013), however as is shown, the project itself and its reputation can also be relevant for the success of the remake, especially when divided in different dimensions. Additionally, the use of star professionals can give an indication towards consumers that adaptations from the original are made, resulting in better commercial performance. This is in contrast with previous studies that provide evidence that the use of star professionals in a project may decrease performance

(Groysberg & Lee, 2009). With an increase in popularity, the amount of literature on the project remakes should also increase. This thesis is an attempt to provide evidence that project remakes do not necessarily have the same influential aspects as regular projects.

7.3. MANAGERIAL IMPLICATIONS

This study provides some implications for practitioners. These are of value for managers who are interested in remaking projects with good reputation to ensure commercial success. Since the last 10 years the films that were in the top 10 most successful box office results were mainly film sequels or remakes, this could be useful for directors and producers as well.

32 First of all, when choosing a project to remake, it is important to distinguish its reputation in the different possible dimensions. The different selection systems each have different effects on the outcome, hence for managers it is important to have a clear vision of each of these dimensions and make sure they fit with the desired outcome. In correspondence with the study by Ebbers and Wijnberg (2012), this study shows that if the outcome is centered on the market and the consumers, it is important for an original project to have high market reputation. This will then increase the chances for the remake to also have commercial success. However, if the original has a high expert reputation, the chances of commercial success will most certainly be smaller. This can help managers choose a suitable project that fits their specific goals.

Secondly, this research adds on studies by providing more evidence that having star professionals in your team will increase the commercial success. As mentioned, star professionals do indeed increase consumers attendance decision and hence the commercial success (De Vany & Walls, 1999; Prag & Casavant, 1994). However, budget also influenced the commercial success, and since star professionals tend to have higher salary, the balance between the two it important to remember. As literature shows, even though star professionals increase revenues, they do not necessarily increase profits (Delmestri, Monanari, & Usai,

2005; Ferriani, Cattani, Mariani, & Mengoli, 2013). Thus if managers find a good balance between the amount of star professionals and the required budget, they could achieve the optimal outcome. Also, since this study did not provide significant evidence that reputation affects the likelihood of attracting such star professionals for a project remake, managers should focus on other aspects as proof of quality to ensure their presence in future teams.

7.4. LIMITATIONS AND FUTURE RESEARCH

As with most studies, this thesis suffers from certain limitations. Nevertheless, it does indicate areas for future research. It provides evidence that dividing reputation in different dimensions

33 can ensure different outcomes than seeing it as a one-dimensional construct. And since this study focused only on commercial success, it is advised to conduct a similar research with perhaps overall profit as the final outcome. Also, it could be an interesting avenue to study whether the different dimensions of reputation do influence their matching outcome of the project remake. These studies can be performed whilst taking into account the following limitations and suggestions.

First of all, as mentioned by Ferriani et al. (2013), making use of the box office performance and the budget may have resulted in biased outcomes. Distributors may have adjusted certain aspects of the financial numbers to generate specific budget data.

Second, an important aspect of having star professionals in a team and the effect is has on performance has shown to be affected by the team familiarity. It is stated that

“organizations with many stars are not necessarily better than organizations with fewer stars if such stars have not developed some familiarity with other team members” (Ferriani et al.

2013 p. 29). Hence, taking this into account may be a better predictor for commercial success of a remake than solely using the presence of star professionals.

Also, since this research is based on the study by Ferriani et al. (2013), a 4-year time window is used to qualify individuals as star professionals. However, this time frame excludes any movies that may have been great successes outside that frame. Because of this, an individual that was a star professional in one certain year may not be classified as a star the years after, because their successful film falls outside of the time frame. Future studies should keep this in mind and perhaps find a different way to classify star professionals. Additionally, it may be possible for individuals to be known as stars because of other media outlets, such as music or tv shows. These were not taken into account, even though they may be seen as star professionals by the market.

34 8. CONCLUSION

This study aims to test how the different dimensions of an original’s project reputation, as divided according to the selection system of Wijnberg (1995), influences the commercial success of that project remake. Also, this thesis investigated how these reputations would increase the chances of having star professionals present in the project remake and if their presence would in turn be an explanation for the relation between the original and the remake.

Hence, a theoretical mediation model was proposed, where the star professionals present would mediate the effect of the several dimensions of reputation of an original project on the commercial success of the project remake.

The results did not provide evidence for the full mediation effect, however several significant effects were found. First of all, in accordance with literature, the market reputation of an original project had a positive effect on the commercial success of the remake. Thus, when looking for a project to remake, a manager should focus on the original’s market reputation if they want to have commercial success. Additionally, this study confirms research on the effect of having star professionals present in a project. As other studies have proven, the presence of star professionals affects the consumers attendance decision and hence the commercial success. This however does not necessarily result in better overall profits, since star professionals may also expect a higher salary.

This study contributes to existing literature by further researching the effects of different types of reputation, the presence of star professionals and commercial success. It was the first attempt to test a possible mediation between the three where reputation was treated as a multidimensional construct. Some of the hypotheses were accepted, however the overall mediation could not be proven. Even though not all hypotheses were accepted, it does provide reason to conduct this research in a similar fashion whilst taking the limitations and suggestions for future research into consideration.

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40 APPENDIX

APPENDIX 1 – LOCAL AWARD SHOWS

Peer Reputation Awards

Argentina = Academy of Motion Picture Arts and Sciences of Argentina

Australia = AACTA

Australian Film Institute

Brazil = Troféu Imprensa, Brazil

Canada =

Denmark = Robert Festival

France = Cannes

Cesar Awards

National Academy of Cinema, France

Germany = Bavarian Film Awards

German Film Awards

Hong Kong = Hong Kong Film Awards

Iceland = Edda Awards

India = India

Producers Guild Film Awards

Israel = Awards of the Israeli Film Academy

Italy = Awards

Japan = Awards of the Japanese Academy

Japanese Professional Movie Awards

Mainichi Film Concours

Netherlands = Gouden Kalf

Norway = Amanda Awards, Norway

41 South Korea = , South Korea

Spain =

Sweden = Guldbagge Awards

Thailand = Thailand National Film Association Awards

United Kingdom = Bafta

Expert Reputation Awards

Argentina = Argentinean Film Critics Association Awards

Canada = Canadian Film Awards

Denmark = Bodil Awards

France = French Syndicate of Cinema Critics

Lumières Award

Germany = Bambi Award

German Film Critics Association Awards

Hong Kong = Hong Kong Film Critics Society Awards

India =

Italy = Golden Globes, Italy

Italian National Syndicate of Film Journalists

Japan = Blue Ribbon Awards

Yokohama Film Festival

South Korea = Baek Sang Art Awards

Busan Film Critics Association (BCFA)

United Kingdom = Broadcasting Press Guild Awards

London Critics Circle Film Awards

42