Under the media spotlight: the role of Spanish corporate image in Spain’s international reputation

Purpose This study aims to investigate whether the media portrayal of Spanish multinational firms shapes Spain’s international reputation. It examines the presence of a reverse country-of-origin (COO) effect across different global media regions, including the Iberoamerican sphere. Design/methodology/approach Drawing on articles published between 2017 and 2023 in both Anglo-Saxon and Iberoamerican journals, sentiment indicators for Spain and for Spanish firms are constructed using Global Database of Events, Language and Tone’s media tone algorithm. A two-stage least squares approach identifies the causal effect of corporate sentiment on national sentiment. Findings Media sentiment towards Spanish firms has a positive and significant causal impact on the sentiment expressed towards Spain in most outlets analysed. The effect is strongest in English-language and Latin American newspapers, and weaker where Spanish firms hold limited visibility. Practical implications Spanish multinationals act as informal ambassadors of their home country. Coordination between corporate communication and public diplomacy can therefore strengthen Spain’s international image, particularly in Iberoamerica. Originality/value To the best of the authors’ knowledge, this study provides one of the first large-scale empirical tests of reverse COO using real media data. It contributes to management and international business research by linking corporate diplomacy, media sentiment and national reputation within a unified analytical framework.