Moreover, the financial performance part of the survey created a 'halo effect' which influenced the other attributes to follow its direction (Brown and Perry, 1994). According to Brown and Perry (1994), the financial performance have influence the perception of the observers creating a high reputation for the firm qualities. This perception went on to influence the subjective evaluation of the observers as to the level of the other attributes in the survey. The influence of financial performance is understandable, recalling that executives and industry analysts are very interested in financial performance.