Research question:   How do changes in corporate reputation created through corporate social responsibility impact stakeholders? Purpose:    This paper focuses on the impact of corporate reputation on stakeholders. The first objective is to identify stakeholders impacted by changes in corporate reputation created through CSR-related actions. The second objective is to explore the impact an organisation’s corporate reputation change has on identified stakeholders. Method:   This study adopts a multi-method qualitative approach. Primary data was collected through two differing interview designs. Conclusion:   Changes in corporation reputation created through corporate social responsibility-related initiatives can impact stakeholders. The changes can be both positive and negative and are highly dependent on the specific stakeholder and initiative. Positive changes are slow to see any significant impact, while negative changes can be instantaneous and disastrous.