Effects of issues in business news on corporate reputation are often assumed, but less often put to a test. To study these effects, this study combines a recent extension of agenda-setting theory - the second level of agenda setting - with issue ownership theory. A content analysis of business news is linked to a panel survey to measure corporate associations and corporate reputation. The results provide empirical evidence both for the second level of agenda setting and for issue ownership, thereby showing that theories from the field of political communication are valuable for understanding the effects of issues in business news. © 2006 International Communication Association.