Corporate reputation is attributed with a positive effect on all stakeholder groups. However, many publications on this topic either fail to provide a solid derivation of hypotheses or a valid verification of them. The aim of this work is to experimentally test hypotheses regarding the relevance of corporate reputation for investment decisions, derived in the context of Behavioral Finance. The study demonstrates that a good corporate reputation indeed has a positive influence on investment decisions. However, the relevance of this influence is affected by another dimension known as reputation intensity. Thus, the proposed positive effect of corporate reputation on investment decisions can, for the first time, be confirmed within the framework of an experimental study, albeit with situational limitations.