This study analyzes the impact of market reactions to corporate name change strategies on firm value and value sustainability. It also analyzes whether there are differences in the relationship between market reactions and firm value and value sustainability depending on whether the firm can remain listed after the name change. This study first presents the empirical findings and implications of this study as follows: First, there is a positive relationship between market reactions to corporate name change strategies and firm value. And the effect (value persistence) persists over a while. Second, this effect is particularly valid for listed firms. For firms that can remain listed, the market reaction to a name change is significantly and positively related to firm value in the following year, and the effect is persistent over time. For firms in danger of delisting, the relationship is positive when analyzed on a three-year average. These findings suggest that the long-term effect of corporate name changes can positively affect firm value if the market reaction is positive, not only for firms that can continue to be listed but also for firms that are in danger of delisting, which implies that corporate name changes can have different effects on firm value depending on how they are strategically organized.