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I think it does. The reputation of a program is huge. If you hear about a company shaving or stealing, you're going to think twice about putting ads up. Also if they have a history of leaks on their sites, poor conversions, and having sites fold without notice you'll see people shy away. Once a program has been given a bad reputation, it's nearly impossible to overcome.
If you provide services like programming or design and get labeled as providing poor work or not performing at all, you'll have a hard time finding new clients.
Sure there are people out there who don't care about reputation, but many of them are more worried about making friends then doing business.
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