What do these descriptions have in common? General Electric "continually looks for new ways to train and upgrade the talent of its people". Microsoft has been "successful in monopolising the market". IBM is "reliable". Sony has "durable products, a brand name and innovation".

The descriptions have very little in common, which is a striking feature of the survey of the world's most respected companies. Analysing the reasons why the respondents chose one company or another, it is clear that there is no template or formula. Almost all the companies in the top 50 are admired for different reasons. The world's most respected companies are admired for being themselves, for having a culture that they understand and act on, and which is successful.

So GE, the world's most respected company, is admired for the way it has become a world leader in a whole range of industries. Respondents also remarked on how successful it is in developing managers. "It has an incredible ability to generate world class leaders who would benefit both General Electric or any competing industry. There are an incredible amount of CEOs who work in America who are ex-General Electric employees," one chief executive said.

Microsoft's dominance of its market has caused it no end of legal difficulty in the US. But this dominance is exactly what survey respondents admire about Microsoft. "They have been successful in monopolising the market," said one chief executive. "Microsoft has destroyed every competitor," said another admirer.

The survey responses on IBM convey two images: stability, solidity and reliability, on the one hand, and the strength to overcome competitive challenges, on the other. "They have a good, successful model and a sound internal management system," one survey respondent said. "It was a blue chip company which got into difficulties, but it pulled itself back from disaster and managed to turn itself around," said another.

Coca-Cola wins plaudits for the ubiquity of its brand and its sales and distribution system. "It has real world class status," said one chief executive. "They sell products all over the world, transcending all social classes of society. People in Africa do not know the US president, but they can identify a bottle of Coke."

Intel got credit not only for the microprocessors it has created but for successfully advertising components the user never sees, enhancing the value of the company in the eyes of shareholders. "Their well-created advertisements for their products help [promote] the perceived value they create," one chief executive said.

If different companies are valued for very different characteristics, what are the lessons for companies that are not in the top 50 but wish they were? Clearly, they should not imitate the most admired companies. The best organisations all have their own distinctive culture and way of doing things. There is little point in trying to be GE if your company is a tiny player in its industry without the resources to train its managers. Nor is there much sense in attempting to be the next Microsoft if you cannot dominate your sector.

An interesting feature of the survey is that companies that have established a distinctive reputation can continue to rely on it during difficult times. DaimlerChrysler is the result of a takeover of a US company by the German group, a combination that has been far more difficult than originally envisaged.

Survey respondents were clearly aware of these problems, but remain impressed by Daimler's reputation for quality and reliability. "A high quality, high cost image," was one view of the company. "Luxury and reliability," was another. "The quality of their products is fantastic," one chief executive said. "The organisation of the relationship between the management and the workers follows a very good philosophy."

Another chief executive pointed to DaimlerChrysler's "socially responsible investment". As we have said, there are not many common themes to the chief executives' comments about different companies, but corporate social responsibility is beginning to emerge as one. Several chief executives remarked, for example, on BP's attitude towards the environment and society - and they did so in the "most admired companies" part of the survey and not just in the section that asked which organisations were most admired for their environmental policies.

Chief executives commented on Johnson & Johnson's ethics, as well as its growth. "It has a humanistic approach to business," was one comment. Royal Dutch/ Shell, said one admirer, "is a very responsible company that has undertaken many studies ensuring they are environmentally friendly. It is committed to various social projects and ensures the development of those countries where they operate."

Coming from a smaller economy is one way to win admirers. Many respondents regarded Nokia's achievements as being all the more remarkable because the mobile phone maker is based in Finland. One chief executive remarked that Bombardier, the Canadian maker of aircraft, trains and snowmobiles, was a world leader "despite coming from a smaller country" - smaller by population, presumably, rather than area.