J&J (JNJ) has been the most consistently favored company in the world through the history of our survey, having placed first in 2006 and second last year, before returning to the head of the pack this year. It perennially wins kudos for its strong and deep management, a culture that focuses on long-term business objectives, and attentiveness to generating shareholder value.

As for optional write-in suggestions, some money managers emphasized return on capital, which is another way of saying they care about how company executives invest shareholder money. This must have something to do with the predictably strong scores for Berkshire Hathaway (BRKA), as Warren Buffett's company again placed in the top five and elicited raves about the master's investment acumen and management of risk. While some respondents expressed concern about Buffett's need to assure the market of his succession plan, this hardly cost Berkshire on the respect front.

As in years past, this year's ranking illustrates the fact that corporate respect must be earned over a span of decades. While scandals or corporate-governance abuses quickly can empty a company's reservoir of goodwill with investors and others, highly respected companies tend to retain their strong marks even during lulls in stock performance or profitability. That's not to say once-adored companies can't slip in Wall Street's esteem, a lesson learned of late by General Electric (GE) and its chief executive, Jeffrey Immelt. While GE's 11th-place finish in this year's survey is more than acceptable, it represents a decline from once-exalted status for the company. Even with a moribund stock for most of the decade, GE garnered a second-place result in 2006 and was fifth last year, all the while being granted the accolades of investors who were steeped in respect for the company's management discipline.

Also surrendering the benefit of the doubt was Microsoft (MSFT), due in large part to its failed attempt to acquire Yahoo! (YHOO), cordially at first, and then in hostile fashion. Microsoft had vaulted to sixth place last year from No. 22 in 2006, on the strength of some shareholder-cultivating gestures, such as a special dividend. Now it's back to No. 21.

IF MICROSOFT RANKS as a onetime darling that has become less beloved for being so familiar, Apple (AAPL), in fifth place this year, has solidified its status as a supremely admired innovator. And that's despite a prickly and secretive corporate culture.

Google 's (GOOG) jump in the ranks to No. 6 from 22 -- notwithstanding the stock's descent to around 450 from above 700 -- reflects a deepening appreciation of the company's product creativity and increasing centrality to the advertising and media economy.

A notable newcomer to the list this year was credit-card processor Visa (V), which pulled in at No. 28 following its March 2008 debut in the largest initial public offering in U.S. history. Mostly, this positive approval rating relates to investors' appreciation of the company's high-return, low-risk business model and a pervasive expectation -- correct or not -- that its shares can approximate the fabulous run enjoyed by smaller rival MasterCard (MA) since its 2006 IPO.

Wal-Mart Stores ' (WMT) jump to No. 7, for instance -- from last year's 21 -- and the increase in its Highly Respect percentage to 43% from 28% imply that investors have been reminded of the company's unmatched operational skills and steady market-share gains in the face of tough consumer trends. The stock's monstrous outperformance in the past year surely helped give it a boost, too.