Yes, they do.

Here is an excerpt from Google’s blog, where this issue is being discussed:

If you can’t get the content removed from the original site, you probably won’t be able to completely remove it from Google’s search results, either. Instead, you can try to reduce its visibility in the search results by proactively publishing useful, positive information about yourself or your business. If you can get stuff that you want people to see to outperform the stuff you don’t want them to see, you’ll be able to reduce the amount of harm that that negative or embarrassing content can do to your reputation.

This is the clearest endorsement I have ever seen from Google concerning a Search Engine Optimization matter. Sure they offer SEO advice, but often their advice can be interpreted one dozen ways.

I think that in this case, there is only one translation. Google does endorse pushing the positives up in the search results and the negatives down in the search results, in order to shield your online reputation from the negative effects of bad reviews or bad press.

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