Titulo:
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial
.
Sumario:
Determinar si las compañías deben incorporar aspectos sociales en sus estrategias de gestión conducentes a satisfacer las expectativas de sus distintos stakeholders presenta posturas teóricas y evidencia empírica previa tanto a favor como en contra. El objetivo del presente estudio consiste en analizar la relación existente entre reputación corporativa y creación de valor económico patrimonial en las empresas cotizadas en el mercado bursátil español durante el periodo 2000-2012 aplicando una metodología de datos de panel. Los resultados obtenidos nos indican que la reputación influye positivamente en la creación de valor económico patrimonial, y que, al mismo tiempo, un mayor valor empresarial repercute en una mayor reputación corporativa,... Ver más
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Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial Delgado, J. B., Quevedo, E. de & Díez, J. M. (2013). The impact of corporate reputation on firm risk: A panel data análisis of Spanish quoted firms. British Journal of Management, 24, 1-20. https://doi.org/10.1111/j.1467-8551.2011.00782.x Gómez, F. (2008). Responsabilidad social corporativa y performance financiero: treinta y cinco años de investigación empírica en busca de un consenso. Principios: Estudios de Economía Política, 11, 5-24. Friedman, M. (1970). A Friedman doctrine: The social responsibility of business is to increase its profits. The New York Times Magazine, 13, 32-33. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman Fernández, J. L. & Luna, L. (2007). The creation of value through corporate reputation. Journal of Business Ethics, 76, 335-346. https://doi.org/10.1007/s10551-006-9285-0 B., Quevedo, E. Eberl, M. & Schwaiger, M. (2005). Corporate reputation: Disentangling the effects on financial performance. European Journal of Marketing, 39(7-8), 838-854. https://doi.org/10.1108/03090560510601798 Delgado, J. de & Fuente, J. M. de la (2010). The impact of ownership structure on corporate reputation. Evidence from Spain. Corporate Gobernance: An International Review, 18(6), 540-556. https://doi.org/10.1111/j.1467-8683.2010.00818.x Brown, B. (1998). Do stock market investors reward companies with reputations for social performance? Corporate Reputation Review, 1(3), 271-280. https://doi.org/10.1057/palgrave.crr.1540048 Jensen, M. C. (2002). Value maximization, stakeholders theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235-256. https://doi.org/10.2307/3857812 Brown, B. (1997). Stock market valuation of reputation for corporate social performance. Corporate Reputation Review, 1(1), 76-80. https://doi.org/10.1057/palgrave.crr.1540021 Black, E. L., Carnes, T. A. & Richardson, V. J. (2000). The market valuation of corporate reputation. Corporate Reputation Review, 3(1), 31-42. https://doi.org/10.1057/palgrave.crr.1540097 Baraibar, E. & Luna, L. (2012). Transparencia social e hipótesis del impacto social. Análisis en el IBEX35. Universia Business Review, 36, 108-123. Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and application to employment equations. Review of Economic Studies, 58, 277-297. https://doi.org/10.2307/2297968 Agnihotri, A. (2014). Mass-media-based Corporate Reputation and firms's market valuation. Evidence from emerging markets. Corporate Reputation Review, 17, 206-218. https://doi.org/10.1057/crr.2014.10 https://creativecommons.org/licenses/by-nc-sa/4.0/ Inglis, R., Morley, C. & Sammut, P. (2006). Corporate reputation and organisational performance: an Australian study. Management Auditing Journal, 21(9), 934-947. https://doi.org/10.1108/02686900610705028 Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34, 2549-2561. https://doi.org/10.1016/j.jbankfin.2010.04.013 https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/view/59 info:eu-repo/semantics/article Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_6501 Williamson, O. E. (1985). The Economic Institutions of Capitalism. New York: Free Press. Martínez, I. & Olmedo, I. (2010). Revisión teórica de la reputación en el entorno empresarial. Cuadernos de Economía y Dirección de la Empresa, 44, 59-78. https://doi.org/10.1016/S1138-5758(10)70019-0 Waddock, S. A. & Graves, S. B. (1997). Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303-319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G Vergin, R. C. & Qoronfleh, M. W. (1998). Corporate reputation and the stock market. Business Horizons, 41(1), 19-26. https://doi.org/10.1016/S0007-6813(98)90060-X Srivastava, R. K., McInish, T. H., Wood, R. A. & Capraro, A. J. (1997). The value of corporate reputation: Evidence from the equity markets. Corporate Reputation Review, 1(1), 62-68. https://doi.org/10.1057/palgrave.crr.1540018 Rose, C. & Thomsen, S. (2004). The impact of corporate reputation on performance: Some Danish evidence. European Management Journal, 22(2), 201-210. https://doi.org/10.1016/j.emj.2004.01.012 Preston, L. E. & O'Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business and Society, 36, 419-429. https://doi.org/10.1177/000765039703600406 Post, J., Preston, L. & Sachs, S. (2002). Redefining the corporation: Stakeholder Management and Organizational Wealth. Stanford, CA: Stanford University Press. McMillan, G. S. & Joshi, M. P. (1997). Sustainable competitive advantage and firm performance: The role of intangible resources. Corporate Reputation Review, 1(1), 81-85. https://doi.org/10.1057/palgrave.crr.1540022 Español Publication ratio q de Tobin creación de valor reputación corporativa. Inversión responsabilidad social grupos de interés 1 Núm. 1 , Año 2015 : enero-junio Artículo de revista datos de panel 2 accionistas application/pdf Revista Perspectiva Empresarial Determinar si las compañías deben incorporar aspectos sociales en sus estrategias de gestión conducentes a satisfacer las expectativas de sus distintos stakeholders presenta posturas teóricas y evidencia empírica previa tanto a favor como en contra. El objetivo del presente estudio consiste en analizar la relación existente entre reputación corporativa y creación de valor económico patrimonial en las empresas cotizadas en el mercado bursátil español durante el periodo 2000-2012 aplicando una metodología de datos de panel. Los resultados obtenidos nos indican que la reputación influye positivamente en la creación de valor económico patrimonial, y que, al mismo tiempo, un mayor valor empresarial repercute en una mayor reputación corporativa, dando muestras de una relación bidireccional que retroalimenta las dos variables objeto de estudio. Estos resultados tienen importantes implicaciones para la gestión, ya que legitiman la integración de prácticas de responsabilidad social corporativa en las grandes empresas españolas cotizadas en bolsa. Sabaneta: Fundación Universitaria Ceipa, 2014- application/pdf Daza-Izquierdo, Julio interest groups Journal article Analysis of the circular relationship between corporate reputation and the creation of patrimonial economic value shareholders value creation panel data Tobin’s Q Ratio corporate reputation acionistas Determining if companies should incorporate social aspects in their management strategies to satisfy the expectations of their different stakeholders presents theoretical postures and previous empirical evidence both for and against it. The objective of this study consists of analyzing the existing relationship between corporate reputation and the creation of patrimonial economic value in the companies sought-after in the Spanish stock market in the 2000-2012 period by applying a methodology of panel data. The obtained results show us that reputation has a positive influence in the creation of patrimonial economic value and that, at the same time, a higher company value leads to a higher corporate reputation showing a bi-directional relationship, which provides feedback to the two variables that are the subject of this study. These results have important implications for management as they legitimize the integration of corporate social responsibility practices in big Spanish companies sought-after in the stock market. dados de painel grupos de interesse proporção q de Tobin reputação corporativa criação de valor https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/download/59/94 2389-8186 https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/download/59/19 2389-8194 2014-12-19T00:00:00Z 2014-12-19T00:00:00Z 2014-12-19 95 85 https://doi.org/10.16967/rpe.v2n1a6 10.16967/rpe.v2n1a6 |
| institution |
CEIPA BUSINESS SCHOOL |
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https://nuevo.metarevistas.org/CEIPABUSINESSSCHOOL/logo.png |
| country_str |
Colombia |
| collection |
Revista Perspectiva Empresarial |
| title |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| spellingShingle |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial Daza-Izquierdo, Julio ratio q de Tobin creación de valor reputación corporativa. Inversión responsabilidad social grupos de interés datos de panel accionistas interest groups shareholders value creation panel data Tobin’s Q Ratio corporate reputation acionistas dados de painel grupos de interesse proporção q de Tobin reputação corporativa criação de valor |
| title_short |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| title_full |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| title_fullStr |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| title_full_unstemmed |
Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| title_sort |
análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial |
| title_eng |
Analysis of the circular relationship between corporate reputation and the creation of patrimonial economic value |
| description |
Determinar si las compañías deben incorporar aspectos sociales en sus estrategias de gestión conducentes a satisfacer las expectativas de sus distintos stakeholders presenta posturas teóricas y evidencia empírica previa tanto a favor como en contra. El objetivo del presente estudio consiste en analizar la relación existente entre reputación corporativa y creación de valor económico patrimonial en las empresas cotizadas en el mercado bursátil español durante el periodo 2000-2012 aplicando una metodología de datos de panel. Los resultados obtenidos nos indican que la reputación influye positivamente en la creación de valor económico patrimonial, y que, al mismo tiempo, un mayor valor empresarial repercute en una mayor reputación corporativa, dando muestras de una relación bidireccional que retroalimenta las dos variables objeto de estudio. Estos resultados tienen importantes implicaciones para la gestión, ya que legitiman la integración de prácticas de responsabilidad social corporativa en las grandes empresas españolas cotizadas en bolsa.
|
| description_eng |
Determining if companies should incorporate social aspects in their management strategies to satisfy the expectations of their different stakeholders presents theoretical postures and previous empirical evidence both for and against it. The objective of this study consists of analyzing the existing relationship between corporate reputation and the creation of patrimonial economic value in the companies sought-after in the Spanish stock market in the 2000-2012 period by applying a methodology of panel data. The obtained results show us that reputation has a positive influence in the creation of patrimonial economic value and that, at the same time, a higher company value leads to a higher corporate reputation showing a bi-directional relationship, which provides feedback to the two variables that are the subject of this study. These results have important implications for management as they legitimize the integration of corporate social responsibility practices in big Spanish companies sought-after in the stock market.
|
| author |
Daza-Izquierdo, Julio |
| author_facet |
Daza-Izquierdo, Julio |
| topicspa_str_mv |
ratio q de Tobin creación de valor reputación corporativa. Inversión responsabilidad social grupos de interés datos de panel accionistas |
| topic |
ratio q de Tobin creación de valor reputación corporativa. Inversión responsabilidad social grupos de interés datos de panel accionistas interest groups shareholders value creation panel data Tobin’s Q Ratio corporate reputation acionistas dados de painel grupos de interesse proporção q de Tobin reputação corporativa criação de valor |
| topic_facet |
ratio q de Tobin creación de valor reputación corporativa. Inversión responsabilidad social grupos de interés datos de panel accionistas interest groups shareholders value creation panel data Tobin’s Q Ratio corporate reputation acionistas dados de painel grupos de interesse proporção q de Tobin reputação corporativa criação de valor |
| citationvolume |
2 |
| citationissue |
1 |
| citationedition |
Núm. 1 , Año 2015 : enero-junio |
| publisher |
Sabaneta: Fundación Universitaria Ceipa, 2014- |
| ispartofjournal |
Revista Perspectiva Empresarial |
| source |
https://revistas.ceipa.edu.co/index.php/perspectiva-empresarial/article/view/59 |
| language |
Español |
| format |
Article |
| rights |
https://creativecommons.org/licenses/by-nc-sa/4.0/ http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess |
| references |
Delgado, J. B., Quevedo, E. de & Díez, J. M. (2013). The impact of corporate reputation on firm risk: A panel data análisis of Spanish quoted firms. British Journal of Management, 24, 1-20. https://doi.org/10.1111/j.1467-8551.2011.00782.x Gómez, F. (2008). Responsabilidad social corporativa y performance financiero: treinta y cinco años de investigación empírica en busca de un consenso. Principios: Estudios de Economía Política, 11, 5-24. Friedman, M. (1970). A Friedman doctrine: The social responsibility of business is to increase its profits. The New York Times Magazine, 13, 32-33. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman Fernández, J. L. & Luna, L. (2007). The creation of value through corporate reputation. Journal of Business Ethics, 76, 335-346. https://doi.org/10.1007/s10551-006-9285-0 B., Quevedo, E. Eberl, M. & Schwaiger, M. (2005). Corporate reputation: Disentangling the effects on financial performance. European Journal of Marketing, 39(7-8), 838-854. https://doi.org/10.1108/03090560510601798 Delgado, J. de & Fuente, J. M. de la (2010). The impact of ownership structure on corporate reputation. Evidence from Spain. Corporate Gobernance: An International Review, 18(6), 540-556. https://doi.org/10.1111/j.1467-8683.2010.00818.x Brown, B. (1998). Do stock market investors reward companies with reputations for social performance? Corporate Reputation Review, 1(3), 271-280. https://doi.org/10.1057/palgrave.crr.1540048 Jensen, M. C. (2002). Value maximization, stakeholders theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235-256. https://doi.org/10.2307/3857812 Brown, B. (1997). Stock market valuation of reputation for corporate social performance. Corporate Reputation Review, 1(1), 76-80. https://doi.org/10.1057/palgrave.crr.1540021 Black, E. L., Carnes, T. A. & Richardson, V. J. (2000). The market valuation of corporate reputation. Corporate Reputation Review, 3(1), 31-42. https://doi.org/10.1057/palgrave.crr.1540097 Baraibar, E. & Luna, L. (2012). Transparencia social e hipótesis del impacto social. Análisis en el IBEX35. Universia Business Review, 36, 108-123. Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and application to employment equations. Review of Economic Studies, 58, 277-297. https://doi.org/10.2307/2297968 Agnihotri, A. (2014). Mass-media-based Corporate Reputation and firms's market valuation. Evidence from emerging markets. Corporate Reputation Review, 17, 206-218. https://doi.org/10.1057/crr.2014.10 Inglis, R., Morley, C. & Sammut, P. (2006). Corporate reputation and organisational performance: an Australian study. Management Auditing Journal, 21(9), 934-947. https://doi.org/10.1108/02686900610705028 Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34, 2549-2561. https://doi.org/10.1016/j.jbankfin.2010.04.013 Williamson, O. E. (1985). The Economic Institutions of Capitalism. New York: Free Press. Martínez, I. & Olmedo, I. (2010). Revisión teórica de la reputación en el entorno empresarial. Cuadernos de Economía y Dirección de la Empresa, 44, 59-78. https://doi.org/10.1016/S1138-5758(10)70019-0 Waddock, S. A. & Graves, S. B. (1997). Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303-319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G Vergin, R. C. & Qoronfleh, M. W. (1998). Corporate reputation and the stock market. Business Horizons, 41(1), 19-26. https://doi.org/10.1016/S0007-6813(98)90060-X Srivastava, R. K., McInish, T. H., Wood, R. A. & Capraro, A. J. (1997). The value of corporate reputation: Evidence from the equity markets. Corporate Reputation Review, 1(1), 62-68. https://doi.org/10.1057/palgrave.crr.1540018 Rose, C. & Thomsen, S. (2004). The impact of corporate reputation on performance: Some Danish evidence. European Management Journal, 22(2), 201-210. https://doi.org/10.1016/j.emj.2004.01.012 Preston, L. E. & O'Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business and Society, 36, 419-429. https://doi.org/10.1177/000765039703600406 Post, J., Preston, L. & Sachs, S. (2002). Redefining the corporation: Stakeholder Management and Organizational Wealth. Stanford, CA: Stanford University Press. McMillan, G. S. & Joshi, M. P. (1997). Sustainable competitive advantage and firm performance: The role of intangible resources. Corporate Reputation Review, 1(1), 81-85. https://doi.org/10.1057/palgrave.crr.1540022 |
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