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How does the spanish sock market value corporate reputation?
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Orientador(es)
Resumo(s)
Empresas altamente conceituadas são excelentes candidatas ao investimento, porque existem expectativas positivas sobre seu desempenho futuro que derivam dos seus registos consistentes de oferecer qualidade e valor. Por essa razão, investidores privados e institucionais muitas vezes preferem comprar ações de empresas reputadas e alguns deles investem exclusivamente em ações de empresas líderes. No entanto, a questão de saber se estas empresas fornecem valores de mercado mais elevados permanece ainda por resolver. Neste contexto, o objetivo deste estudo é analisar o valor acrescentado da reputação corporativa para uma amostra de empresas cotadas na bolsa espanhola. Os nossos resultados globais mostram que apenas as pequenas empresas com um elevado nível de reputação são significativamente valorizadas pelo mercado e, mais precisamente, as pequenas e reputadas empresas com lucros positivos.
ABSTRACT: Highly reputable companies are excellent investment candidates because they have positive expectations about their future performance that derive from their consistent track records of delivering quality and value. For that reason, individuals and institutional investors often prefer to buy shares of well-regarded companies and some of them exclusively invest in stocks of leading firms. However, the question of whether these firms provide higher market values remains as yet unresolved. In this context, the aim of this study is to analyze the added value of corporate reputation for a sample of firms quoted on the Spanish stock market. Our overall results show that only small firms with a high level of reputation are significantly valued by the market and, more precisely, those small and reputable firms with positive profits.
ABSTRACT: Highly reputable companies are excellent investment candidates because they have positive expectations about their future performance that derive from their consistent track records of delivering quality and value. For that reason, individuals and institutional investors often prefer to buy shares of well-regarded companies and some of them exclusively invest in stocks of leading firms. However, the question of whether these firms provide higher market values remains as yet unresolved. In this context, the aim of this study is to analyze the added value of corporate reputation for a sample of firms quoted on the Spanish stock market. Our overall results show that only small firms with a high level of reputation are significantly valued by the market and, more precisely, those small and reputable firms with positive profits.
Descrição
Palavras-chave
Reputação corporativa Valor de mercado Tamanho Rentabilidade Corporate reputation Market value Size Profitability
Contexto Educativo
Citação
MIRALLES QUIRÓS, María del Mar ; MIRALLES QUIRÓS, José Luis ; DAZA IZQUIERDO, Julio (2015) - How does the spanish market value corporate reputation? GESTIN. ISSN 1645-2534. Ano 13, nº 12, p. 175-188.
Editora
Escola Superior de Gestão de Idanha-a-Nova