دانلود رایگان مقاله لاتین شهرت شرکت و ارزش بازار: شواهد با شبکه های عصبی رگرسیون از سایت الزویر
عنوان فارسی مقاله:
اعتبار شرکت و ارزش بازار: شواهد با شبکه های عصبی رگرسیون عمومی
عنوان انگلیسی مقاله:
Corporate reputation and market value: Evidence with generalized regression neural networks
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
. Literature review and hypotheses 32
CR is a collective representation of past actions and results of 33 a company, and describes its ability to distribute the value created 34 between different stakeholders. CR also measures the relative status 35 of a company, both internally with employees and externally with 36 stakeholders within a competitive and institutional environment 37 (Fombrun & Van Riel, 1996). 38 According to the Resource-Based View, CR is an asset for the com- 39 pany, and as such, it has the ability to create value. This point has 40 been empirically and theoretically demonstrated, proving that a good 41 CR increases the expected reward in future interactions with others (Fombrun, Gardberg, & Barnett, 2000; Pfeiffer, Tran, Krumme, & Rand, 44 2012). The rationale behind this assertion is that CR acts as a mech- 45 anism to reduce asymmetric information, allowing the company to 46 attract better resources under more favorable terms (De Quevedo 47 Puente, De la Fuente Sabaté, & Delgado García, 2005). When it oc- 48 curs, a company with a good CR is capable of getting better productive 49 (first order) resources, linking past and future resources within the 50 firm. Thus, CR becomes a second order resource whose task is to ease 51 the attraction of new resources for the achievement of better con- 52 ditions for business activity, and therefore constituting both CR and 53 the other resources a differential strategic advantage over competi- 54 tors (Hall, 1992). Kotha, Rajgopal, and Rindova (2001) state that CR 55 is an inimitable, irreplaceable asset, unevenly distributed, and source 56 of barriers within and between sectors through differentiation. In the 57 words of Capraro and Srivastava (1997) and Fombrun and Shanley 58 (1990), CR confers on the company a valuable, scarce and sustainable 59 competitive advantage. 60 Previous literature has no doubts on the economic benefits pro- 61 vided by a good CR, but controversy still surrounds the valua- 62 tion made by financial markets on CR (Agnihotri, 2014; Raithel & 63 Schwaiger, 2015). As stated by Tischer and Hildebrandt (2014), sev- 64 eral works have analyzed this relationship, but none of them have 65 been able to confirm undoubtedly the influence of CR on financial 66 performance. In some papers the claimed effects cannot be proven, 67 and in some others the direction of causality is unclear. 68 There are several works concluding that CR is a valuable busi- 69 ness resource, capable of generating sustainable competitive advan- 70 tage over time, which causes a higher market value of their securities 71 (Agnihotri, 2014; Black et al., 2000; Cole, Brown, & Sturgess, 2014; 72 Hall Jr. & Lee, 2014; Raithel & Schwaiger, 2015; Tischer & Hildebrandt, 73 2014; Wang & Smith, 2008). Similarly, Stuebs and Sun (2011) and 74 Wang and Smith (2008) consider that a good CR stands for the com- 75 pany’s financial health, a highly valued aspect in the eyes of investors, 76 since they use the presence of a firm in the reputation rankings as a 77 signal to invest in. Cole et al. (2014) and Raithel and Schwaiger (2015) 78 point out that given the level of competition among investment fund 79 managers seeking better returns, they are required to look beyond 80 the conventional parameters (accounting data) and find increasingly 81 innovative ways to beat the market. One such way is estimating the 82 value of CR. 83 Other studies, however, do not consider that the mere presence 84 in the rankings of CR can be identified with obtaining higher yields, 85 so CR does not cause any noticeable effect on the stock markets 86 (Brammer et al., 2004, 2009).
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