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Artículos Originales issn 2389-8186 e-issn 2389-8194 Vol. 2, No. 1 Marzo de 2015 doi: http://dx.doi.org/10.16967%2Frpe.v2n1a6 ARTÍCULOS ORIGINALES Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial pp. 85-95 JULIO DAZA-IZQUIERDOa Historia DEL artícULO resUMEN Determinar si las compañías deben incorporar aspectos sociales en sus estra- ¿CÓMO citar?: tegias de gestión conducentes a satisfacer las expectativas de sus distintos stakeholders Daza-Izquierdo, J. (2015). presenta posturas teóricas y evidencia empírica previa tanto a favor como en contra. El Análisis de la relación circular entre reputación corporativa objetivo del presente estudio consiste en analizar la relación existente entre reputación y creación de valor económico corporativa y creación de valor económico patrimonial en las empresas cotizadas en el patrimonial. Perspectiva mercado bursátil español durante el periodo 2000-2012 aplicando una metodología de Empresarial, 2(1), 85-95. http:// datos de panel. Los resultados obtenidos nos indican que la reputación influye positiva- dx.doi.org/10.16967%2Frpe. mente en la creación de valor económico patrimonial, y que, al mismo tiempo, un mayor v2n1a6 valor empresarial repercute en una mayor reputación corporativa, dando muestras de una Recibido: 6 de noviembre de relación bidireccional que retroalimenta las dos variables objeto de estudio. Estos resul- 2014 tados tienen importantes implicaciones para la gestión, ya que legitiman la integración Aprobado: 16 de enero de 2015 de prácticas de responsabilidad social corporativa en las grandes empresas españolas Correspondencia: cotizadas en bolsa. Julio Daza-Izquierdo. Av. Elvas s/n 06071 Badajoz, España. paLABRAS CLAVE accionistas, creación de valor, datos de panel, grupos de interés, ratio q de Tobin, reputación corporativa. a Departamento de Economía Financiera y Contabilidad, Universidad de Extremadura, España. Correo electrónico: [email protected] rpe.ceipa.edu.co issn 2389-8186 e-issn 2389-8194 Vol. 2, No. 1 Marzo de 2015 doi: http://dx.doi.org/10.16967%2Frpe.v2n1a6 Analysis of the circular relationship between corporate reputation and the creation of patrimonial economic value abstract Determining if companies should incorporate social aspects in their manage- ment strategies to satisfy the expectations of their different stakeholders presents theore- tical 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 eco- nomic value and that, at the same time, a higher company value leads to a higher corpo- rate 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 ¿CÓMO cito EL artícULO? management as they legitimize the integration of corporate social responsibility practices HOW TO CITE THIS PAper? in big Spanish companies sought-after in the stock market. CHICAGO: KEYWORDS shareholders, value creation, panel data, interest groups, Tobin’s Q Ratio, Daza-Izquierdo, Julio. corporate reputation. “Análisis de la relación circular entre reputación corporativa y creación de valor económico patrimonial”. Perspectiva Empresarial 2 Análise da relação circular entre reputação corporativa e criação de valor (2015): 85-95. http://dx.doi. econômico patrimonial org/10.16967%2Frpe.v2n1a6 resUMO Determinar se as companhias devem incorporar aspectos sociais em suas es- MLA: tratégias de gestão conducentes para satisfazer as expectativas de seus distintos stake- Daza-Izquierdo, Julio. “Análisis de la relación circular entre holders apresenta posturas teóricas e evidência empírica prévia tanto a favor quanto reputación corporativa y contra. O objetivo do presente estudo consiste em analisar a relação existente entre a re- creación de valor económico putação corporativa e a criação de valor econômico patrimonial nas empresas cotadas no patrimonial”. Perspectiva mercado da bolsa de valores espanhola durante o período 2000-2012 aplicando uma me- Empresarial 2.1 (2015): 85- todologia de dados de painel. Os resultados obtidos indicam-nos que a reputação influi 95. Digital. http://dx.doi. org/10.16967%2Frpe.v2n1a6 positivamente na criação de valor econômico patrimonial, e que, ao mesmo tempo, um maior valor empresarial repercute em uma maior reputação corporativa, dando mostras de uma relação bidirecional que retroalimenta as duas variáveis objeto de estudo. Estes resultados têm importantes implicações para a gestão, já que legitimam a integração de práticas de responsabilidade social corporativa nas grandes empresas espanholas cota- das na bolsa. paLAVRAS CHAVE acionistas, criação de valor, dados de painel, grupos de interesse, pro- porção q de Tobin, reputação corporativa. J. Daza-Izquierdo, RPE, Vol. 2, No. 1, Mar. 2015 Introducción Esto se debe a una serie de limitaciones, como son la falta de fundamentos teóricos, el uso de varia- bles inapropiadas para medir reputación o valor, con la imagen pública o de marca de una com- - La reputación corporativa se suele identificar pañía. Sin embargo, este es un concepto mucho porcionan estimaciones no robustas que pueden más amplio que implica no solo la imagen ex- darla especificación lugar a falsos deresultados, modelos y simplistas el empleo quede bases pro terna sino también la imagen interna que tienen de datos que muestran una mínima variabilidad los distintos grupos de interés sobre la compa- en cuanto a las características subyacentes de ñía. Concretamente, la reputación es el resultado las compañías. En este contexto, el objetivo del de un amplio proceso que se inicia con el com- presente estudio consiste en aportar evidencia portamiento de la compañía con sus distintos empírica adicional que supere las limitaciones in- participantes. Posteriormente intervienen inter- dicadas anteriormente, y que proporcione resul- mediarios especializados, que analizan la infor- tados robustos con respecto a la naturaleza de la mación dispersa y le dan difusión. Por último, son relación entre reputación corporativa y creación los propios agentes económicos los que evalúan a de valor económico patrimonial en el mercado ARTÍCULOS la compañía y generan percepciones a partir de su bursátil español durante los años 2000 a 2012. relación con ella y de la información que reciben Una de las contribuciones del presente tra- 87 de los intermediarios especializados. bajo consiste en el análisis de un amplio periodo temporal que supera los diez años de estudio, en corporativa como la percepción generalizada que los que se incluyen unos primeros años de expan- se tieneEn este sobre sentido, la capacidad se puede de definir una lacompañía reputación de sión, así como años caracterizados por una fuer- satisfacer las expectativas de sus distintos stake- holders, tanto en términos de comportamiento de controlar dichos efectos macroeconómicos, al como de transparencia informativa. Se trata, por te crisis financiera internacional. Con el objeto consiguiente, de un activo intangible de gran re- se optó por realizar un análisis con datos de panel levancia que, en los últimos años, ha suscitado el aplicandoigual que los diversos efectos métodos específicos como de los cada tradicional empresa,- interés no solo de los académicos sino también de mente empleados: mínimos cuadrados ordinarios los profesionales, sean ellos gestores, analistas o y efectos fijos o aleatorios, así como el método inversores. Además, la reputación corporativa es generalizado de los momentos. Todo ello permite fuente de ventajas competitivas porque cumple proporcionar resultados concluyentes acerca de la las cualidades de ser un recurso estratégico y una relación entre las dos variables objeto de estudio. capacidad dinámica que proporciona valor al uti- Concretamente, los resultados obtenidos indi- lizarse de forma estratégica (Martínez & Olmedo, 2010). en la creación de valor económico patrimonial, y Desde el punto de vista académico, existe un que,can que simultáneamente, la reputación influye un mayor de manera valor empresa positiva- encendido debate tanto teórico como empírico rial repercute en una mayor reputación corporati- acerca de la necesidad de incorporar la relación va, dando muestras de una relación bidireccional con los stakeholders en las estrategias de gestión. que retroalimenta las dos variables objeto de Por otro lado, desde un punto de vista profesional, estudio. Estos resultados tienen importantes im- los directivos de las empresas están interesados plicaciones para la gestión, dado que legitiman la en conocer las implicaciones de incorporar los integración de prácticas de responsabilidad social principios de responsabilidad social en sus com- en las grandes empresas españolas, como se co- - mentará a lo largo del texto. tégicas con sus grupos de interés. También los El resto del trabajo se estructura del siguien- inversorespañías, con institucionalesel fin de mejorar y gestoreslas relaciones de carteras estra te modo. En el segundo apartado se describen las están cada vez más interesados por el impacto posturas teóricas a favor y en contra de la incor- bursátil de estas medidas, y por saber si este tipo poración de aspectos sociales en las estrategias
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