Corporate reputation and wealth creation of companies listed on BMFBovespa/Reputacao corporativa e a criacao de riqueza nas empresas listadas na BMFBovespa

• Published in: Revista de Ciencias da Administracao p. 51
• Main Authors: De Luca, Marcia Martins Mendes, Gois, Alan Diogenes, Costa, Juliana Almeida, Maia, Ana Jeniffer Reboucas
• Format: Journal Article
• Language: Portuguese
• Published: Universidade Federal de Santa Catarina 01.08.2015
• Subjects: Accounting; Financial statements; Globalization; Technique
• DOI: 10.5007/2175-8077.2015v17n42p51
• ISSN: 1516-3865

This study aims at investigating the relation between corporate reputation and the creation of wealth in companies listed on the BM&FBovespa, considering the Signaling Theory. Multiple Linear Regression and Mann-Whitney's Test were employed on a sample of 309 companies. The gathering of data was performed based on Standardized Financial Statements, Reference Application Forms and the companies' participation in some rankings. The results revealed that (i) the creation of wealth is influenced by corporate reputation, as well as size, debts, proportion of intangible assets, age, and internationalization; (ii) there are statistically significant differences between companies with corporate reputation and companies without it. It is concluded that the maintenance of good corporate reputation, which is considered to be an intangible asset, and which is hard to copy as well as a result of positive signals emitted towards stakeholders, constitutes a determining factor when it comes to explaining the wealth created.