دانلود رایگان مقاله اعتبار شرکت و ارزش بازار: شواهد با شبکه های عصبی رگرسیون عمومی

Abstract

Corporate Reputation (CR) is a critical intangible asset for a firm. As a representation of its past actions and results, CR encompasses a number of features which conform the status of a firm regarding its competitors. This helps corporations not only to gain competitive advantages, but also to survive in times of economic turbulences. Despite its apparent relevance, it remains inconclusive and controversial whether CR affects firms’ financial performance, a key point for current and potential investors. Our aim is to provide new evidence that could shed some light in determining the role of CR in stock market valuation. Since most of the previous research focus on this relationship using Multiple Regression (MR), it has been suggested that more conclusive results could be achieved using neural networks, but it has not been proven yet to the best of our knowledge. Using a sample of Spanish listed companies in the period 2008–2011, MR and a neural network technique, Generalized Regression Neural Network (GRNN), have been used. At an empirical level, results show that the mere presence of a firm in a reputation ranking has a positive impact on its market value, and that also a higher CR have a favorable influence on financial performance. At a methodological level, results of GRNN have proven to be more robust than those obtained using traditional MR.

6. Conclusions

443 Our aims in this work have led us to investigate the relationship 444 between CR and market value in Spain. For this purpose, GRNN has 445 been applied as a method of analysis to add prospects that are not 446 available to conventional multiple regression (MR). MR has an im- 447 portant role in the identification of signs and meanings of the respec- 448 tive variables, but the impact analysis of GRNN variables takes into 449 account nonlinearities.