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

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. Keywords: Corporate Reputation. Creation of Wealth. Signaling Theory. Este estudo tem como objetivo investigar a relacao entre a reputacao corporativa e a criacao de riqueza pelas companhias listadas na BM&FBovespa, considerando a Teoria da Sinalizacao. Fez-se uso da Regressao Linear Multipla e do teste de Mann-Whitney em uma amostra de 309 empresas. A coleta de dados foi realizada com base nas Demonstracoes Financeiras Padronizadas, no Formulario de Referencia e na participacao das empresas em alguns rankings. Os resultados revelaram que: (i) a criacao de riqueza e influenciada pela reputacao corporativa, assim como o tamanho, o endividamento, a proporcao de ativos intangiveis, a idade e a internacionalizacao; (ii) ha diferencas estatisticamente significantes entre as empresas com reputacao e aquelas que nao possuem reputacao corporativa. Conclui-se que manter uma boa reputacao corporativa, sendo esta considerada um ativo intangivel, dificilmente copiada e proveniente dos sinais positivos emitidos para os stakeholders, constitui fator determinante na explicacao da criacao de riqueza. Palavras-chave: Reputacao Corporativa. Criacao de Riqueza. Teoria da Sinalizacao.