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http://hdl.handle.net/10071/8079
acessibilidade
Title: The value relevance of reputation for sustainability leadership
Authors: Lourenço, I.
Callen, J.
Branco, M.
Curto, J.
Keywords: Corporate sustainability
Reputation
Value relevance
Issue Date: 2014
Publisher: Springer Verlag
Abstract: This study investigates whether the market valuation of the two summary accounting measures, book value of equity and net income, is higher for firms with reputation for sustainability leadership, when compared to firms that do not enjoy such reputation. The results are interpreted through the lens of a framework combining signalling theory and resource-based theory, according to which firms signal their commitment to sustainability to influence the external perception of reputation. A firm’s reputation for being committed to sustainability is an intangible resource that can increase the value of a firm’s expected cash flows and/or reduce the variability of its cash flows. Our findings are according to expectations and show that the net income of firms with good sustainability reputation has a higher valuation by the market, when compared to their counterparts.
Description: WOS:000329654100002 (Nº de Acesso Web of Science)
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/8534
http://hdl.handle.net/10071/8079
ISSN: 0167-4544
Publisher version: The definitive version is available at: http://dx.doi.org/10.1007/s10551-012-1617-7
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica

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