Sammanfattning Titel: Har ett företags utdelningspolicy någon betydelse?   Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi.   Författare: Pontus Kindlund och Andreas Wallgren   Handledare: Catherine Lions   Datum: 2018–01   Syfte: Tidigare forskning undersöker oftast utdelningspolicyns betydelse för investerarna. Därför har vi valt att se det från företagens perspektiv genom att undersöka hur ett företags utdelningspolicy påverkar företagets genomsnittliga kapitalkostnad.   Metod: Studien har en kvantitativ metod med hypotesprövningar och en deduktiv ansats där datan är inhämtad från Thompson Reuters Datastream. Regressionsanalyser har sedan utförts för att studera sambandet mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader.   Resultat och slutsats: Studiens resultat visar att det inte finns några omfattande samband mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader. Vår studie är därför i linje med studien från Modigliani och Miller (1961) angående utdelningspolicyns irrelevans.   Examensarbetets bidrag: Studiens resultat bidrar med kunskap som kan vara till nytta för företagsledningar som utarbetar företagens utdelningspolicy, eftersom oavsett val av utdelningspolicy kan det inte förväntas ha en signifikant påverkan på företagens genomsnittliga kapitalkostnad.   Förslag till fortsatt forskning: Då vår studie inte har tagit hänsyn till företagens investeringsmöjligheter så kvarstår det att även ta hänsyn till detta för att undersöka utdelningspolicyns påverkan på den genomsnittliga kapitalkostnaden.   Nyckelord: Utdelningspolicy, Genomsnittlig kapitalkostnad, Signalteori, Utdelningspolicyns irrelevans, Trade-off-teori / Abstract Title: Does a company’s dividend policy matter?   Level: Student thesis, final assignment for Bachelor Degree in Business Administration.   Author: Pontus Kindlund and Andreas Wallgren   Supervisor: Catherine Lions   Date: 2018–01   Aim: Previous research usually explores the importance of the dividend policy for investors. Therefore, we have chosen to see it from the corporate perspective by investigating how a company's dividend policy affects the company's weighted average cost of capital.   Method: The study has a deductive approach and a quantitative method of hypothesis testing and where the data is obtained from Thompson Reuters Datastream. Regression analysis has then been conducted to study the relationship between the dividend policy and the companies’ weighted average cost of capital.   Result & Conclusions: The study's results show that there is no general correlation between the company's dividend policy and the company's weighted average cost of capital. Our study is in line with the study by Modigliani and Miller (1961) regarding the irrelevance of the dividend policy.   Contribution of the thesis: The results of the study contribute to creating knowledge that may be useful to business executives who prepare the company's dividend policy, since any choice of dividend policy should not be expected to have a significant impact on the weighted average cost of capital.   Suggestions for future research: As our study has not taken into account the companies' investment opportunities, it remains to take this into consideration to investigate the impact of the dividend policy on the weighted average cost of capital.   Key words: Dividend policy, Weighted average cost of capital, Signaling theory, The irrelevance of a dividend policy, Trade-off theory

Many firms from emerging markets flocked to developed countries at high cost with hopes of acquiring strategic assets that are difficult to obtain in home countries. Adequate research has focused on the motivations and strategies of emerging country firms' (ECFs') internationalization, while limited studies have explored their survival in advanced economies years after their venturing abroad. Due to the imprinting effect of home country institutions that inhibit their development outside their home market, ECFs are inclined to hire executives with international background and affiliate to world-wide organizations for the purpose of linking up with the global market, embracing multiple perspectives for strategic decisions, and absorbing the knowledge of foreign markets. However, the effects of such orientation on survival are under limited exploration. Motivated by the discussion above, I explore ECFs’ survival and stock performance in a developed country (U.S.). Applying population ecology, signaling theory and institutional theory, the dissertation investigates the characteristics of ECFs that survived in the developed country (U.S.), tests the impacts of global orientation on their survival, and examines how global-oriented activities (i.e. joining United Nations Global Compact) affect their stock performance. The dissertation is structured in the form of three empirical essays. The first essay explores and compares different characteristics of ECFs and developed country firms (DCFs) that managed to survive in the U.S. The second essay proposes the concept of global orientation, and tests its influences on ECFs’ survival. Employing signaling theory and institutional theory, the third essay investigates stock market reactions to announcements of United Nation Global Compact (UNGC) participation. The dissertation serves to explore the survival of ECFs in the developed country (U.S.) by comparison with DCFs, enriching traditional theories by testing non-traditional arguments in the context of ECFs’ foreign operation, and better informing practitioners operating ECFs about ways of surviving in developed countries and improving stockholders’ confidence in their future growth.

This thesis analyzes and evaluates the relationship between insider trading and the long-term stock performance of Initial Public Offerings (IPO) in Sweden. The study looks at firms that recently conducted an IPO and how the stock performance of the firm is impacted by insiders making transactions in their own stock. An IPO is known to generate high returns on its first day on the public stock market, but to underperform the market in the long term. The characteristics of an IPO are deviant from the rest of the stock market, and with less information available to the public compared to other firms, the IPO market is hard to navigate for investors. Transactions made by insiders in the share of their own company is usually seen as guidance in public companies. An insider purchase is usually followed by a positive stock return, and insiders selling shares have the opposite impact. The aim of this thesis is to investigate if the information provided by insider transactions can be used to create a potential trading strategy for IPOs. Through statistical analysis, a negative relationship is found between the insider trading and IPO long-term stock performance, indicating that insider buying shares are connected to lesser stock performance. This contradicts previous research regarding insider trading in seasoned firms and opens up for discussion. By implementing a theoretical framework, a deeper analysis of the proposed relationship is be made. This study concludes that the negative relationship between insider trading and long-term IPO stock performance is not directly caused by insider trading itself. Instead, it is a result of insiders making poor investment decisions due to outside pressure and behavioral factors.

Payout policies is one of the most discussed topics in corporate finance. Since Miller & Modigliani (1961) dividend irrelevance theory, which was based on perfect markets, many theories have been developed in order to incorporate market imperfections to payout decisions. Numerous scholars have been trying to explain why companies pay dividends, whether they should compensate investors with alternative methods such as share repurchases or not distribute cash at all. The theme has gained lots of attention during the 21-st century driven by the subprime financial crisis in 2008 and mostly recently, in 2020, due to economic impacts brought by the Covid 19 pandemic. Another important aspect that makes the study of payout policy relevant in the 21-st century is the unique impacts of unveiled trends such as globalization and volatile markets, increased importance of ecology and sustainability, emergency of fast growth firms (mainly in the Tech industry) and change characteristics of listed firms. Globally there is a tendency of reduction in the number of listed firms and also deterioration in the quality of earnings. Additionally, there is no consensus about which factors influence a firm propensity of distributing cash to shareholders, which makes the topic very intriguing. Previous research has been conducted mainly within US firms. Few studies have been conducted regarding payout policies in the Nordic countries and most of them give little attention to share repurchases and payout policy determinants. Therefore, we decided to conduct a study regarding the patterns and determinants of payout policy in the 21-st century with focus on the Nordic countries. The purposes of the study are: first, to understand the pattern of payout policies in the Nordic countries during the 21-st century and second determine if there is a relationship between a number of firm’s selected factors and firm’s payout policy. As a sub purpose we intend to examine whether the Covid 19 pandemic had any effect on Nordic firm’s payout policies. The factors investigated, namely: debt, profit, retained earnings, growth opportunities, cash holdings, size and age were identified through a detailed literature review. We collected data from Thomson Reuters DataStream Eikon covering the period between 2000 and 2020 for 1,153 firms from all Nordic countries: Denmark, Iceland, Finland, Norway and Sweden. The study follows a quantitative research method with a deductive approach, and we have based the theoretical framework on the following theories: Miller-Modigliani dividend irrelevance theory, Signaling theory, Agency theory, Life-cycle theory and Substitution and Flexibility hypotheses. In order to determine whether there is a relationship between the companies selected factors and the payout ratios we conducted ordinary least square (OLS) correlation analysis. Additional regression analysis was conducted to verify possible impacts of Covid 19 on Nordic payout policies. Results indicate that some firms’ selected characteristics such as debt, size and age have an impact on Nordic firms’ payout policy during the 21-st century. Larger firms with lower debt are more willing to pay cash dividends, while older firms tend to present higher levels of share repurchase. Firms’ characteristics showed no impact on changes in payout ratios during the initial period of Covid 19.

Titel: Den ekonomiska skillnaden mellan frivillig kontra obligatorisk CSR Assurance Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Björn Eklund & Sarah Andersen Handledare: Anders Hedman Datum: 2022 - Januari Syfte: 2024 blir det obligatoriskt för svenska företag att genomföra en extern granskning av sina CSR rapporter. Studiens syfte har därför varit att genom en jämförande studie, undersöka de ekonomiska konsekvenserna av obligatorisk kontra frivillig CSR Assurance bland företag. Metod: Studien förhåller sig till en positivistisk forskningsfilosofi med en hypotetisk deduktiv forskningsansats. En kvantitativ metod används för att samla in kvantifierbara och generaliserbara resultat. En longitudinell design har använts där data från Thomson Reuters Eikon hämtats hem för företag under 2015–2019. Resultat & slutsats: Studien har kommit fram till att kortsiktigt påverkas företags lönsamhet negativt med CSR Assurance. Dessutom har obligatorisk CSR Assurance en större negativ påverkan där man kan anta att det beror på användning av frivillig CSR Assurance är mera uppskattat av läsarna vilket medför en mindre negativ påverkan på företagets lönsamhet. Vidare enligt signaleringsteorin där signalen måste kosta, påverkar företagets kortsiktiga lönsamhet negativt men positivt på långsiktigt.  Examensarbetets bidrag: Studien visar att kortsiktigt påverkas företagets lönsamhet negativt av CSR Assurance men mer negativt när företagen använder obligatorisk CSR Assurance. Studiens resultat ger även beslutsfattarna i företag en konkret drivkraft till att tänka långsiktigt i sina investeringar.  Förslag till fortsatt forskning:  Förslag för framtida forskning är att inkludera en annan databas, som tar mer hänsyn till begreppet CSR Assurance och ger en mer uppdaterad urvalslista. Vidare är ett annat förslag att undersöka om användning av GRIs riktlinjer och CSR Assurance nivå även har en påverkan på företagens ekonomiska prestanda. / Title: The financial difference between voluntary versus mandatory CSR Assurance Level: Student thesis, final assignment for bachelor’s degree in Business Administration Author: Björn Eklund & Sarah Andersen Supervisor: Anders Hedman Date: 2022 - January Aim: In 2024, it will be mandatory for Swedish companies to carry out an external review of their CSR reports. The purpose of the study has therefore been to, through a comparative study, examine the financial consequences of compulsory versus voluntary CSR Assurance among companies. Method: The study relates to a positivist research philosophy with a hypothetical deductive research approach. A quantitative method is used to collect quantifiable and generalizable results. A longitudinal design has been used where data from Thomson Reuters Eikon was retrieved for companies during 2015–2019. Result & Conclusions: The study has concluded that in the short term, companies' profitability is negatively affected by CSR Assurance. In addition, compulsory CSR Assurance has a greater negative impact where it can be assumed that it is due to the use of voluntary CSR Assurance is more appreciated by readers, which entails a less negative impact on the company's profitability. Furthermore, according to the signaling theory where the signal must cost, the company's short-term profitability has a negative but positive effect in the long term. Contribution of the thesis: The study shows that in the short term, the company's profitability is negatively affected by CSR Assurance, but more negatively when companies use mandatory CSR Assurance. The results of the study also give decision-makers in companies a concrete drive to think long-term in their investments. Suggestions for future research: Suggestions for future research are to include another database, which takes more account of the concept of CSR Assurance and provides a more updated selection list. Furthermore, another proposal is to investigate whether the use of GRI's guidelines and CSR Assurance level also has an impact on companies' financial performance.

Bakgrund: Företag har idag press från intressenter i samhället att reducera sina koldioxidutsläpp. Internprissättning av koldioxid är ett verktyg för företag att internalisera sina externa koldioxidkostnader. Det signalerar information till intressenter om kostnaden för företags koldioxidutsläpp i syfte att reducera dessa. För att fler företag ska anta ett internt pris på koldioxid, och därmed bidra till en koldioxidsnål ekonomi, finns ett behov att bedriva forskning om det upplevda signaleringsvärdet som ett internt pris på koldioxid medför. Syfte: Denna studie syftar till att undersöka hur beslutsfattare upplever signaleringsvärdet av ett internt pris på koldioxid. Metod: Studien har antagit en kvalitativ forskningsstrategi med en tvärsnittsdesign. Med en utgångspunkt i pragmatismen har studien antagit en abduktiv ansats. Studien har utfört fem semistrukturerade intervjuer med beslutsfattare från olika multinationella företag. Avslutningsvis har en tematisk analys använts som analysmetod.  Slutsats: Ett internt pris på koldioxid upplevs medföra fler positiva signaleringsvärden till interna än till externa intressenter, men beror på vald prismetod. Interna signaleringsvärden upplevs primärt vara ökad förståelse, ändrad attityd och ändrat beteende. Externa signaleringsvärden upplevs vara uppvisat klimatinitiativ, ansvarstagande och hållbart ledarskap, vilka kan leda till förbättrat rykte, ökad legitimitet och viss risk för greenwashing. En koldioxidavgift upplevs vara mest effektiv för att driva beteendeförändring inom företag då det förenar ekonomiska intressen med företagets koldioxidutsläpp i en större utsträckning än övriga prismetoder. / Background: Companies today face pressure from stakeholders in society to reduce their carbon emissions. Internal carbon pricing is a tool for companies to internalize the external costs associated with their carbon emissions. It signals information to stakeholders about the cost of carbon emissions for carbon reduction. For more companies to implement an internal carbon price, and contribute to a low-carbon economy, there is relevance in conducting research about the perceived signaling value of an internal carbon price. Purpose: The purpose of this study is to investigate how managers perceive the signaling value of an internal carbon price.  Methodology: This study has been done with a qualitative cross-sectional research design and a pragmatic perspective with an abductive approach. The empirical data has been collected through five semistructured interviews with managers from different multinational companies. The analysis has been done with thematic analysis.  Conclusion: An internal carbon price contributes to more positive perceived signaling values internally than externally, but is dependent on chosen price method. Perceived internal signaling values are primarily understanding, changed attitude, and changed behavior. Perceived external signaling values are demonstrated climate initiative, responsibility, and sustainable leadership, which can result in improved reputation, increased legitimacy, and risk for greenwashing. A carbon fee is perceived as the most effective price method for changed behavior within companies as it unites economic interests with carbon reduction more than other price methods.

Green bonds have rapidly increased in popularity over the past years, and are often seen as afacilitator in achieving the Paris Agreement of limiting global warming to 2°C. The Swedishreal estate sector is one of the most frequent issuers in the Swedish green bond market, as itstands for 49% of the total volume outstanding. Previous research has shown a positive linkbetween issuing green bonds and stock market performance, where stock turnover increasesin relation to the green bond announcement. Researchers argue that it can be explained by thesignaling theory, where issuing green bonds sends a signal to the market that the company iscommitted to the environment. This thesis aims to examine the effects on Swedish real estatecompanies following a green bond issuance. The research method was divided into two partsto capture the short and long term perspective. Firstly, an event-study method was conductedto compute the short term cumulative abnormal returns (CAR) on the issuing companies’stock price, and the cumulative average abnormal returns (CAAR) for the full sample.Secondly, an interview study was conducted to capture the long term effects of the issuingcompany. The results of the event study indicate no statistically significant evidence ofincreased stock price following the green bond announcement. In fact, a slightly negativeimpact is observed in the days following the announcement. This may be due to green bondissuance being perceived as an expected norm in today’s market. The results of the interviewstudy reveal that issuing green bonds can enhance company branding and attract increasedinvestor attention. These findings in our sample support the signaling theory, as itdemonstrates how it signals the company's sustainability strategy and reduces informationasymmetry. Overall, this thesis contributes to the understanding of the effects of green bondissuance on Swedish real estate companies, as it provides valuable insights to involved actors. / Gröna obligationer har ökat kraftigt i popularitet under de senaste åren och ses ofta som enfrämjande faktor för att uppnå Parisavtlalet om att begränsa den globala uppvärmningen till2°C. Den svenska fastighetssektorn är en av de mest frekventa emittenterna på den svenskagröna obligationsmarknaden, då den står för 49% av den totala utestående volymen. Tidigareforskning har visat på ett positivt samband mellan att emittera gröna obligationer ochaktiepriset, där priset på aktien ökar i samband med annonseringen av en grön obligation.Forskarna argumenterar för att det kan förklaras av signaleringsteorin, där utförandet avgröna obligationer skickar en signal till marknaden om att företaget är engagerad i miljön.Detta examensarbete syftar till att undersöka effekterna på svenska fastighetsbolag efter att deemitterat gröna obligationer. Metoden för arbetet har delats upp i två delar för att fånga detkorta och det långa perspektivet. I den första delen genomfördes en event-studie för attberäkna den kortsiktiga kumulativa onormala avkastningen (CAR) på de emitterandebolagens aktiekurs, samt den genomsnittliga kumulativa onormala avkastningen (CAAR) förhela urvalet. I den andra delen genomfördes en intervjustudie för att fånga de långsiktigaeffekterna för det emitterande bolaget. Resultaten från eventstudien indikerar inga statistisktsignifikanta bevis på ett ökat pris på aktien efter annonseringen av en grön obligation.Faktum är att en något negativ påverkan kan observeras under dagarna efter annonseringen.Detta kan bero på att emittering av gröna obligationer uppfattas som en förväntad norm pådagens marknad. Resultaten av intervjustudien visar att emittering av gröna obligationer kanförbättra företagets varumärke och locka till sig en ökad uppmärksamhet från investerare.Dessa resultat i våra observationer stöder signaleringsteorin genom att visa hur signalering avföretagets hållbarhetsstrategi kan minska informationsasymmetri. Sammanfattningsvis bidrarexamensarbetet till förståelsen av effekterna för svenska fastighetsbolag av att emittera grönaobligationer, eftersom det ger en värdefull inblick till de inblandade aktörerna.

Bakgrund: Under de senaste årtiondena har det växt fram en trend, både nationellt och internationellt, där hållbarhet har hamnat i fokus. Sedan 2017 har vi i Sverige lag på att vissa företag ska upprätta en hållbarhetsrapport men det är enbart 0,1 procent av alla svenska företag som omfattas av lagen. Även om ett bolag inte har ett lagstadgat krav på sig att upprätta en hållbarhetsrapport finns det trots detta företag som frivilligt delar med sig av icke-finansiell information. Denna benägenhet hos företag att frivilligt synliggöra hållbarhetsinformation leder till ett intresse av att närmare studera vilken frivillig hållbarhetsinformation som företag anser är väsentlig att dela med sig av när det inte finns några lagstadgade regler för detta. Syfte: Syftet med denna studie är att kritiskt analysera hållbarhetsinformation som ges ut frivilligt av företag för att jämföra innehållet och utformningen av informationen samt att ge en förståelse för vad som kan förklara eller påverka informationen. Metod: I studien tillämpas en kvalitativ innehållsanalys med komparativ design för att göra en jämförande studie av tio svenska företags hållbarhetsinformation. Vid granskningen har vi utgått från olika teman för att identifiera hur innehållet och utformningen av hållbarhetsinformationen ser ut och vilka likheter och skillnader som finns. Slutsats: Jämförandet av företagens frivilliga hållbarhetsinformation har visat att det finns stora variationer gällande både innehållet och utformningen. Bland annat finns variationer kring vilket format som används, antalet sidor och hur ingående hållbarhetsarbetet beskrivs. Förklaringar till dessa variationer ges utifrån företagens branschtillhörighet, standardiserade ramverk, Corporate Social Responsibility (CSR) och företagsekonomiska teorier. / Background: During the last decade a trend has developed, both nationally and internationally, where sustainability has become highly relevant. Since 2017 thereis a law in Sweden that stipulates that some companies are required to create a sustainability report, but only 0,1 percent of all Swedish companies are covered by the law. Even though a company does not have a legal requirement to create a sustainability report, there are still companies that voluntarily share non-financial information. This tendency for companies to voluntarily share sustainability information leads to an interest to study what kind of voluntary sustainability information companies considers to be essential to share when there are no lega lrequirements. Purpose: The purpose of this study is to critically analyze sustianability information that is being shared voluntarily by companies to compare the content and design of the information and to provide an understanding for what can explain or influence the information. Method: In this study a qualitative analysis of content was applied together with acomparative design to carry out a comparative study of sustainability information at ten Swedish companies. The analysis was based on different themes to identify the content and design of the sustainability information and to determine if there are any similarities or differences. Conclusion: After comparing the sustainability information shared by ten companies it is clear that there are large variations regarding both the content and design. For example there are variations in what format that is being used to present the information, the number of pages and how detailed the work with sustainability is described. These variations can be explained by the companies industry affiliation, standardized frameworks, Corporate Social Responsibility(CSR) and theories of business economics.

År 2010 infördes gränsvärden för revisionsplikt vilket gjorde revisionen frivillig för små företag. Sedan införandet av frivillig revision har allt fler svenska små företag valt bort revision, de huvudsakliga orsakerna är kostnaden, tiden det tar från företagsledningen och den upplevda bristen på nytta. Trots denna trend väljer vissa företag fortsatt revision. Syftet med studien är att förklara vilka svenska små aktiebolag som frivilligt väljer revision. Den huvudsakliga forskningsmetoden är kvantitativ med en deduktiv ansats. Studien har ett eklektiskt angreppssätt med utgångspunkt i agentteori, signalteori och institutionell teori. En tvärsnittsdesign och sekundärdata i form avårsredovisningar används. Även en kvalitativ forskningsmetod med induktiva inslag används. Analysen visar att de företag som väljer revision har en högre omsättning, större styrelse, högre skuldsättningsgrad, sämre ROA samt är äldre. Vidare väljer företag som är verksamma inom byggverksamhet och fastighetsverksamhet i större utsträckning revision jämfört med verksamhet inom ekonomi, vetenskap och teknik. Den kompletterande analysen skildrar att även ledningens syn på kostnad och nytta påverkar valet om revision. / In 2010 threshold levels came into force making auditing voluntary for small companies. An increasing number of companies have opted out of audit, since the abolition of the audit obligation for small companies. The main reasons are that it is costly, timeconsuming and the costs outweigh the benefits. Despite this trend some companies still choose to be audited. The purpose of this study is to explain which Swedish small limited companies that choose voluntary audit.  This study is mainly based on a quantitative and deductive approach. Based on an eclectic theoretical approach using agency theory, signaling theory and institutional theory. A cross-sectional design has been used for secondary data from financialstatements. This study is also based on a qualitative and inductive approach. The analysis indicates that companies with higher turnover, larger board, higher debt ratio, inferior ROA and are older choose auditing. Furthermore, companies that are within construction and real estate industry choose audit to a greater extent compared to companies within economics, science, and technology. The supplementary analysis depicts that management's view of cost in relation to benefit can influence the choice of audit.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / A reputaÃÃo corporativa pode ser entendida pela reuniÃo das diversas perspectivas que os stakeholders possuem da empresa atribuindo-lhe a caracterÃstica de um recurso estratÃgico capaz de gerar visibilidade, credibilidade e valor para as organizaÃÃes que a possuem, com suporte na Teoria da SinalizaÃÃo e na VisÃo Baseada em Recursos. Por sua vez, a literatura (FOMBRUN; SHANLEY, 1990; DUNBAR; SCHWALBACH, 2000; ROBERTS; DOWLING, 2002; BRITO, 2005; SÃNCHEZ; SOTORRÃO, 2007; HORIUCHI, 2010; THOMAZ; BRITO, 2010; CARDOSO et al., 2013; TISCHER; HILDEBRANDT, 2013) versa que quanto maior for a reputaÃÃo corporativa, maior à a capacidade da empresa de criar valor aos seus acionistas e produzir desempenho superior em relaÃÃo aos seus concorrentes. Nesse contexto, o presente estudo tem o objetivo de investigar a relaÃÃo entre a reputaÃÃo corporativa e a criaÃÃo de valor nas empresas de capital aberto listadas na BM&FBovespa. Para tanto, considera-se que a reputaÃÃo corporativa à construÃda a partir da percepÃÃo do mercado (stakeholders), com base nos seguintes sinais emitidos pelas empresas: disclosure socioambiental, adoÃÃo de melhores prÃticas de governanÃa corporativa, inovaÃÃo, internacionalizaÃÃo e reputaÃÃo do diretor executivo (gestÃo) e do acionista majoritÃrio (controle). O estudo se justifica na medida em que busca contribuir para a ampliaÃÃo da discussÃo sobre a temÃtica reputaÃÃo corporativa. AlÃm disso, apresenta diferencial por discutir aspectos da construÃÃo da reputaÃÃo corporativa e os seus reflexos nas organizaÃÃes. Trata-se de uma pesquisa descritiva, de natureza quantitativa, utilizando-se o procedimento documental, no qual foram aplicados os testes estatÃsticos: AnÃlise Fatorial, Teste de CorrelaÃÃo, RegressÃo Linear MÃltipla e Teste de DiferenÃas entre MÃdias. Para a anÃlise dos sinais construtivos da reputaÃÃo corporativa foi analisado o perÃodo de 2010 a 2012, a reputaÃÃo corporativa se refere ao exercÃcio de 2012 e a criaÃÃo de valor leva em conta o exercÃcio de 2013. Por meio da AnÃlise Fatorial, foi construÃdo o fator reputaÃÃo corporativa composto pelos sinais: disclosure socioambiental, inovaÃÃo, internacionalizaÃÃo e reputaÃÃo do acionista majoritÃrio. O Teste de CorrelaÃÃo permitiu validar a reputaÃÃo corporativa por sinais (gerada pela AnÃlise Fatorial), pois apresentou relaÃÃo positiva e significante com a reputaÃÃo corporativa por rankings. Com a execuÃÃo da RegressÃo Linear MÃltipla, pode-se verificar que a reputaÃÃo corporativa por sinais influencia positivamente a criaÃÃo de valor (MVA e EVA); e, a reputaÃÃo corporativa por rankings està relacionada positivamente com a criaÃÃo de valor na perspectiva de mercado (MVA). AlÃm disso, verificou-se que a intangibilidade e a oportunidade de crescimento colaboram na criaÃÃo de valor (MVA e EVA) e o tamanho da empresa favorece a criaÃÃo de valor somente quando à analisado em conjunto com a reputaÃÃo corporativa por sinais. A realizaÃÃo do Teste de DiferenÃas entre MÃdias apontou que as empresas com reputaÃÃo corporativa criam maior valor aos acionistas considerando a perspectiva de mercado (MVA). Portanto, conclui-se que, considerando a amostra do estudo, a reputaÃÃo corporativa à um recurso estratÃgico gerado por meio de sinais emitidos ao mercado, conforme a Teoria da SinalizaÃÃo, que, quando percebidos pelos diversos stakeholders, reflete em vantagem competitiva, sendo capaz de influenciar na criaÃÃo de valor das empresas, de acordo com os preceitos da VisÃo Baseada em Recursos. / A reputaÃÃo corporativa pode ser entendida pela reuniÃo das diversas perspectivas que os stakeholders possuem da empresa atribuindo-lhe a caracterÃstica de um recurso estratÃgico capaz de gerar visibilidade, credibilidade e valor para as organizaÃÃes que a possuem, com suporte na Teoria da SinalizaÃÃo e na VisÃo Baseada em Recursos. Por sua vez, a literatura (FOMBRUN; SHANLEY, 1990; DUNBAR; SCHWALBACH, 2000; ROBERTS; DOWLING, 2002; BRITO, 2005; SÃNCHEZ; SOTORRÃO, 2007; HORIUCHI, 2010; THOMAZ; BRITO, 2010; CARDOSO et al., 2013; TISCHER; HILDEBRANDT, 2013) versa que quanto maior for a reputaÃÃo corporativa, maior à a capacidade da empresa de criar valor aos seus acionistas e produzir desempenho superior em relaÃÃo aos seus concorrentes. Nesse contexto, o presente estudo tem o objetivo de investigar a relaÃÃo entre a reputaÃÃo corporativa e a criaÃÃo de valor nas empresas de capital aberto listadas na BM&FBovespa. Para tanto, considera-se que a reputaÃÃo corporativa à construÃda a partir da percepÃÃo do mercado (stakeholders), com base nos seguintes sinais emitidos pelas empresas: disclosure socioambiental, adoÃÃo de melhores prÃticas de governanÃa corporativa, inovaÃÃo, internacionalizaÃÃo e reputaÃÃo do diretor executivo (gestÃo) e do acionista majoritÃrio (controle). O estudo se justifica na medida em que busca contribuir para a ampliaÃÃo da discussÃo sobre a temÃtica reputaÃÃo corporativa. AlÃm disso, apresenta diferencial por discutir aspectos da construÃÃo da reputaÃÃo corporativa e os seus reflexos nas organizaÃÃes. Trata-se de uma pesquisa descritiva, de natureza quantitativa, utilizando-se o procedimento documental, no qual foram aplicados os testes estatÃsticos: AnÃlise Fatorial, Teste de CorrelaÃÃo, RegressÃo Linear MÃltipla e Teste de DiferenÃas entre MÃdias. Para a anÃlise dos sinais construtivos da reputaÃÃo corporativa foi analisado o perÃodo de 2010 a 2012, a reputaÃÃo corporativa se refere ao exercÃcio de 2012 e a criaÃÃo de valor leva em conta o exercÃcio de 2013. Por meio da AnÃlise Fatorial, foi construÃdo o fator reputaÃÃo corporativa composto pelos sinais: disclosure socioambiental, inovaÃÃo, internacionalizaÃÃo e reputaÃÃo do acionista majoritÃrio. O Teste de CorrelaÃÃo permitiu validar a reputaÃÃo corporativa por sinais (gerada pela AnÃlise Fatorial), pois apresentou relaÃÃo positiva e significante com a reputaÃÃo corporativa por rankings. Com a execuÃÃo da RegressÃo Linear MÃltipla, pode-se verificar que a reputaÃÃo corporativa por sinais influencia positivamente a criaÃÃo de valor (MVA e EVA); e, a reputaÃÃo corporativa por rankings està relacionada positivamente com a criaÃÃo de valor na perspectiva de mercado (MVA). AlÃm disso, verificou-se que a intangibilidade e a oportunidade de crescimento colaboram na criaÃÃo de valor (MVA e EVA) e o tamanho da empresa favorece a criaÃÃo de valor somente quando à analisado em conjunto com a reputaÃÃo corporativa por sinais. A realizaÃÃo do Teste de DiferenÃas entre MÃdias apontou que as empresas com reputaÃÃo corporativa criam maior valor aos acionistas considerando a perspectiva de mercado (MVA). Portanto, conclui-se que, considerando a amostra do estudo, a reputaÃÃo corporativa à um recurso estratÃgico gerado por meio de sinais emitidos ao mercado, conforme a Teoria da SinalizaÃÃo, que, quando percebidos pelos diversos stakeholders, reflete em vantagem competitiva, sendo capaz de influenciar na criaÃÃo de valor das empresas, de acordo com os preceitos da VisÃo Baseada em Recursos.