DE LOS RÍOS BERJILLOS, ARACELI, TORRES JIMÉNEZ, MERCEDES, TIRADO VALENCIA, PILAR, Carbonell Peralbo, Antonio
No
Span. J. Financ. Account.
Article
Científica
0.191
01/04/2009
000267892400005
This work proposes a regression model to explain the value generated by the companies included in IBEX-35 (which is measured by their Economic Value Added, EVA), in function of their relation with the most important stakeholders or interest groups. The contributions of this study are several: on one hand the design of the model is based on one hypothesis not considered before in the empirical studies related on business evaluation. On the other hand, the methodology used (regression with longitudinal or panel data) permits measure the percentage of the error's variance which is explained by unobservable aspects linked witch each organization, which have an important influence in the creation of value by the company but are not detectable by a traditional regression model.
EVA; Stakeholders; GRI indicators; Intangibles; Panel data