{"id":{"repo_id":"dialnet","oai_identifier":"oai:dialnet.unirioja.es:TES0000023219"},"canonical_url":"https://search.dev.ndltd.org/etd/dialnet/oai:dialnet.unirioja.es:TES0000023219","repository":{"repo_id":"dialnet","name":"Dialnet","base_url":"https://dialnet.unirioja.es/oaites/OAIHandler"},"display":{"title":"La valoración empresarial basada en intangibles: de la revisión teórica a la evidencia empírica en escenarios de incertidumbre","abstract":"Intangible elements have become established in recent years as one of the main drivers of corporate value. Nevertheless, their incorporation into valuation processes remains limited. This is largely due to the difficulty of quantifying them, the wide diversity of intangibles that may potentially generate value, and the lack of consensus among managers and investors regarding which of them exert the greatest influence on value and, therefore, deserve a greater allocation of resources. The objective of this doctoral thesis is to identify, among the various intangibles that may influence corporate value, those that have the most significant impact and to empirically demonstrate their effect on value, thereby providing investors and managers with well-founded guidance to help them decide in which intangibles to concentrate their limited resources. To achieve this objective, we conducted three independent studies that are nonetheless closely interrelated. The first study aims to identify all the intangibles analyzed by the academic literature over the past two decades in relation to corporate value, to examine the interdependencies among them, and to analyze the evolution of the academic attention each has received over time. The results reveal that, throughout the years, a total of 32 intangibles potentially influencing firm value have been studied, which can be grouped into five clusters: strategy and firm characteristics, ownership structure, managerial structure, corporate social responsibility and stakeholders, and external elements to the firm. Furthermore, the findings show a growing attention toward intangibles related to corporate social responsibility and transparency, to the detriment of more traditional ones such as marketing or diversification policies. The second study focuses on establishing a hierarchy among the previously identified intangibles in order to determine which of them exert a greater influence on firm value. It also seeks to identify those intangibles that, despite not having a significant presence in the academic literature, may act as drivers of value. The results identified two intangibles that, although not extensively examined in the scientific literature, could have a significant impact on firm value: corporate reputation and the industry in which the company operates. Our findings further revealed that, although all the analyzed intangibles are relevant to corporate value and therefore should not be disregarded, only three are considered highly important: corporate reputation, debt policy, and the firm’s innovative activity. These intangibles emerge as strategic priorities in resource allocation for both managers and investors. The third study aims to empirically demonstrate the influence of corporate reputation on firm value, given that this intangible was identified as the most relevant in the previous hierarchy. This analysis examines the effect of both overall corporate reputation and the different dimensions that constitute specific reputation, as well as the influence of CEO reputation. In addition, it evaluates the impact of corporate reputation on corporate value both in the long term and in contexts of economic uncertainty, specifically during the crisis generated by the COVID-19 pandemic. The results show that overall corporate reputation, CEO reputation, and the various specific dimensions exert a significant and positive influence on long-term value. Among them, the firm’s financial reputation stands out, as it not only exhibits the greatest effect on value but is also the only dimension that maintains its positive influence during the crisis caused by the pandemic, thus consolidating itself as the most relevant component of corporate reputation for the markets.","abstract_html":"Intangible elements have become established in recent years as one of the main drivers of corporate value. Nevertheless, their incorporation into valuation processes remains limited. This is largely due to the difficulty of quantifying them, the wide diversity of intangibles that may potentially generate value, and the lack of consensus among managers and investors regarding which of them exert the greatest influence on value and, therefore, deserve a greater allocation of resources. The objective of this doctoral thesis is to identify, among the various intangibles that may influence corporate value, those that have the most significant impact and to empirically demonstrate their effect on value, thereby providing investors and managers with well-founded guidance to help them decide in which intangibles to concentrate their limited resources. To achieve this objective, we conducted three independent studies that are nonetheless closely interrelated. The first study aims to identify all the intangibles analyzed by the academic literature over the past two decades in relation to corporate value, to examine the interdependencies among them, and to analyze the evolution of the academic attention each has received over time. The results reveal that, throughout the years, a total of 32 intangibles potentially influencing firm value have been studied, which can be grouped into five clusters: strategy and firm characteristics, ownership structure, managerial structure, corporate social responsibility and stakeholders, and external elements to the firm. Furthermore, the findings show a growing attention toward intangibles related to corporate social responsibility and transparency, to the detriment of more traditional ones such as marketing or diversification policies. The second study focuses on establishing a hierarchy among the previously identified intangibles in order to determine which of them exert a greater influence on firm value. It also seeks to identify those intangibles that, despite not having a significant presence in the academic literature, may act as drivers of value. The results identified two intangibles that, although not extensively examined in the scientific literature, could have a significant impact on firm value: corporate reputation and the industry in which the company operates. Our findings further revealed that, although all the analyzed intangibles are relevant to corporate value and therefore should not be disregarded, only three are considered highly important: corporate reputation, debt policy, and the firm’s innovative activity. These intangibles emerge as strategic priorities in resource allocation for both managers and investors. The third study aims to empirically demonstrate the influence of corporate reputation on firm value, given that this intangible was identified as the most relevant in the previous hierarchy. This analysis examines the effect of both overall corporate reputation and the different dimensions that constitute specific reputation, as well as the influence of CEO reputation. In addition, it evaluates the impact of corporate reputation on corporate value both in the long term and in contexts of economic uncertainty, specifically during the crisis generated by the COVID-19 pandemic. The results show that overall corporate reputation, CEO reputation, and the various specific dimensions exert a significant and positive influence on long-term value. Among them, the firm’s financial reputation stands out, as it not only exhibits the greatest effect on value but is also the only dimension that maintains its positive influence during the crisis caused by the pandemic, thus consolidating itself as the most relevant component of corporate reputation for the markets.","abstract_has_math":false,"creators":["Bañuelos Campo, Arkaitz"],"institution":"Universidad de La Rioja (España)","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":["Ayala Calvo, Juan Carlos (Universidad de La Rioja)","Melón Izco, Álvaro (Universidad de La Rioja)"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2026,"date_issued":"2026","date_published":"2026","updated_at":"2026-07-24T06:27:11Z","subjects":[],"languages":["spa"],"rights":["LICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. Más información: https://dialnet.unirioja.es/info/derechosOAI | INTELLECTUAL PROPERTY RIGHTS STATEMENT: Full text documents hosted by Dialnet are protected by copyright and/or related rights. This digital object is accessible without charge, but its use is subject to the licensing conditions set by its authors or editors. Unless expressly stated otherwise in the licensing conditions, you are free to linking, browsing, printing and making a copy for your own personal purposes. All other acts of reproduction and communication to the public are subject to the licensing conditions expressed by editors and authors and require consent from them. Any link to this document should be made using its official URL in Dialnet. More info: https://dialnet.unirioja.es/info/derechosOAI"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://dialnet.unirioja.es/servlet/oaites?codigo=397844","outbound_label":"Repository record","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Ayala Calvo, Juan Carlos (Universidad de La Rioja)","Melón Izco, Álvaro (Universidad de La Rioja)"]},{"key":"dc:creator","label":"Author","values":["Bañuelos Campo, Arkaitz"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2026"]},{"key":"dc:publisher","label":"Institution","values":["Universidad de La Rioja (España)"]},{"key":"dc:type","label":"Dc Type","values":["text (thesis)"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["spa"]},{"key":"dc:rights","label":"Dc Rights","values":["LICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. Más información: https://dialnet.unirioja.es/info/derechosOAI | INTELLECTUAL PROPERTY RIGHTS STATEMENT: Full text documents hosted by Dialnet are protected by copyright and/or related rights. This digital object is accessible without charge, but its use is subject to the licensing conditions set by its authors or editors. Unless expressly stated otherwise in the licensing conditions, you are free to linking, browsing, printing and making a copy for your own personal purposes. All other acts of reproduction and communication to the public are subject to the licensing conditions expressed by editors and authors and require consent from them. Any link to this document should be made using its official URL in Dialnet. More info: https://dialnet.unirioja.es/info/derechosOAI"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://dialnet.unirioja.es/servlet/oaites?codigo=397844"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Intangible elements have become established in recent years as one of the main drivers of corporate value. Nevertheless, their incorporation into valuation processes remains limited. This is largely due to the difficulty of quantifying them, the wide diversity of intangibles that may potentially generate value, and the lack of consensus among managers and investors regarding which of them exert the greatest influence on value and, therefore, deserve a greater allocation of resources. The objective of this doctoral thesis is to identify, among the various intangibles that may influence corporate value, those that have the most significant impact and to empirically demonstrate their effect on value, thereby providing investors and managers with well-founded guidance to help them decide in which intangibles to concentrate their limited resources. To achieve this objective, we conducted three independent studies that are nonetheless closely interrelated. The first study aims to identify all the intangibles analyzed by the academic literature over the past two decades in relation to corporate value, to examine the interdependencies among them, and to analyze the evolution of the academic attention each has received over time. The results reveal that, throughout the years, a total of 32 intangibles potentially influencing firm value have been studied, which can be grouped into five clusters: strategy and firm characteristics, ownership structure, managerial structure, corporate social responsibility and stakeholders, and external elements to the firm. Furthermore, the findings show a growing attention toward intangibles related to corporate social responsibility and transparency, to the detriment of more traditional ones such as marketing or diversification policies. The second study focuses on establishing a hierarchy among the previously identified intangibles in order to determine which of them exert a greater influence on firm value. It also seeks to identify those intangibles that, despite not having a significant presence in the academic literature, may act as drivers of value. The results identified two intangibles that, although not extensively examined in the scientific literature, could have a significant impact on firm value: corporate reputation and the industry in which the company operates. Our findings further revealed that, although all the analyzed intangibles are relevant to corporate value and therefore should not be disregarded, only three are considered highly important: corporate reputation, debt policy, and the firm’s innovative activity. These intangibles emerge as strategic priorities in resource allocation for both managers and investors. The third study aims to empirically demonstrate the influence of corporate reputation on firm value, given that this intangible was identified as the most relevant in the previous hierarchy. This analysis examines the effect of both overall corporate reputation and the different dimensions that constitute specific reputation, as well as the influence of CEO reputation. In addition, it evaluates the impact of corporate reputation on corporate value both in the long term and in contexts of economic uncertainty, specifically during the crisis generated by the COVID-19 pandemic. The results show that overall corporate reputation, CEO reputation, and the various specific dimensions exert a significant and positive influence on long-term value. Among them, the firm’s financial reputation stands out, as it not only exhibits the greatest effect on value but is also the only dimension that maintains its positive influence during the crisis caused by the pandemic, thus consolidating itself as the most relevant component of corporate reputation for the markets.","Los elementos intangibles se han consolidado en los últimos años como uno de los principales impulsores del valor empresarial. No obstante, su incorporación en los procesos de valoración continúa siendo limitada. En gran medida, por la dificultad de su cuantificación, la amplia diversidad de intangibles potencialmente generadores de valor y la falta de consenso entre directivos e inversores acerca de cuáles son los más influyentes en el valor y, por tanto, son merecedores de una mayor asignación de recursos. El objetivo de esta tesis doctoral es identificar, entre los distintos intangibles susceptibles de influir en el valor empresarial, aquellos que presentan un impacto más significativo y mostrar empíricamente su efecto sobre el valor; lo que permitirá ofrecer a inversores y directivos orientaciones fundamentadas que les ayuden a decidir en qué intangibles concentrar sus recursos limitados. Para lograr este objetivo hemos realizado tres estudios independientes, pero a la vez estrechamente vinculados entre ellos. El primer estudio tiene como objetivo identificar todos los intangibles analizados por la literatura académica en las últimas dos décadas en relación con el valor empresarial, examinar las interdependencias existentes entre ellos y estudiar la evolución de la atención académica que cada uno ha recibido a lo largo del tiempo. Los resultados revelan que a lo largo de los años se han estudiado un total de 32 intangibles susceptibles de influir en el valor de la empresa, los cuales se agrupan en cinco clusters: estrategia y características de la empresa, estructura de propiedad, estructura directiva, responsabilidad social corporativa y stakeholders, y elementos externos a la empresa. Asimismo, los hallazgos muestran que se ha producido una creciente atención hacia intangibles vinculados con la responsabilidad social corporativa y la transparencia, en detrimento de otros más tradicionales como las políticas de marketing o de diversificación. El segundo estudio se centra en la búsqueda de una jerarquía entre los intangibles previamente identificados, con el fin de determinar cuáles de ellos ejercen una mayor influencia en el valor de la empresa. Asimismo, busca identificar aquellos intangibles que, a pesar de no tener una presencia relevante en la literatura académica, pueden actuar como impulsores del valor. Los resultados identificaron dos intangibles que, aunque la literatura científica no les ha dedicado un gran número de trabajos, podrían influir significativamente en el valor de la empresa: la reputación corporativa y el sector en el que opera la empresa. Nuestros hallazgos mostraron, además, que, aunque la totalidad de los intangibles analizados resultan relevantes para el valor empresarial y, por tanto, no deben ser descartados, solo tres se consideran muy importantes: la reputación corporativa, la política de endeudamiento y la actividad innovadora de la empresa. Estos intangibles se consolidan como prioridades estratégicas en la asignación de recursos tanto para los directivos como para los inversores. El tercer estudio tiene por objeto mostrar empíricamente la influencia de la reputación corporativa en el valor de la empresa, dado que este intangible fue identificado como el más relevante en la jerarquización previa. En este análisis se examina el efecto tanto de la reputación corporativa general como de las distintas dimensiones que conforman la reputación específica, así como también la influencia de la reputación del CEO. Además, se evalúa el impacto de la reputación corporativa sobre el valor empresarial tanto en el largo plazo como en contextos de incertidumbre económica, concretamente durante la crisis generada por la pandemia de la COVID-19. Los resultados muestran que la reputación corporativa general, la reputación del CEO y las diferentes dimensiones específicas ejercen una influencia significativa y positiva sobre el valor en el largo plazo. Entre ellas, destaca la reputación financiera de la empresa, que no solo presenta el mayor efecto sobre el valor, sino que también es la única dimensión que mantiene su influencia positiva durante la crisis provocada por la pandemia, consolidándose, así como el componente más relevante de la reputación corporativa para los mercados."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["La valoración empresarial basada en intangibles: de la revisión teórica a la evidencia empírica en escenarios de incertidumbre"]}]}],"canonical_facts":{"dc:contributor":["Ayala Calvo, Juan Carlos (Universidad de La Rioja)","Melón Izco, Álvaro (Universidad de La Rioja)"],"dc:creator":["Bañuelos Campo, Arkaitz"],"dc:date":["2026"],"dc:description":["Intangible elements have become established in recent years as one of the main drivers of corporate value. Nevertheless, their incorporation into valuation processes remains limited. This is largely due to the difficulty of quantifying them, the wide diversity of intangibles that may potentially generate value, and the lack of consensus among managers and investors regarding which of them exert the greatest influence on value and, therefore, deserve a greater allocation of resources. The objective of this doctoral thesis is to identify, among the various intangibles that may influence corporate value, those that have the most significant impact and to empirically demonstrate their effect on value, thereby providing investors and managers with well-founded guidance to help them decide in which intangibles to concentrate their limited resources. To achieve this objective, we conducted three independent studies that are nonetheless closely interrelated. The first study aims to identify all the intangibles analyzed by the academic literature over the past two decades in relation to corporate value, to examine the interdependencies among them, and to analyze the evolution of the academic attention each has received over time. The results reveal that, throughout the years, a total of 32 intangibles potentially influencing firm value have been studied, which can be grouped into five clusters: strategy and firm characteristics, ownership structure, managerial structure, corporate social responsibility and stakeholders, and external elements to the firm. Furthermore, the findings show a growing attention toward intangibles related to corporate social responsibility and transparency, to the detriment of more traditional ones such as marketing or diversification policies. The second study focuses on establishing a hierarchy among the previously identified intangibles in order to determine which of them exert a greater influence on firm value. It also seeks to identify those intangibles that, despite not having a significant presence in the academic literature, may act as drivers of value. The results identified two intangibles that, although not extensively examined in the scientific literature, could have a significant impact on firm value: corporate reputation and the industry in which the company operates. Our findings further revealed that, although all the analyzed intangibles are relevant to corporate value and therefore should not be disregarded, only three are considered highly important: corporate reputation, debt policy, and the firm’s innovative activity. These intangibles emerge as strategic priorities in resource allocation for both managers and investors. The third study aims to empirically demonstrate the influence of corporate reputation on firm value, given that this intangible was identified as the most relevant in the previous hierarchy. This analysis examines the effect of both overall corporate reputation and the different dimensions that constitute specific reputation, as well as the influence of CEO reputation. In addition, it evaluates the impact of corporate reputation on corporate value both in the long term and in contexts of economic uncertainty, specifically during the crisis generated by the COVID-19 pandemic. The results show that overall corporate reputation, CEO reputation, and the various specific dimensions exert a significant and positive influence on long-term value. Among them, the firm’s financial reputation stands out, as it not only exhibits the greatest effect on value but is also the only dimension that maintains its positive influence during the crisis caused by the pandemic, thus consolidating itself as the most relevant component of corporate reputation for the markets.","Los elementos intangibles se han consolidado en los últimos años como uno de los principales impulsores del valor empresarial. No obstante, su incorporación en los procesos de valoración continúa siendo limitada. En gran medida, por la dificultad de su cuantificación, la amplia diversidad de intangibles potencialmente generadores de valor y la falta de consenso entre directivos e inversores acerca de cuáles son los más influyentes en el valor y, por tanto, son merecedores de una mayor asignación de recursos. El objetivo de esta tesis doctoral es identificar, entre los distintos intangibles susceptibles de influir en el valor empresarial, aquellos que presentan un impacto más significativo y mostrar empíricamente su efecto sobre el valor; lo que permitirá ofrecer a inversores y directivos orientaciones fundamentadas que les ayuden a decidir en qué intangibles concentrar sus recursos limitados. Para lograr este objetivo hemos realizado tres estudios independientes, pero a la vez estrechamente vinculados entre ellos. El primer estudio tiene como objetivo identificar todos los intangibles analizados por la literatura académica en las últimas dos décadas en relación con el valor empresarial, examinar las interdependencias existentes entre ellos y estudiar la evolución de la atención académica que cada uno ha recibido a lo largo del tiempo. Los resultados revelan que a lo largo de los años se han estudiado un total de 32 intangibles susceptibles de influir en el valor de la empresa, los cuales se agrupan en cinco clusters: estrategia y características de la empresa, estructura de propiedad, estructura directiva, responsabilidad social corporativa y stakeholders, y elementos externos a la empresa. Asimismo, los hallazgos muestran que se ha producido una creciente atención hacia intangibles vinculados con la responsabilidad social corporativa y la transparencia, en detrimento de otros más tradicionales como las políticas de marketing o de diversificación. El segundo estudio se centra en la búsqueda de una jerarquía entre los intangibles previamente identificados, con el fin de determinar cuáles de ellos ejercen una mayor influencia en el valor de la empresa. Asimismo, busca identificar aquellos intangibles que, a pesar de no tener una presencia relevante en la literatura académica, pueden actuar como impulsores del valor. Los resultados identificaron dos intangibles que, aunque la literatura científica no les ha dedicado un gran número de trabajos, podrían influir significativamente en el valor de la empresa: la reputación corporativa y el sector en el que opera la empresa. Nuestros hallazgos mostraron, además, que, aunque la totalidad de los intangibles analizados resultan relevantes para el valor empresarial y, por tanto, no deben ser descartados, solo tres se consideran muy importantes: la reputación corporativa, la política de endeudamiento y la actividad innovadora de la empresa. Estos intangibles se consolidan como prioridades estratégicas en la asignación de recursos tanto para los directivos como para los inversores. El tercer estudio tiene por objeto mostrar empíricamente la influencia de la reputación corporativa en el valor de la empresa, dado que este intangible fue identificado como el más relevante en la jerarquización previa. En este análisis se examina el efecto tanto de la reputación corporativa general como de las distintas dimensiones que conforman la reputación específica, así como también la influencia de la reputación del CEO. Además, se evalúa el impacto de la reputación corporativa sobre el valor empresarial tanto en el largo plazo como en contextos de incertidumbre económica, concretamente durante la crisis generada por la pandemia de la COVID-19. Los resultados muestran que la reputación corporativa general, la reputación del CEO y las diferentes dimensiones específicas ejercen una influencia significativa y positiva sobre el valor en el largo plazo. Entre ellas, destaca la reputación financiera de la empresa, que no solo presenta el mayor efecto sobre el valor, sino que también es la única dimensión que mantiene su influencia positiva durante la crisis provocada por la pandemia, consolidándose, así como el componente más relevante de la reputación corporativa para los mercados."],"dc:format":["application/pdf"],"dc:identifier":["https://dialnet.unirioja.es/servlet/oaites?codigo=397844"],"dc:language":["spa"],"dc:publisher":["Universidad de La Rioja (España)"],"dc:rights":["LICENCIA DE USO: Los documentos a texto completo incluidos en Dialnet son de acceso libre y propiedad de sus autores y/o editores. Por tanto, cualquier acto de reproducción, distribución, comunicación pública y/o transformación total o parcial requiere el consentimiento expreso y escrito de aquéllos. Cualquier enlace al texto completo de estos documentos deberá hacerse a través de la URL oficial de éstos en Dialnet. Más información: https://dialnet.unirioja.es/info/derechosOAI | INTELLECTUAL PROPERTY RIGHTS STATEMENT: Full text documents hosted by Dialnet are protected by copyright and/or related rights. This digital object is accessible without charge, but its use is subject to the licensing conditions set by its authors or editors. Unless expressly stated otherwise in the licensing conditions, you are free to linking, browsing, printing and making a copy for your own personal purposes. All other acts of reproduction and communication to the public are subject to the licensing conditions expressed by editors and authors and require consent from them. Any link to this document should be made using its official URL in Dialnet. More info: https://dialnet.unirioja.es/info/derechosOAI"],"dc:title":["La valoración empresarial basada en intangibles: de la revisión teórica a la evidencia empírica en escenarios de incertidumbre"],"dc:type":["text (thesis)"]},"updated_at":"2026-07-24T06:27:11Z"}