We propose a novel way to measure the reputation of firms by using information about their ownership structure. Supported by the signalling theory, we argue that ownership relations channel reputation spillovers between shareholders and their invested companies. We model such reputation spillovers by means of a simple dynamics that runs on the ownership network, constructed from available databases. We focus on the core of the global ownership network with 1300 firms and 12 100 ownership links. Our method assigns an ownership-based reputation value to each firm, used to provide a quantitative reputation ranking. We compare our ranking with alternative rankings, to confirm that the top-ranked firms are correctly identified. We also demonstrate that our reputation measure does not correlate substantially with operating revenue or control and thus provides additional information about firms.

译文

我们提出了一种新颖的方法,通过使用有关公司所有权结构的信息来衡量公司的声誉。在信号理论的支持下,我们认为所有权关系可以引导股东与其投资公司之间的声誉溢出。我们通过从可用数据库构建的所有权网络上运行的简单动态模型来对这种声誉溢出进行建模。我们专注于拥有1300家公司和12个100所有权链接的全球所有权网络的核心。我们的方法为每个公司分配了基于所有权的声誉值,用于提供定量的声誉排名。我们将我们的排名与其他排名进行比较,以确认排名靠前的公司被正确识别。我们还证明,我们的声誉衡量标准与营业收入或控制权没有实质性关联,因此提供了有关公司的更多信息。

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