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The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies.

A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco.

The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis.

It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here.

The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises.

This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.

本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。

研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。

研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。

本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。

This research aims to study the impact that the interaction between internal R&D and R&D cooperation has on the technical efficiency of firms, as well as to analyse whether firms belonging to a group achieve any additional level of technical efficiency.

We employ the stochastic frontier version of a knowledge production function, particularly the inefficiency model, and we combine the stochastic frontier analysis (SFA) and the complementarity approach.

The interaction between internal R&D and R&D cooperation has a positive and significant impact on technical efficiency when the complementarity test is applied between companies belonging to a group, and there is no interaction when they do not belong to a group.

Knowing this type of information in advance is critical for managers and policymakers, as it allows them to avoid undesirable combinations of innovation strategies or contexts not favourable for their implementation, as well as the formulation of policies leading to an efficient allocation of public resources.

To the best of the authors’ knowledge, this paper contributes an original approach in evaluating the complementarity of internal R&D and R&D cooperation from the perspective of technical efficiency and group membership, combining the SFA and the complementarity approach.

本研究擬探討內部研發與研發合作之間的相互作用會如何影響公司的技術效率;研究亦擬分析屬於集團的公司會否達致更高一級的技術效率。

研究人員採用一個知識生產函數的隨機前沿方法,尤其是低效模型,研究人員並且把隨機前沿分析和互補法結合起來進行探討。

研究結果顯示,若互補法在屬於集團的公司之間應用,內部研發與研發合作之間的相互作用會對技術效率產生積極和重大的影響;但是,如果公司不屬於任何集團的話,則沒有任何相互作用。

預先了解這方面的資料和信息對管理人員和政策制定者至關重要,這是因為這可讓他們避開不良的創新策略組合,以及那些不利於推行創新策略的環境;而且,能否制定可為公共資源高效分配的政策,也有賴於了解這方面的信息和資料。

據我們所知,本研究從技術效率和組成員身份的角度去評定內部研發與研發合作的互補性,在這方面提供了新穎的研究方法;而且,本研究結合了隨機前沿分析和互補法,這也是創新的做法。