Journal
MEASURING BUSINESS EXCELLENCE
Volume 24, Issue 1, Pages 90-113Publisher
EMERALD GROUP PUBLISHING LTD
DOI: 10.1108/MBE-01-2019-0007
Keywords
Risk; Brand value; Market value; Operating performance; Advertisement expenditure
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Purpose The purpose of this study is to broadly examine the role of marketing-finance interface factors for value creation. Specifically, the study investigates the influence of discretionary expenditures such as advertisement on valuation of brands and firms within the framework of risk factors. Design/methodology/approach To test the model and hypotheses of this study as it has the possibilities of multiple causations among different variables used in the system. Some independent variables are not truly independent and there is a possibility of biased estimation and inconsistent results. Hence a dynamic simultaneous equation model is used including the instrumental variable approach. Findings The study provides evidence for direct association between brand value and firm value which is represented by the joint impact of both operating and stock market performance. The results establish the direct relationship between brand and firm value and signify the relevance of intangible value creation. Originality/value This study addresses the gap in the research which examines the role of marketing decisions on value creation which jointly impacts both operating and stock market performance.
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