Brand Equity and Corporate Value: Evidence from a Quasi-Natural Experiment in an Emerging Market

Informações

Código: MKT2547
Divisão: MKT - Marketing
Tema de Interesse: Tema 06 - Estratégia e Desempenho em Marketing e Vendas

Autores

Marta Olivia Rovedder de Oliveira (Prog de Pós-Grad em Admin/Centro de Ciências Sociais Humanas – PPGA/CCSH/UFSM - Universidade Federal de Santa Maria) mrovedder@gmail.com
Igor Bernardi Sonza (Prog de Pós-Grad em Admin/Centro de Ciências Sociais Humanas – PPGA/CCSH/UFSM - Universidade Federal de Santa Maria) igorsonza@gmail.com
Tamires Silva da Silva (Prog de Pós-Grad em Admin/Centro de Ciências Sociais Humanas – PPGA/CCSH/UFSM - Universidade Federal de Santa Maria) tamiresadm06@gmail.com

Resumo

We investigate the relationship between brand equity and the corporate value of the companies using the rankings of the most valued brands of Brand Finance, Brand Analytics and Interbrand. We document important interactions between brand equity and the company's performance index using a 'quasi-natural experiment' provided by the disclosure of the most valuable brands. Previous studies have already looked at the relationship with brand equity and corporate value, but these surveys often use cross-section data, portfolio comparisons or time series data. We used a data panel, with data collected from the CVM and Economatica reports for the period 1990 to 2018 (29 years), consisting of a sample of 689 companies with shares traded in “Brazil, Bolsa e Balcão” (B3) representing 7,970 observations with unbalanced data. The main results indicate that, the fact of considering the company as valuable in Brand Finance and Brand Analytics rankings increased significantly its intangible, the return of the asset and the Free Cash Flow, but not the market value. The participation of companies in this Interbrand ranking does not add significant value to the company.

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