Chuyên Đề Những tác động của chất lượng thương hiệu đến sự giàu sang của cổ đông

The Impact of Brand Quality on
Shareholder Wealth

"This study examines the impact of brand quality on three components of shareholder wealth: stock returns,
systematic risk, and idiosyncratic risk. The study finds that brand quality enhances shareholder wealth insofar as
unanticipated changes in brand quality are positively associated with stock returns and negatively related to
changes in idiosyncratic risk. However, unanticipated changes in brand quality can also erode shareholder wealth
because they have a positive association with changes in systematic risk. The study introduces a contingency
theory view to the marketing–finance interface by analyzing the moderating role of two factors that are widely
followed by investors. The results show an unanticipated increase (decrease) in current-period earnings enhances
(depletes) the positive impact of unanticipated changes in brand quality on stock returns and mitigates (enhances)
their deleterious effects on changes in systematic risk. Similarly, brand quality is more valuable for firms facing
increasing competition (i.e., unanticipated decreases in industry concentration). The results are robust to
endogeneity concerns and across alternative models. The authors conclude by discussing the nuanced

implications of their findings for shareholder wealth, reporting brand quality to investors, and its use in employee

evaluation ."