Brands are an intangible asset with high strategic value for organisations. Although brands influence the market, the relationship between investment in these assets and the financial impact on firms is still not very clear. This article aims to understand the way in which the creation, management, and promotion of brands, as intangible assets, have on financial performance of firms, in the same direction, we wonder which are the variables mediating on that relationship. The paper presents a systematic review of the literature of the studies brought related to investment in brands and its impact on organisational performance between 2016 and 2020. The results show the studies refer to two-level relationships between brands and business results, that they use data from perception surveys and third-party databases, and that it has carried these studies out for developing countries. This review contributes with a look at future research directions in relation to investment in intangible assets and organisational performance.

---

Keywords:
Brands,
industrial policy,
innovation,
intangible assets,
business strategy.

07_RSN_12(27)_21028_Inversion_marcas

Aaker, D. A. (1992). The value of brand equity. Journal of Business Strategy, 13(4), 27-32. https://doi.org/10.1108/eb039503

Aaker, D. A., & Jacobson, R. (2001). The value relevance of brand attitude in high-technology markets. Journal of Marketing Research, 485-493. https://doi.org/10.1509/jmkr.38.4.485.18905

Allison, L., & Flaherty, K. E. (2020). Investigating firm level drivers of salesperson brand identification. Journal of Business Research, 121, 154-169. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.08.030

Appio, F. P., de Luca, L. M., Morgan, R., & Martini, A. (2019). Patent portfolio diversity and firm profitability: A question of specialization or diversification? Journal of Business Research, 101, 255-267. https://doi.org/10.1016/j.jbusres.2019.04.020

Bank, S., Yazar, E. E., & Sivri, U. (2020). The portfolios with strong brand value: More returns? Lower risk? Borsa Istanbul Review, 20(1), 64-79. https://doi.org/10.1016/j.bir.2019.09.001

Barth, M. E., Clement, M. B., Foster, G., & Kasznik, R. (1998). Brand values and capital market valuation. Review of Accounting Studies, 3, 41-68. https://doi.org/10.1023/A:1009620132177

Basgoze, P., Yildiz, Y., & Metin, S. (2016). Effect of brand value announcements on stock returns: empirical evidence from Turkey. Journal of Business Economics and Management, 17(6), 1252-1269. https://doi.org/10.3846/16111699.2016.1153517

Baumert, T., & de las Mercedes, M. (2021). Brand antiquity and value perception: Are customers willing to pay higher prices for older brands? Journal of Business Research, 123, 241-254. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.09.060

Block, J. H., Fisch, C., & Sandner, P. G. (2014). Trademark families: Characteristics and market values. Journal of Brand Management, 21(2), 150-170. https://doi.org/10.1057/bm.2013.27

Crass, D., Czarnitzki, D., & Toole, A. A. (2019). The dynamic relationship between investments in brand equity and firm profitability: Evidence using trademark registrations. International Journal of the Economics of Business, 26(1), 157-176. https://doi.org/10.1080/13571516.2019.1553292

Cuellar, S., Méndez-Morales, A., & Herrera, M. M. (2021). Location matters: A novel methodology for patent’s national phase process. Journal of the Knowledge Economy, 0123456789. https://doi.org/10.1007/s13132-021-00803-z

Echchakoui, S., & Ghilal, R. (2019). How sales managers can use salespeople’s perceived attributes to monitor and motivate a sales force during relationship marketing. European Research on Management and Business Economics, 25(2), 99-104. https://doi.org/https://doi.org/10.1016/j.iedeen.2019.02.001

Freo, M., Tassinari, G., & Tono, A. G. (2020). Advertising effectiveness during the great recession: The case study of three FMCG italian food categories. WSEAS Transactions on Business and Economics, 17, 368-373. https://doi.org/10.37394/23207.2020.17.36

Gao, L., Melero-Polo, I., & Sese, F. J. (2020). Customer equity drivers, customer experience quality, and customer profitability in banking services: the moderating role of social influence. Journal of Service Research, 23(2), 174-193. https://doi.org/10.1177/1094670519856119

Gerekan, B., Pehlivan, A., & Koçan, M. (2019). The effect of firm growth on brand value: Evidence from brand finance Turkey-100. Asian Economic and Financial Review, 9(9), 1067-1076. https://doi.org/10.18488/journal.aefr.2019.99.1067.1076

Gupta, S., Gallear, D., Rudd, J., & Foroudi, P. (2020). The impact of brand value on brand competitiveness. Journal of Business Research, 112, 210-222. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.02.033

He, J., & Calder, B. J. (2020). The experimental evaluation of brand strength and brand value. Journal of Business Research, 115, 194-202. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.04.035

He, Q., Guaita-Martínez, J. M., & Botella-Carrubi, D. (2020). How brand equity affects firm productivity: The role of R&D and human capital. Economic Research-Ekonomska Istrazivanja, 33(1), 2976-2992. https://doi.org/10.1080/1331677X.2019.1686045

Herrera, M. M., León, L. S., & Vargas Ortiz, L. K. (2018). A dynamic analysis of the effects of word-of-mouth on online brand communities. Suma de Negocios, 9(20), 77-85.
https://doi.org/10.14349/sumneg/2018.v9.n20.a1

Herrera, M. M., Carvajal-Prieto, L. A., Uriona-Maldonado, M., & Ojeda, F. (2019). Modeling the customer value generation in the industry’s supply chain. International Journal of System Dynamics Applications, 8(4), 1-13. https://doi.org/10.4018/ijsda.2019100101

Herrera, M. M., Méndez-Morales, A., & Mejía-Quiroga, J. (2020). Exploring the linkages between the patent applications and energy transitions: a system dynamics perspective. International Journal of Intelligent Engineering Informatics. 8, 526-542.  https://doi.org/10.1504/IJIEI.2020.115739

Herrera, M. M., Méndez-Morales, E. A., & Barrios-Campos, D. M. (2021). How the quality of patents contributes to revitalising the innovation system? Evidence from the renewable energy sector. Revista Investigación, Desarrollo e Innovación, 11(2), 227-241. https://doi.org/10.19053/20278306.v11.n2.2021.12753

Herrera, M. M., & Trujillo-Díaz, J. (2021). Towards a strategic innovation framework to support supply chain performance. International Journal of Productivity and Performance Management, ahead–of–p(ahead-of-print). https://doi.org/10.1108/ijppm-03-2020-0131

Jang, Y. S., Baek, S. W., & Kim, S. H. (2018). The effects of brand equity on consumer attitude and behavior: Food market in Vietnam. Journal of Distribution Science, 16(1), 17-27. https://doi.org/10.15722/jds.16.1.201801.17

Janoskova, K., & Kliestikova, J. (2018). Analysis of the impact of selected determinants on brand value. Journal of International Studies, 11(1), 152-162. https://doi.org/10.14254/2071-8330.2018/11-1/11

Jiménez, D., & Sánchez, R. (2019). The role of digital influencers in brand recommendation: Examining their impact on engagement, expected value and purchase intention. International Journal of Information Management, 49, 366-376. https://doi.org/10.1016/j.ijinfomgt.2019.07.009

Kolbl, Ž., Diamantopoulos, A., Arslanagic-Kalajdzic, M., & Zabkar, V. (2020). Do brand warmth and brand competence add value to consumers? A stereotyping perspective. Journal of Business Research, 118, 346-362. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.06.048

Kumar, U., & Mishra, P. (2012). What is a brand? A perspective on brand meaning. European Journal of Business and Management, 4(3), 122-133.

Larkin, Y. (2013). Brand perception, cash flow stability, and financial policy. Journal of Financial Economics, 110(1), 232-253. https://doi.org/https://doi.org/10.1016/j.jfineco.2013.05.002

Lev, B. (2000). Intangibles: Management, measurement, and reporting (Issue 2000). Brookings Institution Press.

Lin, W. L., Ho, J. A., Sambasivan, M., Yip, N., & Mohamed, A. Bin. (2021). Influence of green innovation strategy on brand value: The role of marketing capability and R&D intensity. Technological Forecasting and Social Change, 171, 120946. https://doi.org/10.1016/j.techfore.2021.120946

Lindemann, J. (2010). The economy of brands. The Economy of Brands, 1-184. https://doi.org/10.1057/9780230275010

Lööf, H., Mairesse, J., & Mohnen, P. (2017). CDM 20 years after. Economics of Innovation and New Technology, 26(1-2), 1-5. https://doi.org/10.1080/10438599.2016.1202522

Madden, T. J., Fehle, F., & Fournier, S. (2006). Brands matter: An empirical demonstration of the creation of shareholder value through branding. Journal of the Academy of Marketing Science, 34(2), 224-235. https://doi.org/10.1177/0092070305283356

Madhavan, R., & Grover, R. (1998). From embedded knowledge to embodied knowledge: New product development as knowledge management. Journal of Marketing, 62(4), 1-12. https://doi.org/10.1177/002224299806200401

Méndez-Morales, E. A., & Muñoz, D. (2019). Input, output, and behavioral additionality of innovation subsidies. Journal of Technology Management and Innovation, 14(4), 158-172. https://doi.org/10.4067/S0718-27242019000400158

Mousa, M., Nosratabadi, S., Sagi, J., & Mosavi, A. (2021). The effect of marketing investment on firm value and systematic risk. Journal of Open Innovation: Technology, Market, and Complexity, 7(1). https://doi.org/10.3390/joitmc7010064

Mousa, M., Sági, J., & Zéman, Z. (2021). Brand and Firm Value: Evidence from Arab Emerging Markets. Economies, 9(1). https://doi.org/10.3390/economies9010005

Nadeem, W., Tan, T. M., Tajvidi, M., & Hajli, N. (2021). How do experiences enhance brand relationship performance and value co-creation in social commerce? The role of consumer engagement and self brand-connection. Technological Forecasting and Social Change, 171, 120952. https://doi.org/10.1016/j.techfore.2021.120952

Nardi, V. A. M., Jardim, W. C., Ladeira, W. J., & Santini, F. (2020). A meta-analysis of the relationship between customer participation and brand outcomes. Journal of Business Research, 117, 450-460. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.06.017

Ökten, N. Z., Okan, E. Y., Arslan, Ü., & Güngör, M. Ö. (2019). The effect of brand value on economic growth: A multinational analysis. European Research on Management and Business Economics, 25(1), 1-7. https://doi.org/https://doi.org/10.1016/j.iedeen.2018.11.002

Osakwe, C. N., Chovancova, M., & Ogbonna, B. U. (2016). Linking SMEs profitability to brand orientation and market-sensing capability: A service sector evidence. Periodica Polytechnica Social and Management Sciences, 24(1), 34-40. https://doi.org/10.3311/PPso.8069

Pinochet, L. H. C., Pachelli, I. L., & Da Rocha, F. M. M. (2018). Use of metrics in social media and site performance indicators and their relation to brand value in Brazilian cosmetics companies. Revista Brasileira de Marketing, 17(1), 80-99. https://doi.org/10.5585/remark.v17i1.3581

Rego, L. L., Billett, M. T., & Morgan, N. A. (2009). Consumer-based brand equity and firm risk. Journal of Marketing, 73(6), 47-60. https://doi.org/10.1509/jmkg.73.6.47

Ruiz-Real, J. L., Gázquez-Abad, J. C., Esteban-Millat, I., & Martínez-Lóez, F. J. (2018). Betting exclusively by private labels: Could it have negative consequences for retailers? Spanish Journal of Marketing-ESIC, 22(2), 183-202. https://doi.org/10.1108/SJME-03-2018-009

Sanny, L., Arina, A. N., Maulidya, R. T., & Pertiwi, R. P. (2020). Purchase intention on Indonesia male’s skin care by social media marketing effect towards brand image and brand trust. Management Science Letters, 2139-2146. https://doi.org/10.5267/j.msl.2020.3.023

Setyaningrum, R., Subagyo, & Wijaya, A. R. (2020). A mathematical model of factors driving product success in an Indonesian market using design of experiment. International Journal of Technology, 11(2), 322-332. https://doi.org/10.14716/ijtech.v11i2.3428

Sharma, A., Soni, M., Borah, S. B., & Saboo, A. R. (2020). Identifying the drivers of luxury brand sales in emerging markets: An exploratory study. Journal of Business Research, 111, 25-40. https://doi.org/https://doi.org/10.1016/j.jbusres.2020.02.009

Surucu, L., Yesilada, F., & Maslakci, A. (2020). Purchasing intention: A research on mobile phone usage by young adults. Journal of Asian Finance, Economics and Business, 7(8), 353-360. https://doi.org/10.13106/JAFEB.2020.VOL7.NO8.353

Wang, X., Wang, Y., Lin, X., & Abdullat, A. (2021). The dual concept of consumer value in social media brand community: A trust transfer perspective. International Journal of Information Management, 59, 102319. https://doi.org/https://doi.org/10.1016/j.ijinfomgt.2021.102319

Yang, T. Y., Yang, Y. T., Chen, J. R., & Lu, C. C. (2018). Correlation between owner brand and firm value – Case study on a private brand in Taiwan. Asia Pacific Management Review. https://doi.org/10.1016/j.apmrv.2018.06.002

Yang, T. Y., Yang, Y. T., Chen, J. R., & Lu, C. C. (2019). Correlation between owner brand and firm value – Case study on a private brand in Taiwan. Asia Pacific Management Review, 24(3), 232-237. https://doi.org/10.1016/j.apmrv.2018.06.002

Yeung, M., & Ramasamy, B. (2008). Brand value and firm performance nexus: Further empirical evidence. Journal of Brand Management, 15(5), 322-335. https://doi.org/10.1057/palgrave.bm.2007.4

Zou, P., & Li, G. (2016). How emerging market investors’ value competitors’ customer equity: Brand crisis spillover in China. Journal of Business Research, 69(9), 3765-3771. https://doi.org/10.1016/j.jbusres.2015.12.068

Dimensions

PlumX