Brand and Firm Value: Evidence from Arab Emerging Markets

被引:5
|
作者
Mousa, Musaab [1 ]
Sagi, Judit [2 ]
Zeman, Zoltan [3 ]
机构
[1] Szent Istvan Univ, Doctoral Sch Econ & Reg Sci, Pater Karoly U 1, H-2100 Godollo, Hungary
[2] Budapest Business Sch, Dept Finance, Fac Finance & Accountancy, Buzogany U 10-12, H-1149 Budapest, Hungary
[3] Szent Istvan Univ, Fac Econ & Social Sci, Pater Karoly U 1, H-2100 Godollo, Hungary
关键词
brand equity; share return; agency costs; Ohlson model; AGENCY COSTS; PERFORMANCE; VALUATION; BEHAVIOR; STRATEGY; QUALITY; EQUITY; IMPACT;
D O I
10.3390/economies9010005
中图分类号
F [经济];
学科分类号
02 ;
摘要
This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between share return and brand. We use the Ohlson model of valuation with a sample of the most traded companies on four markets under study. The panel data regression results show a significant impact of brand on return as well as agency costs that promote the valuation model power, meaning that good corporate governance increases the degree of marketing investment efficiency in value creation. Our findings support the literature relating to the residual earnings valuation model. Furthermore, the results confirm the informative content of marketing application besides the traditional accounting figures as a promising approach for firm valuation.
引用
收藏
页数:13
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