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Brand actions and financial consequences: a review of key findings and directions for future research

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A Correction to this article was published on 26 May 2022

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Abstract

The brand-finance interface has been an important area of research in marketing for over three decades. Using the brand-value chain framework as a conceptual foundation, we review the literature that links core brand-related actions to stock market outcomes and accounting-based performance metrics and, more importantly, capture what has been learned collectively. We classify brand actions that have been examined in prior research by their cause (proactive vs. reactive) and scope (strategic vs. tactical) and describe their impacts on various financial performance metrics (e.g., stock returns, Tobin’s q), emphasizing key mediators and moderators influencing the process. We then utilize this framework to identify gaps or ambiguities in prior research findings and suggest research questions to help advance our understanding of the financial value implications of brand-related actions.

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Notes

  1. Brand values come from Interbrand’s Most Valued Brands Survey in 2019 (https://www.rankingthebrands.com/The-Brand-Rankings.aspx?rankingID=37&year=1273, Accessed March 1, 2021). Market capitalization comes from January 2020 figures from Yahoo! Finance. Market capitalizations of these companies are $1.38 trillion (Apple), $1 trillion (Google), $1.27 trillion (Microsoft), and $243 billion (Coca-Cola).

  2. To focus squarely on brand actions and financial outcomes, we removed papers that examine customer satisfaction and include no overt branding actions, and we restricted papers that focus on corporate social responsibility to those involving brand-level outcomes or brand-level activism.

  3. The Fama–French model incorporates three systematic factors: market risk factor (MKT), the small-minus-big (SMB) factor, and the high versus low book-to-market (HML) factor. Carhart (1997) adds a fourth factor, momentum (up-minus-down), to the model, which accounts for the difference between the lowest- and highest-performing firms.

  4. We identified theoretical underpinnings by scanning all the articles for mentions of each theory. For signaling theory, we searched for explicit mentions of “signaling,” “signals,” “information asymmetry,” “signal quality,” and the like, in the body of the text. For resource-based theory, we captured explicit mentions of “resource-based view,” “market-based assets,” “resource-based theory,” “rare resources,” “valuable resources,” and the like.

  5. Marketplace outcomes involve mediators that are brought about by customer purchase decisions in the marketplace. These include customer lifetime value, market share, and so on.

  6. Examples of industry-based mediators include barriers to entry, threat of competition, analyst coverage, and relative market share, among others.

  7. The BAV dimensions previously included energy and differentiation as separate dimensions; they have since been combined by Young & Rubicam (the data provider) into a single dimension called “energized differentiation.”

  8. See https://interbrand.com/thinking/best-global-brands-2020-methodology/. In this review, we codify papers investigating FBBE and CBBE under the same mediator classification.

  9. Note that this differs from the aforementioned impact of advertising, which occurs because of a perceived (vs. actual) future increase in brand equity associated with higher advertising.

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Authors and Affiliations

  1. Joseph M. Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA, 15260, USA

    Vanitha Swaminathan & Sayan Gupta

  2. Tuck School of Business, Dartmouth College, Hanover, NH, 03755-9011, USA

    Kevin Lane Keller

  3. Columbia University, Graduate School of Business, New York, NY, 10027, USA

    Donald Lehmann

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  1. Vanitha Swaminathan
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  2. Sayan Gupta
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  3. Kevin Lane Keller
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  4. Donald Lehmann
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Correspondence to Vanitha Swaminathan.

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Swaminathan, V., Gupta, S., Keller, K.L. et al. Brand actions and financial consequences: a review of key findings and directions for future research. J. of the Acad. Mark. Sci. 50, 639–664 (2022). https://doi.org/10.1007/s11747-022-00866-7

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