واکنش‌ بازده غیرعادی سهام نسبت به ارزش برند

نوع مقاله : علمی - پژوهشی

نویسندگان

دانشگاه شهید بهشتی

چکیده

     برند به­عنوان یکی از مهم­ترین دارایی­های ناملموس شرکت، نقش مهمی در ارزش کلی شرکت ایفا می‌کند. ارزش برند، تأثیر مهمی بر فروش و درنهایت بر سودآوری شرکت دارد. هدف پژوهش حاضر بررسی میزان توضیح­ دهندگی تأثیر ارزش برند بر بازدهی غیرنرمال سهام است. اثر تعدیل‌گری دو متغیر نسبت خالص جریان نقدی و حاشیه سود خالص بر رابطه بین ارزش برند و بازده غیرعادی سهام نیز بررسی می‌شود. معیار کیو-توبین برای محاسبه ارزش برند استفاده به‌کار رفت. نمونه پژوهش را شرکت­های تولیدی کاشی و سرامیک عضو سازمان «بورس و اوراق بهادار ایران» بین سال‌های 1381 تا 1393 تشکیل می­دهد. برای آزمون فرضیه­ها در قالب داده­های تابلویی از نرم­افزار EVIEWS استفاده شد. نتایج نشان‌دهنده تأثیر مثبت و معنادار تغییر ارزش برند بر بازده غیرعادی سهام است. تغییر ارزش برند برای شرکت­هایی با نسبت خالص جریان نقدی بیشتر و حاشیه سود خالص کمتر، اثر قوی­تری بر بازده غیرعادی سهام دارد. اثر همزمان دو متغیر تبدیل‌گر پژوهش، اثر ضعیفی بر تأثیر تغییر ارزش برند بر بازده غیرعادی سهام دارد.

کلیدواژه‌ها

مراجع

  1. . Aaker, D. A., & Jacobson, R. (1994). The financial information content of perceived quality. Journal of Marketing Research,31(4), 191-201.
  2. Aaker, D.A. (1992). Managing the Most Important Asset: Brand Equity. Planning Review , 20(5), 56-58.
  3. Azizi,shahriar;Darvishi,Zahra;namamian,farshid (1389). Investigating the determinants of brand value with financial perspective. Business Management Perspective Vol. 10, No. 6(39) Summer,2011, 9-32.
  4. Barth, M. E., Clement, M. B., Foster, G., & Kasznik, R. (1998). Brand values and capitalmarket valuation. Review of Accounting Studies, 3(1–2), 41–68.
  5. Binswanger, M. (2000). Stock Market Booms and Real Economic Activity: Is this Time Different?. International Review of Economics and Finance, 9, 387 – 415.
  6. Darabi ,roya;Vakilifard,hamidreza;Meshkin,masoud(1392).The relationship between operational net cash flow and operating income with stock returns and the impact of the information asymmetry on these relationships. Managerial accounting, 6, 1-14.
  7. Dutordoir, M., Verbeeten, F., & De Beijer, D. (2012). Stock price reactions to brand value announcements: Magnitude and moderators. Intern. J. of Research in Marketing Vol 32(1), 34–47
  8. Esmaeli,shahpour.(1385),Interest quality and stock return relationship. MS thesis. Alameh university.
  9. Etemadi, H; & Montazeri, J (1390). Studying the factors affecting capital structure with emphasis on the competition of market production. Journal of Accounting and auditing, 3, 1-26.
  10. Gronlund, J. (2013). Basics of branding. New York: Business Expert Press.
  11. Guney, Y., Li, L., & Fairchild, R. (2011). The relationship between product market competition and capital structure in Chinese listed firms. International Review of Financial Analysis, 20(1), 41-51.
  12. Hanafizadeh, P.; fazelinia, M. (1390). Bank’s brand valuation based on multi-factor decision making model. (Case study: mellat, Pasargad and Parsian banks). Journal of financial engineering and portfolio management.Vol 11. No, 2. 81-102.
  13. Hassapis, C. & S. Kalyvitis (2002). Investigating the Links between Growth and Real Stock Price Changes with Empirical Evidence from the G-7 Economies. The Quarterly Review of Economics and Finance, 42, 543-575.
  14. Hsu, F., & Wang, T., & Chen, M. (2013). The Impact of Brand Value on Financial Performance. Advances in Management & Applied Economics, 3(6), 129-141.
  15. Hsu, L., & Fournier, S., & Srinivasan, S. (2013). Brand architecture strategy and firm value: how leveraging, separating, and distancing the corporate brand affects risk and returns. Journal of Academy of Marketing Science. DOI 10.1007/s11747-014-0422-5.
  16. Hsu, L., Fournier, S., & Srinivasan, S. (2012). Branding and firm value. In S. Ganesan, & S. Bharadwaj (Eds.), Handbook of marketing and finance (Chapter 7). Northampton: Edward Elgar Publishing.
  17. Johansson, J. K., Dimofte, C. V., & Mazvancheryl, S. K. (2012). The performance of global brands in the 2008 financial crisis: A test of two brand value measures. International Journal of Research in Marketing, 29(3), 235–245.
  18. Kafche, P; & Mesgari, N. (1392). The relationship between the competitive strategy and financial performance in commercial banks listed in Tehran stock exchange. Journal of business management perspective, 17, 161-180.
  19. Keller, K.L. (2013). Strategic brand management: Building, measuring, and managing brand equity. Pearson Education Limited (2013), ISBN: 978-0-13-266425-7.
  20. Khodadad Hoseini, H., Fathi, S., Elahi, S. (1385). Designing pattern of information technology impact on financial performance measure with the approach of meta-analysis. Journal of Accounting and auditing, 46, 61-83.
  21. Kicova, E., & Kramarova, K., (2013). The significance and importance of the brand for the enterprise. Grant Journal 2, 29-34.
  22. 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.
  23. Majerova ,T., & Kliestik, T.(2015). Brand valuation as an immanent component of brand value buildingand managing. Procedia Economics and Finance, 26, 546 – 552.
  24. Mauro, P. (2003). Stock Returns and Output Growth in Emerging and Advanced Economies. Journal of Development Economics, 71, 129-153.
  25. Mizik, N., & Jacobson, R. (2008). The financial value impact of perceptual brand attributes. Journal of Marketing Research, 45(1), 15–32.
  26. Morgan, N. A., & Rego, L. L. (2009). Brand portfolio strategy and firm performance. Journal of Marketing, 73(1), 59-74.
  27. Pandey, I. M. (2004). Capital structure, profitability and market structure: Evidence from Malaysia. Asia Pacific Journal of Economics and Business, 8(2), 78-91,97-98.
  28. Png, I. (2012). Managerial economics. New York: Routledge.
  29. journal of Iranian ceramic producers syndicate. 15(3), 28-34.
  30. Rathinasamy, R. S., Krishnaswamy, C. R., & Mantripragada, K. G. (2000). Capital Structure and product market interaction: an international perspective. Global Business and Finance Review, 5(2), 51-66.
  31. Rego, L. L., Billett, M. T., & Morgan, N. A. (2009). Consumer-based brand equity and firm risk. Journal of Marketing, 73(6), 47-60.
  32. Salinas, G., & Ambler, T. (2009). A taxonomy of brand valuation practice: Methodologies and purposes. Journal of Brand Management 17(1), 39–61.
  33. Salinas, Gabriela. (2009) The International Brand Valuation Manual. New York: John Wiley & Sons.
  34. Sherrington, M., (2003). Added value – The Alchemy of Brand – Led Growth. Hampshire: MacMillan, 203 p.
  35. Simon, C. J. & Solivan, M. (1993). The Measurement and Determinants of Brand Equity: A Financial Approach. Marketing Science, 12(1), 28-52.
  36. Tauber, E. M. (1988). Brand leverage-strategy for growth in a cost-control world. Journal of Advertising Research, 28(4), 26-30.
  37. Yasin, N., Noor,m.,& mohamad,O. (2012). Does image of country-of-origin matter tobrand equity?. Journal of Product & Brand Management 16(1) , 38–48.

فایل ها

سابقه مقاله

  • تاریخ دریافت: 12 خرداد 1395
  • تاریخ بازنگری: 17 آبان 1403
  • تاریخ پذیرش: 11 دی 1399

هم رسانی

ارجاع به این مقاله

آمار