The Financial Value Impact of Perceptual Brand Attributes

Journal of Marketing Research

Volumn 45, Issue 1, 2008, Pages 15-32

  Mizik, Natalie ^a   Jacobson, Robert ^b  

^a The Sanford C Bernstein Co Center for Leadership and Ethics   (United States)

^b UNIVERSITY OF WASHINGTON   (United States)

Author keywords

brand dimensions; brand energy; brand equity; financial market performance; stock return

Indexed keywords

EID: 40549131050     PISSN: 00222437     EISSN: 15477193     Source Type: Journal    
DOI: 10.1509/jmkr.45.1.15     Document Type: Article

References (44)

1. Aaker David A., (1996), Building Strong Brands. New York: The Free Press.
2. Aaker David A., (2004), Brand Portfolio Strategy. New York: The Free Press.
3. Aaker David A., and Jacobson Robert, (1994), “The Financial Information Content of Perceived Quality,” Journal of Marketing Research, 31(May), 191–201.
4. Aaker David A., and Jacobson Robert, (2001a), “The Value Relevance of Brand Attitude in High-Technology Markets,” Journal of Marketing Research, 38(November), 485–93.
5. Aaker David A., and Jacobson Robert, (2001b), “What Separates Web Winners from Losers?” The Wall Street Journal, (March 12), 22.
6. Aaker David A., and Joachimsthaler Erich, (2000), Brand Leadership. New York: The Free Press.
7. Aaker Jennifer L., (1997), “Dimensions of Brand Personality,” Journal of Marketing Research, 34(August), 347–56.
8. Agres Stuart J., and Dubitsky Tony M., (1996), “Changing Needs for Brands,” Journal of Advertising Research, 36(January-February), 21–30.
9. Ailawadi Kusum L., Lehmann Donald R., and Neslin Scott A., (2003), “Revenue Premium as an Outcome Measure of Brand Equity,” Journal of Marketing, 67(October), 1–17.
10. Anderson T.W., and Hsiao Cheng, (1982), “Formulation and Estimation of Dynamic Models Using Panel Data,” Journal of Econometrics, 18(1), 47–82.
11. Ball Ray, and Brown Phillip, (1986), “An Empirical Evaluation of Accounting Income Numbers,” Journal of Accounting Research, 6(Autumn), 159–78.
12. Baltagi Badi H., and Griffin James M., (1988), “A Generalized Error Component Model with Heteroscedastic Disturbances,” International Economic Review, 29(4), 745–53.
13. Barth Mary A., Clement Michael, Foster George, and Kasznik Ron, (1998), “Brand Values and Capital Market Valuation,” Review of Accounting Studies, 3(1-2), 41–68.
14. Bound John, Jaeger David A., and Baker Regina M., (1995), “Problems with Instrumental Variable Estimation When the Correlation Between the Instruments and the Endogenous Explanatory Variable Is Weak,” Journal of the American Statistical Association, 90(430), 443–50.
15. Cheng C.S. Agnes, Hopwood William S., and McKeown James C., (1992), “Non-Linearity and Specification Problems in Unexpected Earnings Response Regression Model,” Accounting Review, 67(July), 579–98.
16. Daniel Kent, and Titman Sheridan, (1997), “Evidence on the Characteristics of Cross Sectional Variation in Stock Returns,” Journal of Finance, 52(1), 1–33.
17. Daniel Kent, and Titman Sheridan, (2003), “Market Reaction to Tangible and Intangible Information,” National Bureau of Economic Research Working Paper Series No. 9743.
18. DeBondt Werner F.M., and Thaler Richard, (1985), “Does the Stock Market Overreact?” Journal of Finance, 40(3), 793–805.
19. Eberhart Allan C., Maxwell William F., and Siddique Akhtar R., (2004), “An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases,” Journal of Finance, LIX (April), 623–50.
20. Fama Eugene, (1998), “Market Efficiency, Long-Term Returns, and Behavioral Finance,” Journal of Financial Economics, 49(3), 283–306.
21. Fama Eugene, and French Kenneth R., (1993), “Common Risk Factors in Returns to Stocks and Bonds,” Journal of Financial Economics, 33(1), 3–56.
22. Fama Eugene, and French Kenneth R., (1996), “Multifactor Explanations of Asset Pricing Anomalies,” Journal of Finance, 51(March), 55–84.
23. Fernandez Pablo, (2001), “Valuation of Brands and Intellectual Capital,” IESE Business School Working Paper.
24. Fried Dov, and Givoly Dan, (1982), “Financial Analysts' Forecasts of Earnings: A Better Surrogate for Market Expectations,” Journal of Accounting and Economics, 4(October), 85–108.
25. Fryxell Gerald E., and Wang Jia, (1994), “The Fortune Corporate ‘Reputation’ Index: Reputation for What?” Journal of Management, 20(Spring), 1–14.
26. Fudge Ann, (2005), “Brand Energy: A Compass for Navigating Troubled Waters,” paper presented at Marketing Science Institute Conference on Connecting with Customers in a Complex World, Chicago (November 3–4).
27. Gerzema John, Lebar Ed, and Sussman Michael, (2005), “Brand Energy: Quantifying the Value of Brand Momentum,” Y&R white paper.
28. Greene William H., (2003), Econometric Analysis, 5th ed. Englewood Cliffs, NJ: Prentice Hall.
29. Jacobson Robert, and Aaker David A., (1993), “Myopic Management Behavior with Efficient, but Imperfect, Financial Markets: A Comparison of Information Asymmetries in the U.S. and Japan,” Journal of Accounting and Economics, 16(September), 383–405.
30. Keller Kevin L., (1998), Strategic Brand Management. Englewood Cliffs, NJ: Prentice Hall.
31. Keller Kevin L., and Aaker David A., (1998), “The Impact of Corporate Marketing on a Company's Brand Extensions,” Corporate Reputation Review, 1(4), 356–78.
32. Keller Kevin L., and Lehmann Donald R., (2003), “How Do Brands Create Value?” Marketing Management, 12(3), 26–31.
33. Kormendi Roger, and Lipe Robert, (1987), “Earnings Innovations, Earnings Persistence and Stock Return,” Journal of Business, 60(3), 207–238.
34. Kothari S.P., (2001), “Capital Markets Research in Accounting,” Journal of Accounting and Economics, 31(September), 105–231.
35. LeRoy Stephen, (1989), “Efficient Capital Markets and Martingales,” Journal of Economic Literature, 27(December), 1583–1621.
36. Mizik Natalie, and Jacobson Robert, (2004), “Stock Return Response Modeling,” in Assessing Marketing Strategy Performance, Moorman Christine, and Lehmann Donald R., eds. Boston: Marketing Science Institute, 29–46.
37. Mizik Natalie, and Jacobson Robert, (2005), “How Brand Attributes Drive Financial Performance,” MSI Reports, 3, 21–39.
38. Mizik Natalie, and Jacobson Robert, (2007), “Myopic Marketing Management: Evidence of the Phenomenon and Its Long-Term Performance Consequences in the SEO Context,” Marketing Science, 26(3), 361–79.
39. Nijs Vincent, Srinivasan Shuba, and Pauwels Koen, (2006), “Dynamic Drivers of Retail Prices and Retailer Profits,” Marketing Science, 23(4), 473–89.
40. Oberhofer W., and Kmenta J., (1974), “A General Procedure for Obtaining Maximum Likelihood Estimates in Generalized Regression Models,” Econometrica, 42(3), 579–90.
41. Pauwels Koen, Silva-Risso Jorge, Srinivasan Shuba, and Hanssens Dominique M., (2004), “New Products, Sales Promotions, and Firm Value: The Case of the Automobile Industry,” Journal of Marketing, 68(October), 142–56.
42. Rust Roland T., Ambler Tim, Carpenter Gregory S., Kumar V., and Srivastava Rajendra K., (2004), “Measuring Marketing Productivity: Current Knowledge and Future Directions,” Journal of Marketing, 68(October), 76–89.
43. Srinivasan V., Park Chan Su, and Chang Dae Ryun, (2005), “An Approach to the Measurement, Analysis, and Prediction of Brand Equity and Its Sources,” Management Science, 51(9), 1433–48.
44. Srivastava Rajendra K., Shervani Tasadduq A., and Fahey Liam, (1998), “Market-Based Assets and Shareholder Value: A Framework for Analysis,” Journal of Marketing, 62(January), 2–18.