Creating 'value' beyond the point of production: Branding, financialization and market capitalization

Organization

Volumn 17, Issue 5, 2010, Pages 517-542

  Willmott, Hugh ^a  

^a CARDIFF UNIVERSITY   (United Kingdom)

Author keywords

brand equity; co production; ethical surplus; financialization; full circuit of capital; intangibles; Samsung; social networking; valorization

Indexed keywords

EID: 77956326405     PISSN: 13505084     EISSN: 14617323     Source Type: Journal    
DOI: 10.1177/1350508410374194     Document Type: Article

References (126)

1. Akasia, J.F. (2000) Ford's Model E, Forbes 17 July, pp. 30-34.
2. Alvarez, L. H. R and Stenbacka, R., (2007) Partial Outsourcing: A Real Options Perspective, International Journal of Industrial Organization 25(1): 91-102.
3. Antorini, Y.M. (2007) Brand Community Innovation: An Intrinsic Case Study of the Adult Fans of the LEGO Community, Unpublished PhD, Copenhagen Business School.
4. Arrington, M. (2006) Google Has Acquired YouTube [Online]. TechCrunch. Available at: http://www.techcrunch.com/2006/10/09/google-has-acquired-youtube/ (accessed 9 October 2006).
5. Arvidsson, A. (n.d.) Crisis of Value and the Ethical Economy available at: http://p2pfoundation.net/Crisis_of_Value_and_the_Ethical_Economy (accessed 3 November 2009).
6. Arvidsson, A. (2005) Brands: A Critical Perspective, Journal of Consumer Culture 5(2): 235-58.
7. Arvidsson, A. (2006) Brands: Meaning and Value in Media Culture. London: Routledge.
8. Arvidsson, A. (2007) Crisis of Value and the Ethical Economy available at: http://p2pfoundation.net/Crisis_of_Value_and_the_Ethical_Economy (accessed 27 October 2009).
9. Arvidsson, A. (2008) The Ethical Economy of Customer Coproduction, Journal of Macromarketing 28(4): 326-38.
10. Arvidsson, A. (2009) The Ethical Economy: Towards a Post-Capitalist Theory of Value, New Left Review 97: 13-29.
11. Baldi, F. and Trigeorgis, L. (2008) A Real Options Approach to Valuing Brand Leveraging Options: How much is Starbucks Brand Equity Worth?, working paper, available at: http://69.175.2.130/~finman/Reno/Papers/StarbucksBrandValuation.pdf (accessed 4 November 2009).
12. Ballow, J.J., Burgman, R.J., Roos, G. and Molnar, M.J. (2004) A New Strategy for Managing for Shareholder Value: Intangibles, Future Value and Investment Decisions, Journal of Business Strategy 25(3): 26-34.
13. Barth, M.E., Clement, M.B., Foster, G. and Kasznik, R. (1998) Brand Values and Market Capitalization, Review of Accounting Studies 3(1-2): 41-68.
14. Barud, K. (2007) Meeting the Universe Halfway: Quantum Physics and the Entanglement of Matter and Meaning, Durham, NC: Duke University Press.
15. Batchelor, A. (1998) Brands as Financial Assets in S. Hart and J. Murphy (eds) Brands: The New Wealth Creators. London: Macmillan Business/ Interbrand.
16. Baudrillard, J. (1981) For a Critique of the Political Economy of the Sign. St. Louis: Telos.
17. Bauwens, M. (n.d.) Dornbirn Manifesto Available at http://p2pfoundation.net/Dornbirn_Manifesto (accessed 4 November 2009).
18. Bauwens, M. (2009) Class and Capital in Peer Production, New Left Review 97: 121-41.
19. Berger, P. (1967) The Sacred Canopy: Elements of a Sociological Theory of Religion. New York, NY: Doubleday.
20. Brubaker, R. (1984) The Limits of Rationality: An Essay on the Social and Moral Thought of Max Weber. London: George Allen and Unwin.
21. Burawoy, M. (1986) The Politics of Production: Factory Regimes Under Capitalism and Socialism. London: Verson.
22. Business Week (2005) Global Brands, 1 August, available at: http://www.businessweek.com/magazine/content/05_31/b3945098.htm (accessed 3 November 2009).
23. Business Week (2006) Crowdsourcing: Consumers as Creators, 13 July, available at: http://www.business-week.com/innovate/content/jul2006/id20060713_755844.htm (accessed 2 November 2009).
24. Business Week (2007) The 100 Top Brands-Here's how Interbrand calculates the power in a name, available at: http://www.businessweek.com/pdfs/2007/0732_globalbrands.pdf (accessed 3 November 2009).
25. Chu, S. and Keh, H.T. (2006) Brand Value Creation: Analysis of the Interbrand-Business Week Brand Value Rankings, Marketing Letters 17: 323-31.
26. Cook, S. (2008) The Contribution Revolution: Letting Volunteers Build Your Business, Harvard Business Review, October, 60-69.
27. Coombe, R. (1988) The Cultural Life of Intellectual Properties: Authorship, Appropriation and the Law. Durham, NC: Duke University Press.
28. Corstjens, M. and Merrihue, J. (2003) Optimal Marketing, Harvard Business Review 81: 114-21.
29. Cova, B. and Dalli, D. (2009) 'Working Consumers: The Next Step in Marketing Theory?, Marketing Theory 9(3): 315-39.
30. Custodio, C. and J. Rosario (2007) 'Corporate Brand and Firm Value', working paper, London School of Economics.
31. Crane, D. and Bovone, L. (2006) Approaches to Material Culture: The Sociology of Fashion and Clothing, Poetics 34(6): 319-33.
32. Davis, G.F. (2009) The Rise and Fall of Finance and the End of the Society of Organizations, Academy of Management Perspectives 23(3): 27-44.
33. De Beijer, D., DeKimple, M., Dutordoir, M. and Verbeeten, F.H.M. (2008) The Impact of Brand Value Announcements on Firm Value, working paper, Rotterdam School of Management, The Netherlands. Also available at SSRN: http://ssrn.com/abstract=1344535 (accessed 3 November 2009).
34. Delcoure, N. (2008) 'Corporate Branding and Shareholders' Wealth', working paper, Sam Houston State University.
35. Dore, R. (2000) Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons (Japan Business and Economics Series). Oxford: Oxford University Press.
36. Dore, R. (2008) Financialization of the Global Economy, Industrial and Corporate Change, 17(6): 1097-112.
37. Du Gay, P. Hall, S., Janes, L. and Mackay, H. (1996) Doing Cultural Studies: The Story of the Sony Walkman. London: Sage.
38. Epstein, G.A. (2005) Introduction, in G.A. Epstein (ed.) Financialization and the World Economy. London: Edward Elgar.
39. Erturk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2007) General Introduction: Financialization, Coupon Pool and Conjecture (mimeo) subsequently published in I. Erturk, J. Froud, S. Johal, A. Leaver and K. Williams (eds) Financialization at Work: Key Texts and Commentary. London: Routledge.
40. Ezzamel, M., Willmott, H.C. and Worthington, F. (2009) 'Manufacturing Shareholder Value: The Role of Accounting in Organizational Transformation', Accounting, Organizations and Society 33(2-3): 107-40.
41. Feldwick, P. (1996) What is Brand Equity Anyway, and How Do You Measure It, Journal of the Market Research Society 38(2): 85-105.
42. Fernández, P. (2001) Valuation of Brands and Intellectual Capital, working paper IESE Business School. Available at: http://www.avaliacaodeempresas.com.br/artigos3/Valuatin%20of%20Brands%20and%20Intellectual%20Capital.pdf (accessed 3 November 2009).
43. Fernández, P. (2002) Valuation Methods and Shareholder Value. New York, NY: Academic Press.
44. Foster, R.J. (2007) The Work of the New Economy: Consumers, Brands and Value Creation, Cultural Antrhopology 22(4): 707-31.
45. Foster, R.J. (2008) Commodities, Brands, Love and Kula: Comparative Notes on Value Creation in Honor of Nancy Munn, Anthropological Theory 8(1): 9-25.
46. Frieder, L. (2004) 'Brand Perceptions and the Market for Common Stock', working paper, The Anderson School, UCLA subsequently published in Journal of Financial and Qualitative Analysis 40(1): 57-85.
47. Frieder, L. and Subrahmanyam, A. (2004) Brand Perceptions and the Market for Common Stock, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=299522, subsequently published in Journal of Financial and Quantitative Analysis 40(1): 57-85.
48. Froud, J., Johal, S. and Williams, K. (2002) Financialisation and the Coupon Pool, Capital and Class 78: 119-51.
49. Gamble, A. (2009) The Spectre at the Feast: Capitalist Crisis and the Politics of Recession. London: Palgrave Macmillan.
50. Glyn, A. (2006) Capitalism Unleashed: Finance, Globalization and Welfare. Oxford: Oxford University Press.
51. Glynos, J. and Howarth, D. (2007) Logics of Critical Explanation in Social and Political Theory. London: Routledge.
52. Goldman, P. (nd) Advertising and the Production of Commodity Signs, available at http://legacy.lclark.edu/~goldman/contradictions/poleconsv3.html (accessed 5 January 2009).
53. Goldman, R. and Papson, S. (2006) Capital's Brandscapes, Journal of Consumer Culture 6(3): 327-53.
54. Graham, P. (2002) Hypercapitalism: Language, New Media and Social Perceptions of Value, Discourse and Society 13(2): 227-49.
55. Graham, P. and Jones, S. (2005) Hypercapitalism: New Media, Language, and Social Perceptions of Value. Bern: Peter Lang.
56. Haigh, D. (1998) Brand Valuation: Understanding, Exploiting and Communicating Brand Values. London: Financial Times Retail and Consumer.
57. Harvey, D. (2001) The Art of Rent: Globalization, Monopoly and the Commodification of Culture, in L. Panitch and C. Leys (eds) Socialist Register 2002: A World of Contradictions. London: Merlin Press.
58. Harvey, D. (2005) A Brief History of Neo-Liberalism. Oxford: Oxford University Press.
59. Hatch, M.J. and Schultz, M. (2005) Taking Brand Initiative: How Companies Can Align Strategy, Culture, and Identity Through Corporate Branding. San Francisco, CA: Jossey-Bass.
60. Glynos, J. and Howarth, D. (2007) Logics of Critical Explanation in Social and Political Theory. London: Routledge.
61. Helft, M. (2007) YouTube's Payoff: Hundreds of Millions for the Founders The New York Times, available at http://www.nytimes.com/2007/02/07/technology/07cnd-google.html?ex=1328504400&en=96fcc0326d0a7ef6&ei=5088&partner=rssnyt&emc=rss (accessed 3 November 2009).
62. Holt, D. (2002) Why Do Brands Cause Trouble? A Dialectical Theory of Consumer Culture and Branding, Journal of Consumer Research 29: 70-90.
63. Holt, D. (2004) How Brands Become Icons. Boston, MA: Harvard Business School Press.
64. Holt, D. (2006) Toward as Sociology of Branding, Journal of Consumer Culture 6(3): 299-302.
65. IUF (2006) Feeding Financial Markets: Financialization and Restructuring in Nestlé, Kraft and Unilever, (International Union of Food, Agricultural, Hotel, Restaurant, 1 Catering, Tobacco and Allied Workers' Associations). Available at: http://asianfoodworker.net/tnc/financializing-foodTNCs.pdf (accessed 3 November 2009).
66. Jhally, S. and Livant, B. (1986) Watching as Working: The Valorization of Audience Consciousness, Journal of Communication 36(3): 124-43.
67. Keller, K.L. (1993) Conceptualizing, Measuring and Managing Customer-Based Brand Equity, Journal of Marketing 57: 1-22.
68. Kerin, R.A. and Sethuraman, R. (1998) Exploring the Brand-Value-Shareholder-Value Nexus for Consumer Goods Companies, Journal of Academic Marketing Science 26(4): 260-73.
69. Kimbrough, M.D. and McAlister, L. (2008) Linking Marketing Actions to Value Creation and Firm Value: Insights from Accounting Research; A Commentary on Shuba Srinivasan and Dominique M. Hanssens' Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions, Journal of Marketing Research, forthcoming. Available at: http://www.marketingpower.com/ResourceLibrary/Documents/JMRForthcoming/Linking%20Marketing%20Actions%20(COM).pdf (accessed 4 November 2009).
70. Kindleberger, C.P. and Aliber, R. (2005) Manias, Panics and Crashes; A History of Financial Crises. New York, NY: Wiley.
71. Klein, N. (2000) No Logo. London: Flamingo.
72. Klimecki, R. and Willmott, H.C. (2009) From Demutualization to Meltdown: A Tale of Two Wannabe Banks, Critical Perspective in International Business 5(1/2): 120-40.
73. Kornberger, M. (in press) The Brand Society, Cambridge: Cambridge University Press.
74. Kozinets, R.V., Hemetsberger, A. and Schau, H.J. (2008) The Wisdom of Consumer Crowds: Collective Innovation in the Age of Networked Marketing, Journal of Macromarketing 28(4): 339-54.
75. Krippner, G.R. (2005) 'The Financialization of the American Economy', Socio-Economic Review 3(2): 173-208.
76. Land, C. and Böhm, S., (2009) The New Hidden Abode: Reflections on Value and Labour in the New Economy, Working Paper, Essex Business School, University of Essex.
77. Lazzarato, M. (1997) Lavoro immateriale, Verona: Ombre Corte.
78. Lazzarato, M. (2007) Strategies of the Political Entrepreneur, SubStance 36(1): 87-97.
79. Lee, Y.W. (2007) Samsung CEO Message. Available at: http://www.samsung.com/us/aboutsamsung/ir/ceomessage/IR_CEOMessage.html (accessed 5 January 2009).
80. Lepak, D.P., Smith, K.G. and Taylor, M.S. (2007) Value Creation and Value Capture: A Multilevel Perspective, Academy of Management Review 32(1): 18-195.
81. Lev, B. (2001) Intangibles: Management, Measurement, and Reporting. Washington, DC: Brookings Institution Press.
82. Lindemann, J. (2004) The Financial Value of Brands in Clifton, R. Simmons, J. and Ahmad, S. (eds) Brands and Branding. London: Economist Books.
83. Littler, C. (2009) The Current Global Crisis as a Context for Labour and Industry in the Twenty-First Century, Labour and Industry 19(3): 5-28.
84. Low, G.S. and Fullerton, R.A. (1994) Brands, Brand Management and the Brand Manager System: A Critical-Historical Evaluation, Journal of Marketing Research XXXI (May): 173-90.
85. Lukas, B.A., Whitwell, G.J. and Doyle, P. (2005) How Can a Shareholder Value Approach Improve Marketing's Strategic Influence?, Journal of Business Research 58(4): 414-42.
86. Lury, C. (2004) Brands: The Logos of the Global Economy. London: Routledge.
87. Lury, C. and Moor, L. (2010) Brand Valuation and Topological Culture, in M. Aronczyk and D. Powers (eds) Blowing up the Brand. New York, NY: Peter Lang.
88. MacKenzie, D. (2009) Material Markets: How Economic Agents are Constructed. Oxford: Oxford University Press.
89. Madden, T.J., Fehle, F. and 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): 224-35.
90. Marazzi, C. (2010) The Violence of Financial Capitalism. New York, NY: Semiotext(e).
91. Marketing Science Institute (2007) Research Priorities of the Marketing Science Institute (2006-2008). Available at: http://www.msi.org/pdf/MSI_RP06-08.pdf (accessed 29 December 2007).
92. Martin, R. (2002) Financialization of Daily Life (Labor in Crisis). Philadephia, PA: Temple University Press.
93. Moor, L. (2007) The Rise of Brands. Oxford: Berg.
94. Muniz, A.M. and O'Guinn, T.C. (2001) Brand Community, Journal of Consumer Research 27: 412-32.
95. Nicholai, A. T., Schulz, A-C. and Thomas, T. W. (2009) 'What Wall Street Wants-Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts', Journal of Management Studies, 47(1): 162-189.
96. Nixon, S. (2002) Re-Imagining the Ad Agency: The Cultural Connotations of Economic Forms in P. Du Gay and M. Pryke (eds) Cultural Economy: Cultural Analysis and Commercial Life. London: Sage.
97. O'Doherty, D. and Willmott, H. (2009) The Decline of Labour Process Analysis and the Future Sociology of Work, Sociology 43(5): 931-51.
98. O'Neill, P. (2001) Financial Narratives of the Modern Corporation, Journal of Economic Geography 1: 181-99.
99. Orhangazi, O. (2008) Financialization and the US Economy. London: Edward Elgar.
100. Osborne, A. (2007) The Value of Virgin, Daily Telegraph 3 December2007.
101. Pahud de Mortanges, C. and van Riel, A. (2003) Brand Equity and Shareholder Value, European Management Journal 21(4): 521-27.
102. Pike, A. and Pollard, J. (2010) 'Economic Geographies of Financialization', Economic Geography 86(1): 29-51.
103. Power, M. (1992) The Politics of Brand Accounting in the United Kingdom, European Accounting Review 1: 39-68.
104. Raggio, R.D. and Leone, R.P. (2007) The Theoretical Separation of Brand Equity and Brand Value: Managerial Implications for Strategic Planning, Journal of Brand Management 14: 380-95.
105. Raggio, R.D. and Leone, R.P. (2009) 'Chasing Brand Value: Fully Leveraging Brand Equity To Maximise Brand Value', Journal of Brand Management 16: 248-63.
106. Rao, V.R., Agarwal, M.K. and Dahlhoff, D. (2004) How is Manifest Branding Strategy Related to the Intangible Value of the Corporation?, Journal of Marketing 68: 126-41.
107. Roslender, R. and Hart, S.J. (2006) Interfunctional Cooperation in Progressing Accounting for Brands, Journal of Accounting and Organizational Change 2(3): 229-47.
108. Rust, R.T., Ambler, T., Carpenter, G.S., Kumar, V. and Srivastava, R.K. (1994) Measuring Marketing Productivity: Current Knowledge and Future Directions, Journal of Marketing 68(4): 76-89.
109. Salzer-Mörling, M. and Strannegård, L. (2004) Silence of the Brands, European Journal of Marketing 38(1): 224-38.
110. Schultz, M., Hatch, M.J. and Larsen, M.H. (2000) The Expressive Organization: Linking Identity, Reputation and the Corporate Brand. Oxford: Oxford University Press.
111. Schulz, M., Antorini, Y.M. and Csaba, F.F. (2005) Corporate Branding: Purpose/People/Process. Copenhagen: Copenhagen Business School Press.
112. Serfati, C., (2008) Financial Dimensions of Transnational Corporations, Global Value Chain and Technological Innovation, Journal of Innovation Economics 2(2): 35-61.
113. Samsung Global Strategy (S. G. S.) (2009) Samsung Global Strategy Group. Samsung Global Strategy Group. Available at: http://www.molinu.org/samsung_global_strategy_group (accessed 4 November 2009).
114. Simon, C.J. and Sullivan, M.W. (1993) The Measurment and Determinants of Brand Equity: A Financial Approach, Marketing Science 12(1): 28-52.
115. Srinivasan, S. and Hanssens, D.M. (2008) Marketing and Firm Value Metrics, Methods, Findings, and Future Directions, Journal of Marketing Research, forthcoming. Available at http://www.marketingpower.com/ResourceLibrary/Documents/JMRForthcoming/Marketing%20and%20Firm%20Value.pdf (accessed 4 November 2009).
116. Smythe, D.W. (1977) Communications: Blindspot of Western Marxism in T. Guback (ed.) Counterclockwise: Perspectives on Communication, Boulder, CO: Westview Press.
117. Stalk, G. and Lachenauer, R. (2004) Hardball: Are You Playing to Play or Playing to Win?. Boston, MA: Harvard Business School Press.
118. Taylor, R.L., Becerra, R., Stuart, P. and Case, S. A (2009) 'Securitization of Brand Names: Basic Concepts and its Use in Practice', The Journal of Brand Management 17(1): 62-83.
119. Thompson, C.J. Rindfleisch, A. and Arsel, Z. (2006) Emotional Branding and the Strategic Value of the Doppelgänger Brand Image, Journal of Marketing 70(January): 50-64.
120. Thompson, P. (2003) 'Disconnected Capitalism: Or Why Employers Can't Keep Their Side of the Bargain', Work, Employment and Society 17(3): 359-78.
121. Thompson, P., Jones, M. and Warhurst, C. (2007) From Conception to Consumption: Creativity and the Missing Managerial Link, Journal of Organizational Behaviour 28: 625-40.
122. Thompson, P. and Smith, C. (2009) 'Labour Power and Labour Process: Contesting the Marginality of the Sociology of Work', Sociology 43(5): 913-30.
123. Tollington, T. (2001) UK Brand Asset Recognition Beyond Transactions or Events, Long Range Planning 34(4): 463-87.
124. Weber, M. (1946) 'Politics as a Vocation' in From Max Weber: Essays in Sociology, trans. and ed. H. H. Gerth and C. Wright Mills. Oxford: Oxford University Press.
125. Wernick, A. (1991) Promotional Culture: Advertising, Ideology and Symbolic Expression. London: Sage.
126. Whitwell, S. (2005) Brands on the Balance Sheet, available at: http://www.intangiblebusiness.com/Brandservices/Financial-services/Press-coverage/Brands-on-the-balance-sheet~299.html (accessed 23 November 2007).