- Elgar original reference
Edited by Shankar Ganesan
7 Branding and firm value Shuba Srinivasan, Liwu Hsu and Susan Fournier INTRODUCTION Although branding is widely recognized as an important marketing activity, marketing executives are increasingly challenged to prove the value of branding in clear financial terms (Ambler, 2003). In response to this call, there has been growing academic research on branding impact on shareholder value and firm risks (Lehmann and Reibstein, 2006; Marketing Science Institute, 2008). Several major conferences focus on linking marketing strategy to Wall Street, including Marketing Science Institute events in 2002 (Dallas) and 2009 (Emory Marketing Institute, Atlanta), as well as a third conference in 2011 (Boston University). Dedicated publications address the topic, including two special issues in the Journal of the Academy of Marketing Science (2003) and the Journal of Marketing (2009) and two books (Ambler, 2003; Rutherford and Knowles, 2007). More than ten years ago, Kerin and Sethuraman (1998, p. 260) stated that: it is generally claimed that brand names are a corporate asset with an economic value that creates wealth for a firm’s shareholder. However, the scholarly literature has neither provided a comprehensive theoretical basis for this claim nor documented an empirical relationship between brand value and shareholder value. The marketing field has since come a long way in demonstrating that branding influences the shareholder value, with chief executive officers, chief financial officers, and boards now truly paying attention to building, developing, and maintaining their brands. The objective of this chapter is to integrate emerging insights from the literature on branding and...
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