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研究生(外文): Ying-Yu Hsu
论文名称(外文): The Antecedents of Brand Governance
指导教授(外文): Horng-Der Leu
外文关键词: Brand Governance、Stakeholder-Agency、Brand Credit Rating、Agency Conflicts
品牌价值是企业永续成长的主要有利关键之一，而稳健的品牌治理更是不容忽视，目前相关品牌治理的研究较为鲜少。本研究探讨品牌治理的前置因素，深入了解品牌经营绩效与公司治理，对于品牌价值与评等的影响。依据股东-代理理论的概念，参考目前相关财务绩效与公司治理文献。收集历年公佈的Interbrand全球百大品牌，以及Brand Finace全球500大品牌之年度品牌排名、品牌评等及品牌价值等资料，并从资料库Datastream与网路公开资讯Yahoo! Finance下载与蒐集相关财务、股权比例与企业治理风险指标，彙整与选取连续完整资料，加以分析验证相关性与显著性。
Brand value is one of the key components facilitating enterprises’ sustained growth. Although stable brand governance is an issue that cannot be overlooked, the literature on the topic of brand governance is scant. This study discusses the antecedents of brand governance and also deeply explores the effect of brand management performance on brand value and rating according to the stakeholder-agent theory and referencing current literature on financial performance and corporate governance. Data on brand ranking, brand rating, and brand value were collected from Interbrand’s annual report on the Best Global Brand Top 500 and Brand Finance’s Brand Finance Global 500. Also, financial information, shareholding ratios, and corporate governance risk indicators were downloaded and gathered from Datastream and Yahoo! Finance. After sorting and aligning the data through dropped-formed analysis, this study adopts a series of models to determine the coefficients and significance of the data.
The contributions of this study include the finding that sound financial performance affects brand value, which will help manifest and upgrade brand rating. Outsiders generally use corporations’ financial performance as their primary investment indicator and motivation. In addition, similar to the agency theory on which this study is based, which focuses on the agency conflicts between the principal and the agent, an interesting finding of this study is that profitability could exactly be diluted by corporation insiders. The result highlights the necessity of corporate governance to ensure that insiders can enjoy the benefits generated by brand value. Meanwhile, this study is unable to find support for the proposed hypotheses on intangible assets and profitability due to the lack of open information. In addition, empirical finding shows that corporations can realize brand value with or without attaining economies of scale. This result implies that effective resource allocation is important for development toward economies of scale or scope economies. Future studies should consider more to this noteworthy issue.
In terms of managerial implications, the results of this study show that management performance serves the prominent role of attracting institutional shareholdings. Also, the supervision and effective information sharing generated by external institutional shareholding can benefit the preservation of financial performance; corporation governance risk coefficients are correlated with financial performance. These variables will have significant effects on maintaining long-term prestigious brand value and brand rating. In other words, corporations should make brand governance a priority objective. Empirical findings show that the level of external institutional shareholding facilitates brand value growth and fosters the preservation of brand value rating. Therefore, firms should utilize the advantage offered by external institutional investments. In other words, they should comply with the aggressive supervision of external institutional shareholders, reduce any moral hazard and opportunistic behaviors, and integrate the beneficial information provided by these stakeholders in their decision-making process. The above helps shape a sound corporate governance mechanism. Furthermore, corporation scale is mainly concerned with the effective utilization and allocation of resource rather than merely pursues economies of scale (i.e., achieve the least average transaction cost), or economies of scope (i.e., effective and diversified production mechanisms).
At present, majority of academic research is focused on corporate governance instead of brand governance. We suggest the disclosure of more thorough and continuous data on firms’ financial and shareholding structure in order to benefit more comprehensive studies on the antecedents of brand governance. Maintaining brand value and rating at high levels indicates the commitment to stakeholders and shareholders, which will in turn simulate the trust and support from the public. Brand governance is not an issue to be overlooked. Business managers should attach more importance to this topic in an effort to co-create brand value with throughout stakeholders.
Tables of Contents VII
List of Tables IX
List of Figures XI
CHAPTER ONE - INTRODUCTION 1
1.1 Research Background and Purposes 1
1.2 The Strong Brand, Align Brand Value with Stakeholders 2
1.3 Co-creation of Brand Value with Stakeholders 2
1.4 Research Purposes and the Format of Study 5
CHAPTER TWO - LITERATURE REVIEW 7
2.1 The Antecedent to Brand, Brand Value, and Brand Equity 7
2.1.1 Brand . 7
2.1.2 For Corporate Brand – the Brand Value and Brand Equity 10
2.2 The Evolvement of Brand Consideration Toward the Stakeholder Focus 13
2.3 Brand Governance Matters 15
2.4 Corporate Governance and Management 16
2.5 Corporate Brand Governance from the Agency Theoretical Perspective 26
CHAPTER THREE - METHODOLOGY AND HYPOTHESIS 29
3.1 Research Framework 30
3.2 Hypothesis 32
3.3 Methodology 42
3.3.1 Multiple Regression Estimates and 2SLS 46
3.3.2 Ordered Logit and Ordered Probit Models Analysis 48
3.3.3 One-Way and Two-Way Fixed and Random Effects Models 48
CHAPTER FOUR - EMPIRICAL RESULTS 49
4.1 Multiple Regression Analysis for Cross-Sectional Data 49
4.2 Ordered Logit and Ordered Probit Estimate 51
4.3 Estimations by 2SLS 53
4.4 One-Way and Two Way Fixed and Random Effects 57
CHAPTER FIVE - CONCLUSION 59
Appendix I. Previous Researches Objectives, Theoretical Bases and Findings for Corporate Governance 75
Appendix II. Companies Award the Brand Finance Global 500 in 2012 with Complete Data from Datastream and Yahoo! Finance 90
Appendix III. Companies Award the Brand Finance Global 500 (2006~2010), and with Complete Data from Datastream 91
Appendix IV. Companies Award the Best Brand Global Top 100 with Complete Data from Datastrem (2006~2010) 92
Appendix V. The Conducted Models 93
Appendix VI. Tables of Empirical Results 98
Lists of Tables
Table 1.1 The Four Eras of Marketing-Dominant Logic and Service-Dominant
Table 1.2 Illustrative Studies of Brand Value with Firm Performance 4
Table 2.1 Taxonomy of Brand Definitions 8
Table 2.2 Applicable Theories and Theoretical Appeals 20
Table 3.1 Applied Variables’ Notations, Definitions, and Hypothesized
Table 4.1 Correlation Matrix of Instrument Variables for 2SLS Analysis 54
Table 4.2 The Empirical Results of Significant Variables 56
Table 4.3 Descriptive Statistics for Companies on the Brand Finance
Global 500 of 2012 98
Table 4.4 Descriptive Statistics for Companies on the Brand Finance
Global 500 of 2006~2010 99
Table 4.5 Descriptive Statistics for Companies on the Best Global Brand
Top 100 by Interbrand of 2004~2010 100
Table 4.6 Empirical Results for Companies on the Brand Finance Global 500
of 2012 (for Corporate Governance) 101
Table 4.7 Empirical Results for Companies on the Brand Finance Global 500
of 2012 (for Corporate Performance) 102
Table 4.8 Ordered Logit and Marginal Effects for Companies on the Brand
Finance Global 500 of 2012 (for Corporate Governance) 103
Table 4.9 Ordered Logit and Marginal Effects for Companies on the Brand
Finance Global 500 of 2012 (for Corporate Performance) 104
Table 4.10 Ordered Probit and Marginal Effects for Companies on the Brand
Finance Global 500 of 2012 (for Corporate Governance) 105
Table 4.11 Ordered Probit and Marginal Effects for Companies on the Brand
Finance Global 500 of 2012 (for Corporate Performance) 106
Table 4.12 2SLS Results for Companies on the Brand Finance Global 500
of 2012 (for Brand Value with Instrument Variables) 107
Table 4.13 2SLS Results for Companies on the Brand Finance Global 500
of 2012 (for Brand Credit Rating with Instrument Variables) 108
Table 4.14 Ordered Logit with Marginal Effects for Companies on the Brand
Finance Global 500 of 2006~2010 109
Table 4.15 Ordered Probit with Marginal Effects for Companies on the Brand
Finance Global 500 of 2006~2010 110
Table 4.16 Test of Alternative Model Specifications for Companies on the Brand
Finance Global 500 of 2006~2010 111
Table 4.17 Empirical Results of Alternative Models for Companies on the Brand
Finance Global 500 of 2006~2010 112
Table 4.18 Test of Alternative Model Specifications for Companies on the Best
Global Brand Top 100 by Interbrand of 2004~2010 113
Table 4.19 Empirical Results of Alternative Models for Companies on the Best
Global Brand Top 100 by Interbrand of 2004~2010 114
Lists of Figures
Figure 2.1 Evolving Toward a New Dominant Logic for Branding 14
Figure 2.2 Modern Corporations are Disciplined by Internal and External Factors 17
Figure 2.3 The Stakeholder Model of the Corporation 22
Figure 3.1 Research Framework 32
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