Brand Capital and Stock Price Crash Risk

We examine the relationship between brand capital and stock price crash risk. Crash risk, defined as the negative skewness in the distribution of returns for individual stocks, captures asymmetry in risk, and has important implications for investment choices and risk management. Using a sample of 39,685 publicly listed U.S. firm-year observations covering 1975 to 2018, we show that brand capital is significantly and negatively related to crash risk. We also use an advanced machine learning approach and confirm that brand capital is a strong predictor of future stock price crashes. Our cross-sectional analyses show that this negative relationship is more evident for subsamples with transitory poor earnings performance or persistent good earnings performance, greater corporate tax avoidance, and weak corporate governance structures. The results survive numerous robustness tests, including the use of alternative measures of brand capital, crash risk, and several endogeneity tests. In sum, our findings are consistent with agency theory, suggesting that high levels of brand capital expose firms to investor and customer scrutiny, which reduces managerial opportunistic behavior that may include the accumulation and concealment of negative information. This paper was accepted by Karl Diether, finance.

FEATURES OF FORMATION OF BRAND CAPITAL OF THE TERRITORY, ON THE EXAMPLE OF EXISTING APPROACHES

В статье рассматриваются подходы к определению марочного капитала, автором определена терминологическая путаница, требующая уточнения. В статье представлена авторская трактовка марочного капитала, а также определятся основные элементы его формирования на примере существующих подходов и моделей. The article considers approaches to the definition of branded capital, the author defines a terminological confusion that requires clarification. The article presents the author's interpretation of branded capital, and also defines the main elements of its formation on the example of existing approaches and models.

CREATING LOVEMARKS THROUGH STUDENTS OF PUBLIC UNIVERSITIES IN IRELAND

This research was carried out to examine the role of educational brand capital applied to public universities in Ireland. To this end, the main contributions in the literature related to the study of brand capital and its application in the Irish educational sector were analyzed, identifying which variables determine brand capital in this sector. Once a suitable model was established, an empirical study was realized using a sample of 423 valid responses from students at the two main public universities in Cork (Ireland). The results obtained will show the repercussion of each variable of the brand capital relative to the determining variables (brand awareness, brand image, perceived quality, and brand loyalty), while laying the foundation for university managers to develop marketing strategies adapted to maximize the building of educational brand capital.

BRANDING IN PRIVATE UNIVERSITIES AT EL SALVADOR: BRANDS THAT THE PUBLIC FALL IN LOVE WITH

This research was carried out to examine the role of educational brand capital applied to private universities in El Salvador. For this purpose, the main contributions of the literature related to the study of brand capital and its application in the educational sector were analyzed, identifying which variables determine brand capital in the higher education sector. Once a suitable model was established, an empirical study was realized through a questionnaire in digital format, using a sample of 381 valid responses from undergraduate students from a private university in San Salvador (El Salvador). In order to validate the proposed construct, structural equation modeling will be applied, using SPSS v.19 and EQS 6.2 as working tools. The results obtained will show the repercussion of each variable of the brand capital relative to the determining variables, which are: brand awareness, brand image, perceived quality, and brand loyalty.

Conceptual Principles of Brand Formation

The article presents a conceptual basis for the formation of a brand based on the analysis of key ideas of researchers and practitioners engaged in branding issues, business philosophy in market relations, development of trademark and brand, development of marketing strategies, advertising, promotion of goods in the market. According to the analysis of generally accepted conceptions ("Brand capital", "Brand wheel" model, "Theory of image", "Strategic brand management", "4-D Branding", "Maximization of potential shopping brands", "Value-based-Marketing ») and theories of the brand of such scientists as D. Aaker, T. Ged, D. Ogilvi, Y. Ellwood, J.-N. Kapferer was formed the conceptual framework of branding, which includes such concepts as "brand capital", "trademark", "image", "reputation"; the characteristics of the brand are highlighted - leadership, identity, uniqueness, value, advantage; the essence of the brand is defined from the positions of manufacturer, which forms the competitive advantages of the product for the consumer through satisfaction of the functional, social, economic, psychological needs of the latter. Particular attention in the article is paid to the conceptions of brand positioning, where the main "players" of the market are determined as the company, competitors and consumers. The brand’s position provides information on identity through communication tools. The brand’s positioning includes the desire to emphasize its key aspects, and the idea of a positioning strategy is represented by the clear idea of the brand position communicated to the consumer. The brand’s position is disclosed through a set of associations, ideas and expectations that the consumer connects with the brand. This is a relative conception based on a comparison by the consumer of this brand with competing brands. The real confirmation of the use of these conceptions in the formation of the brand of companies is provided by an analysis of the rating positions of such global brands as Apple, Amazon, Mercedes-Benz, Toyota, Google, Microsoft.

90 YEARS – HISTORICAL FORMATION OF BRAND CAPITAL OF KYIV NATIONAL UNIVERSITY OF TECHNOLOGIES AND DESIGN (KNUTD)

Introduction. The modern higher education market is highly competitive. Universities compete for budget seats, for applicants, for attracting and retaining highly qualified personnel, for attracting additional funds from various sources. Universities are interested in finding additional competitive advantages in the form of brand capital of the university.Research hypothesis. The image of the national system of education acquires a special importance for building the university brand, which is important to take into account when positioning the university brand on the global market of educational services. The conceptual basis of the university brand is its mission, which absorbs the values shared by the university staff and transmitted to external audiences.Purpose of this article: to offer methodological tools for forming brand capital of an innovative university.Research methods: comparative analysis, ratings, graphical, tabular and specific methods of marketing comparative analysis, rating, tabular, graphical, specific methods of marketing research: field (target audience surveys) and desk surveys.Results: The process of formation and subsequent formation of brand capital of KNUTD was analyzed. The concepts of competition and competitiveness, brand capital and branding within higher education are compared. The degree of possible influence of brand on the level of competitiveness of the university and the graduate within the framework of further employment is considered. The evaluation of international and Ukrainian ratings is given, which allows to draw a conclusion about the importance of using brand capital of the university in the educational sphere.Conclusions. The proposed modified model of evaluation and promotion of brand capital allows to increase the efficiency of the university activities.

The Impact of Social Media on the Brand Capital of Famous People

The article is of a research nature. The aim of the article is to identify the role of social media in shaping personal brand. To this end, the first part discusses the concept of personal brand, as well as components of brand capital in the case of famous people, including consumer-based capital. Attention was also paid to the great importance of social media and the growing role of their users in the process of shaping personal brand. Based on the analysis of the source literature, a research gap was identified, related to the lack of empirical verification of the relationship between users’ online activity and and capital of famous people, also known as celebrities, associated with artistic and cultural activities. The article uses the results of the direct research carried out in the period 2019–2020. The second (empirical) part of the article presents research hypotheses, methodology, as well as results and conclusions from the research. Based on 26 in-depth individual interviews that were conducted with people famous in Poland (mainly engaged in artistic and cultural activities) and surveys of a group of 324 social media users, it was shown, among others, that online activity of Internet users stimulates the brand capital of famous people. Statistically significant relationships were observed for such components of the personal brand as awareness/associations with the personal brand and for the relationship regarding the perception of the quality of activities carried out by a famous person.

The Impact of Social Media on the Brand Capital of Famous People

The article is of a research nature. The aim of the article is to identify the role of social media in shaping personal brand. To this end, the first part discusses the concept of personal brand, components of brand capital in case of famous people, including consumer-based capital. Attention was also paid to the great importance of social media and the growing role of their users in the process of shaping personal brand. Based on the analysis of the source literature, a research gap was identified, related to the lack of empirical verification of the relationship between users’ online activity and the brand capital of famous people, also known as celebrities, associated with artistic and cultural activities. The article uses the results of direct research carried out in the years 2019-2020. The second (empirical) part of the article presents research hypotheses, methodology, as well as results and conclusions from the research. Based on 26 in-depth individual interviews that were conducted with people famous in Poland (mainly engaged in artistic and cultural activities) and surveys on a group of 324 social media users, it was shown, among others, that online activity of Internet users stimulates the brand capital of famous people. Statistically significant relationships were observed for such components of the personal brand as awareness / associations with the personal brand and for the relationship regarding the perception of the quality of activities carried out by a famous person.

EDUCATIONAL BRANDING IN PRIVATE SPANISH UNIVERSITIES: BUILDING BRANDS THAT THE PUBLIC FALL IN LOVE WITH

This research was carried out to examine the role of university brand capital in Spanish private universities. To get the aim, an empirical study is carried out with a quantitative sample of 993 valid responses from different agents involved (343 lecturers, 164 service staff and 486 students). The results obtained show the impact of each of the variables of brand capital at the educational level and, in particular, the importance of building brand image to maximize the perception of brand capital in Spanish private universities. At the same time, there are significant differences in perception among the different university agents involved, being the service staff the highest average in all variables, such as: (1) brand awareness, (2) brand image, (3) perceived quality and (4) brand loyalty.