Intangible assets and business results of large companies

  1. Tatiana Cuervo Carabel 1
  2. Alicia Blanco González 2
  3. Carlos del Castillo Peces 2
  1. 1 1Universidad Internacional de la Rioja
  2. 2 Universidad Rey Juan Carlos
    info

    Universidad Rey Juan Carlos

    Madrid, España

    ROR https://ror.org/01v5cv687

Aldizkaria:
Intangible Capital

ISSN: 1697-9818

Argitalpen urtea: 2021

Alea: 17

Zenbakia: 2

Orrialdeak: 108-123

Mota: Artikulua

DOI: 10.3926/IC.1390 DIALNET GOOGLE SCHOLAR lock_openSarbide irekia editor

Beste argitalpen batzuk: Intangible Capital

Laburpena

Purpose: To analyze the main types of intangible assets as sources of economic and social outcomes in large corporations. Design/methodology: We create a sample of large corporations with data from two secondary databases: Fortune Most Admired Companies and Interbrand. We study business’ legitimacy through their presence on Google.com. We perform quantitative analysis by testing the proposed hypotheses against a structural equation model built using the PLS method. Findings: We confirm the value of brands and legitimacy as sources of economic outcomes. We observe that perceived quality and brand equity influence social results. We conclude that perceived quality alone does not improve brand or market value. Research limitations/implications: The main limitation is related to the characteristics of the companies in the sample: large, highly institutionalized multinational corporations. Practical implications: The results offer several considerations for managers seeking to improve organizational outcomes. Intangible assets must be managed along with tangible assets in order for organizations to survive and thrive in the marketplace. Originality/value: The principal contribution of this study is to demonstrate the importance of managing intangible assets so that the organization can maintain or improve its legitimacy and its economic outcomes.

€ Ikusi finantzaketa

Finantzaketari buruzko informazioa

Funding The authors received no financial support for the research, authorship, and/or publication of this article.

Erreferentzia bibliografikoak

  • Aaker, D. (1991). Managing brand equity. New York: The Free Press.
  • Aaker, D.A. (2012). Win the brand relevance battle and then build competitor barriers. California Management Review, 54(2), 43-57. https://doi.org/10.1525/cmr.2012.54.2.43
  • Adam, E.E., Corbett, L.M., Flores, B.E., Harrison, N.J., Lee, T.S., Rho, B. et al. (1997). An international study of quality improvement approach and firm performance. International Journal of Operations & Production Management, 17(9), 842-873. https://doi.org/10.1108/01443579710171190
  • Agarwal, V., Taffler, R., & Brown, M. (2011). Is management quality value relevant?. Journal of Business Finance & Accounting , 38(9-10), 1184-1208. https://doi.org/10.1111/j.1468-5957.2011.02267.x
  • Barth, M.E., Clement, M.B., Foster, G., & Kasznik, R.(1998). Brand values and capital market valuation. Review of Accounting Studies, 3(1), 41-68. https://doi.org/10.1023/A:1009620132177
  • Blair, E., & Zinkhan, G.M. (2006). Nonresponse and generalizability in academic research. Journal of the Academy of Marketing Science, 34(1), 4-7. https://doi.org/10.1177/0092070305283778
  • Blanco González, A., Diez Martín, F., Cachón Rodríguez, G., & Prado Román, C. (2020). Contribution of social responsibility to the work involvement of employees. Corporate Social Responsibility and Environmental Management, 27(6), 2588-2598. https://doi.org/10.1002/csr.1978
  • Bloom, N., & Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. The Quarterly Journal of Economics, 122(4), 1351-1408. https://doi.org/10.1162/qjec.2007.122.4.1351
  • Buil, I., de Chernatony, L., & Martínez, E. (2013). La importancia de medir el valor de marca desde la perspectiva del consumidor: Evidencia empírica en España y el Reino Unido. Revista De Ciencias Sociales, 19(2), 226-237. https://doi.org/10.31876/rcs.v19i2.25619
  • Calvo, C., & Montes, P. (2012). Mahou y Coronita: Análisis comparado del valor de marca para el consumidor español. Redmarka: Revista Académica De Marketing Aplicado, 2 (9), 3-28. https://doi.org/10.17979/redma.2012.02.09.4752
  • Chang, C., & Chen, Y. (2013). Managing green brand equity: The perspective of perceived risk theory. Quality & Quantity, 48(3), 1753-1768. https://doi.org/10.1007/s11135-013-9872-y
  • Cho, H., & Pucik, V. (2005). Relationship between innovativeness, quality, growth, profitability, and market value. Strategic Management Journal, 26(6), 555-575. https://doi.org/10.1002/smj.461
  • Cruz-Suárez, A., Díez-Martín, F., Blanco-González, A., & Prado-Román, C. (2014). Análisis de las relaciones entre la legitimidad organizativa, sus fuentes y dimensiones. Revista Venezolana De Gerencia, 19(65), 9-22. https://doi.org/10.1002/smj.461
  • Czinkota, M., Kaufmann, H.R., & Basile, G.(2014). The relationship between legitimacy, reputation, sustainability and branding for companies and their supply chains. Industrial Marketing Management, 43(1),91-101. https://doi.org/10.1016/j.indmarman.2013.10.005
  • Debenedetti, A., Philippe, D., Chaney, D., & Humphreys, A. (2021). Maintaining legitimacy in contested mature markets through discursive strategies: The case of corporate environmentalism in the French automotive industry. Industrial Marketing Management,92, 332-343. https://doi.org/10.1016/j.indmarman.2020.02.009
  • Deephouse, D.L. (1996). Does isomorphism legitimate?. The Academy of Management Journal, 39(4), 1024-1039. https://doi.org/10.5465/256722
  • Deephouse, D., & Carter, S. (2005). An examination of differences between organizational legitimacy and organizational reputation. Journal of Management Studies, 42(2), 329-360. https://doi.org/10.1111/j.1467- 6486.2005.00499.x
  • Deephouse, D.L., Bundy, J., Tost, L.P., & Suchman, M.C. (2017). Organizational legitimacy: Six keyquestions. In Greenwood, R., Oliver, C., Lawrence, T., & Meyer, R. (Eds). The SAGE Handbook of Organizational Institutionalism (2nd ed.) (pp. 27-52). CA: SAGE Publications. https://doi.org/10.4135/9781446280669.n2
  • Del-Castillo-Feito, C., Blanco-González, A., & Delgado-Alemany, R. (2020). The relationship between image, legitimacy, and reputation as a sustainable strategy: Students’ versus professors’ perceptions in the higher education sector. Sustainability,12(3), 1189. https://doi.org/10.3390/su12031189
  • Diallo, M.F., & Siqueira Jr, J. R. (2017). How previous positive experiences with store brands affect purchase intention in emerging countries: A comparison between Brazil and Colombia. International Marketing Review, 34(4), 536-558. https://doi.org/10.1108/IMR-07-2014-0224
  • Dib, H., & Alhaddad, A. (2014). The hierarchical relationship between brand equity dimensions. European Scientific Journal, 10(28), 183-194.
  • Díez-Martín, F., Prado-Román, C., & Blanco-González, A. (2013). Efecto del plazo de ejecución estratégica sobre la obtención de legitimidad organizativa. Investigaciones Europeas De Dirección y Economía De La Empresa, 19(2), 120-125. https://doi.org/10.1016/j.iedee.2013.01.001
  • Díez-Martín, F., Blanco-González, A., Cruz-Suárez, A., & Prado-Román, C. (2014). Efecto de la responsabilidad social empresarial sobre la legitimidad de las empresas. Anuario Jurídico y Económico Escurialense, 47, 325-348.
  • Díez-Martín, F., Blanco-González, A., & Prado-Román, C. (2016). Explaining nation-wide differences in entrepreneurial activity: A legitimacy perspective. International Entrepreneurship and Management Journal, 12(4), 1-24. https://doi.org/10.1007/s11365-015-0381-4
  • Díez-Martín, F., Blanco-González, A., & Prado-Román, C. (2020). The intellectual structure of organizational legitimacy research: a co-citation analysis in business journals. Review of Managerial Science, 15, 1-37. https://doi.org/10.1007/s11846-020-00380-6
  • Díez-Martín, F., Blanco-González, A., & Díez-de-Castro, E. (2021). Measuring a scientifically multifaceted concept. The jungle of organizational legitimacy. European Research on Management and Business Economics, 27(1), 100131. https://doi.org/10.1016/j.iedeen.2020.10.001
  • Erenkol, A.D., & Duygun, A. (2010). Customers perceived brand equity and a research on the customers of Bellona which is a Turkish furniture brand. The Journal of American Academy of Business,16(1), 93-109.
  • Falk, R.F., & Miller, N.B. (1992). A primer for soft modeling. OH: University of Akron Press.
  • Fisher, G., Kotha, S., & Lahiri, A. (2016). Changing with the times: An integrated view of identity, legitimacy, and new venture life cycles. Academy of Management Review, 41(3), 383-409. https://doi.org/10.5465/amr.2013.0496
  • Fisher, G., Kuratko, D. F., Bloodgood, J. M., & Hornsby, J. S. (2017). Legitimate to whom? The challenge of audience diversity and new venture legitimacy. Journal of Business Venturing , 32(1), 52-71. https://doi.org/10.1016/j.jbusvent.2016.10.005
  • França, A., & Rua, O.L. (2018). Relationship between intangible resources, absorptive capacities and export performance. Tourism & Management Studies,14(1), 94-107. https://doi.org/10.18089/tms.2018.14108
  • Gupta, S. (2015). Enhancing brand equity through sustainability: Waste recycling. Thunderbird International Business Review, 58(3), 213-223. https://doi.org/10.1002/tie.21730
  • Hair, J.P., Hult, G.T., Ringle, C.M., & Sarstedt, M. (2014). A primer on partial least squares structural equations modeling (PLS-SEM). CA: SAGE.
  • Heras Saizarbitoria, I., & Boiral, O. (2013). ISO 9001 and ISO 14001: Towards a research agenda on management system standards. International Journal of Management Reviews, 15(1), 47-65. https://doi.org/10.1111/j.1468-2370.2012.00334.x
  • Huang, R., & Sarigollu, E. (2014). Assessment of brand equity measures. International Journal of Market Research, 56(6), 783-806. https://doi.org/10.2501/IJMR-2014-037
  • Interbrand Best Global Brands (2014). http:// www.interbrand.com /es/Default.aspx [Accessed: April, 2014].
  • Keller, K.L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. The Journal of Marketing , 57(1), 1-22. https://doi.org/10.1177/002224299305700101
  • Keller, K.L. (2001). Building customer-based brand equity: A blueprint for creating strong brands. USA: Marketing Science Institute.
  • Keller K.L., & Brexendorf T.O. (2019). Measuring Brand Equity. In Esch FR. (eds), Handbuch Markenführung. Springer Gabler, Wiesbaden: Springer Reference Wirtschaft. https://doi.org/10.1007/978-3-658-13342-9_72
  • Kim, H-b., & Kim, W.G. (2005). The relationship between brand equity and firms’ performance in luxury hotels and chain restaurants. Tourism Management, 26(4), 549-560. https://doi.org/10.1016/j.tourman.2004.03.010
  • Kimpakorn, N., & Tocquer, G. (2010). Service brand equity and employee brand commitment. Journal of Services Marketing , 24(5), 378-388. https://doi.org/10.1108/08876041011060486
  • Liu, G., Eng, T., & Sekhon, Y. (2014). Managing branding and legitimacy: A study of charity retail sector. Nonprofit and Voluntary Sector. Quarterly, 43(4), 629-651. https://doi.org/10.1177/0899764012474722
  • Lo, S.C. (2012). Success in business-A brand equity perspective. American Journal of Applied Sciences, 9(3), 388-391. https://doi.org/10.3844/ajassp.2012.388.391
  • Ludvík, E., Michal, M. & Petr, R. (2018). Employer Branding on social media and recruitment websites: Simbolic traits of an ideal employer. E&M Economics & Management, 2(1), 224-237. https://doi.org/10.15240/tul/001/2018-1-015
  • Madden, T. J., Fehle, F., & 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), 224-235. https://doi.org/10.1177/0092070305283356
  • Makasi, A., Govender, K., & Rukweza, C. (2014). Building brand equity through advertising. Mediterranean Journal of Social Sciences, 5(20), 2613-2624. https://doi.org/10.5901/mjss.2014.v5n20p2613
  • Martín-de Castro, G. (2021). Exploring the market side of corporate environmentalism: reputation, legitimacy and stakeholders' engagement. Industrial Marketing Management, 92, 289-294. https://doi.org/10.1016/j.indmarman.2020.05.010
  • McGuire, J., Schneeweis, T., & Branch, B. (1990). Perceptions of firm quality: A cause or result of firm performance. Journal of Management, 16(1), 167-180. https://doi.org/10.1177/014920639001600112
  • Miotto, G., Del-Castillo-Feito, C., & Blanco-González, A. (2020). Reputation and legitimacy: Key factors for Higher Education Institutions’ sustained competitive advantage. Journal of Business Research, 112, 342-353. https://doi.org/10.1016/j.jbusres.2019.11.076
  • Mizik, N., & Jacobson, R. (2008). The financial value impact of perceptual brand attributes. Journal of Marketing Research, 45(1), 15-32. https://doi.org/10.1509/jmkr.45.1.15
  • Nagy, B.G., & Kacmar, K.M. (2013). Increasing customer satisfaction in the new venture context. Journal of Research in Marketing and Entrepreneurship, 15(2), 143-159. https://doi.org/10.1108/JRME-11-2012-0029
  • Nagy, B.G., Rutherford, M.W., Truong, Y., & Pollack, J.M. (2017). Development of the legitimacy threshold scale. Journal of Small Business Strategy, 27(3), 50-58.
  • Romero, J., & Yagüe, M.J. (2016). Marketing assets: Relating brand equity and customer equity. Intangible Capital, 12(2), 591-618. https://doi.org/10.3926/ic.727
  • Rizwan, M., Usman, A., Hussain, T., Shafiq, A., Rauf, S., & Ayaz, Q. (2013). The impact of the perceived quality, customer satisfaction, brand trust and contextual factors on brand loyalty. International Journal of Research in Commerce and Management, 4(3), 83-89.
  • Schwaiger, M. (2004). Components and parameters of corporate reputation: An empirical study. Schmalenbach Business Review, 56(1), 46-71. https://doi.org/10.1007/BF03396685
  • Scott, W.R. (2014). Institutions and organizations. Ideas, interests and identities (4th ed.). CA: SAGE.
  • Seric, M., Gil-Saura, I., & Mikulic, J. (2017). Customer-based brand equity building: Empirical evidence from Croatian upscale hotels. Journal of Vacation Marketing , 23(2), 133-144. https://doi.org/10.1177/1356766716634151
  • Severi, E., & Ling, K.C. (2013). The mediating effects of brand association, brand loyalty, brand image and perceived quality on brand equity. Asian Social Science, 9(3), 125-137. https://doi.org/10.5539/ass.v9n3p125
  • Stahl, F., Heitmann, M., Lehmann, D.R., & Neslin, S.A. (2012). The impact of brand equity on customer acquisition, retention, and profit margin. Journal of Marketing , 76(4), 44-63. https://doi.org/10.1509/jm.10.0522
  • Subramaniam, A., Mamun, A.A., Permarupan, P.Y., & Noor, R.B.Z. (2014). Effects of brand loyalty, image and quality on brand equity: A study among bank islam consumers in Kelantan, Malaysia. Asian Social Science, 10(14), 67-73. https://doi.org/10.5539/ass.v10n14p67
  • Suddaby, R., Bitektine, A., & Haack, P. (2017). Legitimacy. Academy of Management Annals,11(1): 451-478. https://doi.org/10.5465/annals.2015.0101
  • Suchman, M.C. (1995). Managing legitimacy: Strategic and institutional approaches. The Academy of Management Review, 20(3), 571-610. https://doi.org/10.5465/amr.1995.9508080331
  • Taeuscher, K., Bouncken, R.B., & Pesch, R. (2021). Gaining legitimacy by being different: Optimal distinctiveness in crowdfunding platforms. Academy of Management Journal, 64(1), 149-179. https://doi.org/10.5465/amj.2018.0620
  • Torres, A., Bijmolt, T.H.A., Tribó, J.A., & Verhoef, P. (2012). Generating global brand equity through corporate social responsibility to key stakeholders. International Journal of Research in Marketing , 29(1), 13-24. https://doi.org/10.1016/j.ijresmar.2011.10.002
  • Verbeeten, F.H.M., & Vijn, P. (2010). Are brand-equity measures associated with business-unit financial performance? Empirical evidence from the Netherlands. Journal of Accounting, Auditing and Finance, 25(4), 645-671. https://doi.org/10.1177/0148558X1002500408
  • Weber, R.P. (1991). Basic content analysis (2nd ed.). CA: SAGE. https://doi.org/10.4135/9781412983488
  • Xiang, Z., Schwartz, Z., Gerdes, J. H., & Uysal, M. (2015). What can big data and text analytics tell us about hotel guest experience and satisfaction?. International Journal of Hospitality Management, 44, 120-130. https://doi.org/10.1016/j.ijhm.2014.10.013
  • Zamanimoghadam, A., Hamdi, K., & Sediqi, M. (2014). Investigating different factors influencing on brand equity. Management Science Letters, 4(7), 1391-1396. https://doi.org/10.5267/j.msl.2014.6.031
  • Zeithaml, V.A. (1988). Consumer perceptions of price, quality, and value: A means. Journal of Marketing , 52(3), 2. https://doi.org/10.1177/002224298805200302
  • Zimmerman, M., & Zeitz, G. (2002). Beyond survival: Achieving new venture growth by building legitimacy. The Academy of Management Review, 27(3), 414-431. https://doi.org/10.5465/amr.2002.7389921
Datuen iturria: Dialnet