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Adm. Sci. 2018, 8(4), 65;

Do Brands Matter in Unlisted Firms? An Empirical Study of the Association between Brand Equity and Financial Performance

Marketing Department, Autonomous University of Madrid, 28049 Madrid, Spain
Author to whom correspondence should be addressed.
Received: 5 September 2018 / Revised: 17 October 2018 / Accepted: 20 October 2018 / Published: 25 October 2018
(This article belongs to the Special Issue Customer Loyalty and Brand Management)
PDF [231 KB, uploaded 25 October 2018]


In spite of the importance of the brand management in marketing studies and practice, there is a scarcity of prior research on the links between brand equity and financial performance, particularly in unlisted (unquoted) firms. The study contributes to prior research along a number of dimensions. It provides evidence on the relevance of brands for unlisted firms of several industries, by showing that brand equity is associated with financial performance even in non-quoted firms without world-recognized brands. Second, the study analyzes the association between brands and accounting-based measures of performance, across different windows and financial indicators. Finally, the evidence on earnings persistence is particularly relevant, as it potentially sheds light on the existing debate on the association between brand equity and stock markets. To the extent that firms with greater brand equity have more persistent earnings, current earnings contain greater information about future earnings, which show the relevance of brand management in the strategic planning of unlisted firms. View Full-Text
Keywords: brand equity; financial performance; unlisted firms; earnings brand equity; financial performance; unlisted firms; earnings
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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Schmitz, A.; Villaseñor-Román, N. Do Brands Matter in Unlisted Firms? An Empirical Study of the Association between Brand Equity and Financial Performance. Adm. Sci. 2018, 8, 65.

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