The portfolios with strong brand value: More returns? Lower risk?

BANK S., Erdoğan Yazar E., Sivri U.

BORSA ISTANBUL REVIEW, cilt.20, sa.1, ss.64-79, 2020 (SSCI) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 20 Sayı: 1
  • Basım Tarihi: 2020
  • Doi Numarası: 10.1016/j.bir.2019.09.001
  • Dergi Adı: BORSA ISTANBUL REVIEW
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, EconLit, Directory of Open Access Journals
  • Sayfa Sayıları: ss.64-79
  • Karadeniz Teknik Üniversitesi Adresli: Evet

Özet

This study focuses on the brand value-shareholder return relationship using the approach of Madden et al. (2006) based on Aaker (1991) and compares "Strong Brands Portfolio", created through brand values in "Turkey's Most Valuable Brands" annual report of Brand Finance published between 2007-, 2015, within alternative benchmark portfolio in terms of risk and return. In this context, although the analysis made by different weighting methods over asset pricing models has found that a portfolio of strong brands may provide significant abnormal returns with significantly lower market risk for shareholders, it is understood that the brand values published by Brand Finance are not fully priced in the Turkish stock market by considering the magnitude of that value. Copyright (c) 2019, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.