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EMAC 2019 Annual Conference

Value of corporate heritage brand as a national heritage: Influence on the firm’s financial value

Published: May 28, 2019


Sunkyu Jun, Sungkyunkwan University; Hyerin Ryu, Sungkyunkwan University


Corporate heritage; Corporate brand; Firm value


Past research has found that the heritage association of corporate brand produced benefits at the level of brand performing in a product market. However, its benefit at the firm level has been less addressed, particularly with respect to the increase in the firm value in a financial term. The present study is aimed to show that the corporate heritage brand contributes to firm’s financial value, by addressing the value of corporate heritage brand as a constituent of national heritage and the role of the value added to the corporate as a source of firm resource. The present study shows that the corporate brand equipped with a long corporate history is valued as a national heritage in society, particularly when the corporate brand maintains continuity across the temporal span, and that firm age moderates the positive influence of the value added to the corporate brand on firm’s financial value.