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EMAC 2019 Annual Conference

Brand Equity and Corporate Value: Evidence from a Quasi-Natural Experiment in an Emergent Market

Published: May 28, 2019


Marta de Oliveira, PPGA/DCA/CCSH/UFSM; Igor Sonza, PPGA/DCA/CCSH/UFSM; Tamires da Silva, CCSH/UFSM


brand equity; corporate value; quasi-natural experiment


We investigated the relationship between brand equity and the corporate value of the companies using the rankings of the most valued brands of Brand Finance, Brand Analytics and Interbrand. We document important interactions between brand equity and the company's performance index using a "quasi-natural experiment" provided by the disclosure of the most valuable brands. We used a data panel, with data collected from the CVM and ECONOMATICA reports, consisting of a sample of 689 companies with shares traded in “Brazil, Bolsa e Balcão” (B3). The main results indicate that, the fact of considering the company as valuable in Brand Finance and Brand Analytics rankings increased significantly its intangible, the return of the asset and the Free Cash Flow, but not the market value. The participation of companies in this Interbrand ranking does not add significant value to the company.