The impacts of Brand Activism on firm value: an emerging market perspective

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-09-18 DOI:10.1016/j.jbusres.2025.115675

Pedro Chapaval Pimentel , Simone Regina Didonet , Amir Rezaee , Mariana Bassi-Suter

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引用次数: 0

Abstract

This study investigates the impacts of Brand Activism on firm value using agency and signalling theory. Applying event study methodology, it examines 24 brands owned by Brazilian public firms between 2011 and 2021 and finds that Brand Activism tends to negatively affect firm value in this context. The study also assesses how different characteristics of Brand Activism, together with outside information and political ideologization of brands, influence these effects. While Brand Activism in the form of sponsorship increases negative effects, brand equity can mitigate them to some degree, functioning as a governance mechanism that limits the signalling of potential agency loss to shareholders. The study contributes to management literature by highlighting the importance of addressing socially relevant issues when managing brands, and their impact on firm value. It also offers insights for strategic decision-making and shows how Brand Activism can be leveraged to align with the interests of various stakeholders.

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品牌行动主义对企业价值的影响：一个新兴市场的视角

本研究运用代理理论和信号理论探讨品牌行动主义对企业价值的影响。运用事件研究方法，研究了2011年至2021年间巴西上市公司拥有的24个品牌，发现在这种情况下，品牌行动主义往往会对公司价值产生负面影响。该研究还评估了品牌行动主义的不同特征，以及品牌的外部信息和政治意识形态如何影响这些效应。虽然赞助形式的品牌行动主义会增加负面影响，但品牌资产可以在一定程度上减轻负面影响，并作为一种治理机制，限制向股东发出潜在代理损失的信号。该研究通过强调在管理品牌时解决社会相关问题及其对公司价值的影响的重要性，为管理文献做出了贡献。它还为战略决策提供了见解，并展示了如何利用品牌行动主义来与各种利益相关者的利益保持一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.