Brand valuation: an innovative approach based on the risk difference

IF 7.6 1区 经济学 Q1 ECONOMICS
Roman Skalický, Tomáš Meluzín, M. Zinecker
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引用次数: 8

Abstract

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.
品牌价值评估:基于风险差异的创新方法
研究背景:自20世纪80年代以来,学者们对品牌估值方法的兴趣越来越大,当时很明显,企业拥有对其价值有重大影响的表外资产。此外,在许多情况下,由于报告要求或交易和其他公司内部原因,需要对品牌进行估价。迄今为止使用的现有方法通常关注销售价格、客户行为或销售量等变量的变化,即使在对同一品牌进行估价时,也往往会导致不同的结果。我们认为,这些方法忽略了风险因素,尽管风险因素对品牌估值有重大影响。文章的目的:本文的目的是制定一种基于风险差异的替代品牌估值方法。这被定义为具有特定品牌的生产者所面临的风险与没有品牌的生产者的风险之间的差异。方法:首先,定义了一组关于使用拟议方法需要应用哪些条件的假设。接下来,在使用案例研究方法的同时,制定和测试概念本身。因此,在模型公司的条件下,用具体的数据对该方法进行了验证。结果还与复制成本法进行了比较。研究结果与附加值:本文提出了一种新的基于风险差的品牌价值评估方法。在思想实验的基础上,我们将现任者与一个品牌进行比较,而不是将其与一个新进入市场的人进行比较,这是一种常用的方法。我们认为,与现有方法相比,我们的方法论方法减少了品牌估值过程中不可观察的输入数量,从而提高了结果的准确性和可靠性。我们的方法支持研究人员和从业者更好地理解既定的金融理论和品牌估值研究的新方向。
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
CiteScore
13.70
自引率
5.90%
发文量
26
审稿时长
24 weeks
期刊介绍: The Oeconomia Copernicana is an academic quarterly journal aimed at academicians, economic policymakers, and students studying finance, accounting, management, and economics. It publishes academic articles on contemporary issues in economics, finance, banking, accounting, and management from various research perspectives. The journal's mission is to publish advanced theoretical and empirical research that contributes to the development of these disciplines and has practical relevance. The journal encourages the use of various research methods, including falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of theories, meta-analysis with theoretical implications, constructive replication, and a combination of qualitative, quantitative, field, laboratory, and meta-analytic approaches. While the journal prioritizes comprehensive manuscripts that include methodological-based theoretical and empirical research with implications for policymaking, it also welcomes submissions focused solely on theory or methodology.
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