Heritage-based value of a corporate brand: antecedents and effects on the firm's financial value

摘要

Purpose The purpose of this study is to show that a corporate brand with a long history coupled with relevance to the present obtains heritage-based value in society and the second aim is to examine a boundary condition in which the heritage-based value of a corporate brand increases the firm's financial value. Design/methodology/approach A survey was conducted to investigate when and how a corporate brand obtains its heritage-based value in society and archival analysis was conducted to analyze the relationship between the heritage-based value of a corporate brand and the firm's financial value. Findings The longevity of a corporate brand increased its heritage-based value, particularly when the brand was perceived to be temporally continuous, through the enhancement of authenticity perception and the heritage-based value had a positive effect on the firm's financial value for younger firms. Research limitations/implications This study extends the benefits of the heritage association of a corporate brand to the firm level but has a limitation in its cross-sectional method. Practical implications The study results justify monetary costs incurred in the course of developing and cultivating a brand's heritage association. Originality/value It is believed that this study is the first quantitative research examining the relationship between the heritage-based value of corporate brands and firms' financial value.