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Brand Valuation Model: a Shareholder Value Approach BRAND VALUATION MODEL: A SHAREHOLDER VALUE APPROACH A dissertation submitted to the Kent State University Graduate School of Management In partial fulfillment of the requirements for the degree of Doctor of Philosophy by Hyunjung Lee April, 2012 ACKNOWLEDGEMENTS I would like to thank my dissertation advisor, Dr. Michael Hu, and my committee members, Dr. Murali Shanker and Dr. Tuo Wang for their support and guidance and confidence in me. I would also like to thank Dr. Sungha Jang for his assistance with statistics and SAS programing. I am very grateful for the support from my friends and colleagues in the doctoral program. Last, but not least, I would like to thank my dear husband, Brian and beloved daughter, Sidney. Without a doubt, I would not be able to finish my dissertation without them and their support. iii TABLE OF CONTENTS Acknowledgements iii Table of Contents iv List of Figures vi List of Tables vii Chapter 1. Brand Value 1 Introduction 1 Literature Review 4 Brand and Brand Value 4 Brand Value Measure 5 Brand Value and Firm Value 21 Brand Value in M&A 23 Brand Valuation Model in M&A 24 Summary 25 Problem Statement 26 Purpose of Dissertation 27 Dissertation Outline 28 Chapter 2. Brand Value in Mergers & Acquisitions 29 Introduction 29 Brand Value Measures in M&A 30 The Acquirer Perspective 30 The Shareholder Perspective 31 Brand Valuation Models in M&A 33 Summary 35 iv Chapter 3. Methodology 36 Introduction 36 Sample 36 Data Source 39 Measures 40 Model Overview 43 Acquirer Perspective Brand Valuation Model 44 Shareholder Perspective Brand Valuation Model 46 Chapter 4. Data Analysis and Results 51 Introduction 51 Acquirer Perspective Brand Value and Valuation Model 51 Shareholder Perspective Brand Value and Valuation Model 57 Comparison of Brand Value Measures and Valuation Models 62 Miscellaneous 63 Chapter 5. Discussions and Conclusion 68 Introduction 68 Summary of Purpose 68 Summary of Results 69 Acquirer Perspective Brand Value and Valuation Model 69 Shareholder Perspective Brand Value and Valuation Model 73 Summary 77 Managerial Implications 78 Limitations and Future Research 79 References 81 v LIST OF FIGURES Page Figure 1. Marketing, Brand Equity, Brand Value, and Firm Value 91 Figure 2. Brand Value Metrics 92 Figure 3. Brand Value in M&A 93 Figure 4. Target Abnormal Return 94 Figure 5. Acquirer Abnormal Return 95 vi LIST OF TABLES Page Table 1. Marketing and Shareholder Value Metrics 96 Table 2. Target Firm Value and Brand Value in M&A 99 Table 3. Target Distribution by Industries - Population Data Set 100 Table 4. Target Distribution by Industries - Initial Sample 101 Table 5. Target Distribution by Industries - Final Sample 102 Table 6. Acquirer Distribution by Industries - Population Data Set 103 Table 7. Acquirer Distribution by Industries - Initial Sample 105 Table 8. Acquirer Distribution by Industries - Final Sample 107 Table 9. Description of Variable 109 Table 10. Brand Value to M&A Deal Value Distribution - Final Sample 110 Table 11. Brand Value to M&A Deal Value Distribution - Reduced Sample 111 Table 12. Mean Comparison Between BVA>0 Group and BVA=0 Group 112 Table 13. Cross Tabulation of Target Industry Type and BVA Group 113 Table 14. Cross Tabulation of Acquirer Industry Type and BVA Group 114 Table 15. Cross Tabulation of Strategic Motive and BVA Group 115 Table 16. Cross Tabulation of Combined Industry Type and BVA Group 116 Table 17. Acquirer Perspective Brand Valuation Model 117 Table 18. Acquirer Perspective Brand Valuation Model-Descriptive Statistics 118 Table 19. Target AR & CAR Descriptive Statistics and Simple T-Test Result 119 Table 20. Acquirer AR & CAR Descriptive Statistics and Simple T-Test Result 120 Table 21. Distribution of Acquirer CAR [0,2] 121 Table 22. Descriptive Statistics – Target Firm Value by BVA Group 122 Table 23. Target Firm Values Mean Comparison by BVA Group 123 Table 24. Mean Comparison Between BVSH>0 Group and BVSH≤0 Group 124 Table 25. Cross Tabulation of Target Industry Type and BVSH Group 125 Table 26. Cross Tabulation of Acquirer Industry Type and BVSH Group 126 Table 27. Cross Tabulation of Strategic Motive and BVSH Group 127 Table 28. Cross Tabulation of Combined Industry Type and BVSH Group 128 vii Table 29. Shareholder Perspective Target Brand Valuation Model 129 Table 30. Shareholder Perspective Target Brand Valuation Model-Descriptive Statistics 130 Table 31. Descriptive Statistics - Firm Value and Brand Value 131 Table 32. Target Brand Valuation Model Comparison - Two Perspectives 132 Table 33. Mean Comparison Between BVT=HIGH Group and BVT=LOW Group 133 Table 34. Cross Tabulation of Target Industry Type and BVT Group 134 Table 35. Target Perspective Target Brand Valuation Model 135 Table 36. Target Perspective Target Brand Valuation Model-Descriptive Statistics 136 viii CHAPTER 1 BRAND VALUE Introduction “The effective dissemination of a new method of assessing marketing productivity to the business community will be a major step toward marketing’s vitality in the firm, more important, toward raising the performance of the firm itself” (Rust, Carpenter, Kumar, & Srivastava, 2004) There is an increasing demand to demonstrate the financial contribution of marketing to shareholder value. With rising global competition, recession, and stock market pressure, marketing productivity has become an important issue for board members as marketing-related expenditure accounts for 20 to 25 percent of overall corporate budget (Lehmann & Reibstein, 2006; Stewart, 2009). Marketing executives are under increased pressure to account for marketing expenditure in financial terms, a commonly used language in the boardroom to denote revenue generated by marketing expenditure. To guarantee marketing expenditure in the firm’s overall budget, marketing executives must literally translate marketing expenditure into the firm’s net profit or into stockholder value for board members who lack marketing experience. Failure to clarify in financial terms the value created by marketing expenditure, including advertising, promotion, and research and development, increases the likelihood of its removal from the firm’s overall budget as these activities do not appeal to the CEO or CFO as essential in upholding stockholder value. 1 1 In response to this demand, marketers have started using the language of finance in the boardroom, referring to “the number”, which denotes marketing accountability. Marketing accountability is not a new concept in marketing; in fact, marketing metrics have been utilized for decades to illustrate marketing performance (Lehmann, Keller, & Farley, 2008). Traditionally, marketing performance is measured by brand performance in the marketplace. Examples of traditional marketing metrics include brand awareness, preference, purchase intention, share of wallet, customer satisfaction, loyalty, and brand market performance metrics (i.e., sales, cash flow, and net profit). These measures are designed to evaluate various aspects of consumer beliefs, attitudes, and behaviors toward brands and short-term performance of brands; typically, a summary of these metrics is provided to senior management to monitor marketing productivity because (Kaplan & Norton, 1992). Although useful, the utility of these traditional marketing metrics for senior management is limited because their connection to financial consequences is not well established (Srivastava & Reibstein, 2005; Stewart, 2009). In response to this issue, the Marketing Science Institute (MSI) has prioritized the research topic, “Accountability and ROI of Marketing Expenditure”, to encourage investigation of this issue since 1997. This project has encouraged marketers to start using firm financial market performance metrics to measure marketing performance. Most marketing expenditure is used to create brand equity, which is defined as what the brand means to the consumer; brand equity is then utilized to increase brand value, which is defined as what the brand means to a focal firm (Raggio & Leone, 2007). Therefore, it is reasonable to measure brand value to demonstrate marketing accountability, as the change in brand value is an outcome of marketing activities. However, there is no consensus in the literature on how to measure brand value. 2 Practitioners have proposed a number of proprietary brand valuation techniques generating numerous brand value measures, but no consensus brand value measure has emerged from these efforts. Similarly, academics have shied away from developing a standard brand value measure (Fischer, 2007; Salinas & Ambler, 2008; Simon & Sullivan, 1993). In the absence of a well-established brand value measure, these brand value estimates have unclear credibility. As a result, firms do not report their brand value in financial statements, even though a successful brand is one of most valuable assets a firm can possess. Furthermore, firms cannot capitalize marketing expenditure used to increase value of the assets that have a long-term effect on firm performance (Hanssens, 2009). This marketing-unfriendly accounting practice makes boardroom members consider marketing as an expense rather than a long-term investment. Consequently, marketing budget cuts become a first choice for board members when making decisions regarding cost reduction. It is contingent on marketing managers to demonstrate that marketing expenditures are used to increase the value of the brand, which ultimately is a valuable asset, crucially tied to firm market and financial performance. The lack of an accepted brand value
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