How brand equity affects firm productivity: The role of R&D and human capital

Qiuqin He, José Manuel Guaita-Martínez and Dolores Botella-Carrubi

Economic Research-Ekonomska Istraživanja, 2020, vol. 33, issue 1, 2976-2992

Abstract: This article provides fresh insights into the link between brand equity and firm-level productivity, including the direct effect and the potential interaction effect with research and development (R&D) and human capital. A panel data model using Chinese listed companies’ accounting data from 2012 to 2017 is constructed to test our hypotheses. The main findings are as follows: First, both the direct effects and the potential interaction effects with R&D and human capital are significant. Second, a larger direct effect exists in large enterprises, state-owned enterprises, and manufacturing sector enterprises when considering firm heterogeneity. Third, when it comes to the interaction effect, firms are able to use R&D and human capital to enhance the impact of brand equity on firm productivity, while this effect is insignificant in non-state-owned and service sector enterprises. Overall, our results suggest brand equity will play an important role in future growth in China, and proper attention should be devoted to it in terms of policy and regulation.

Date: 2020
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DOI: 10.1080/1331677X.2019.1686045

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