ارزش برند و عملکرد مالی: نقش واسطه گر محبوبیت برند Brand equity and financial performance: The moderating role of brand likeability

Introduction Branding has assumed great significance in many organizations worldwide (Chen and Green, 2009). It is an imperative for all kinds of organizations due to perceived benefits like differentiation, profitability, customer loyalty and competitive advantage (Keller, 2013; Zachary et al., 2011; Roll, 2009). It has indeed become evident that firms which engage in branding efforts experience a myriad of benefits as opposed to firms that do not brand (Capon, 2013). One of the key branding outcomes that stand out in literature is brand equity. Customer-based brand equity (CBBE) has occupied the minds of several researchers, who have highlighted its contribution to organizations in terms of performance-related measures (Wang and Sengupta, 2016; Felício et al., 2014). To date, Keller (2003, p. 2) has offered what many perceive to be the most widely referenced definition of CBBE. He defines brand equity as “the differential effect of brand knowledge on consumer response to the marketing of the brand.” This, as espoused by Keller (2003), enables organizations to elicit desired responses from customers. Other scholars such as Capon (2013) have defined brand equity as the consumer’s response to a brand’s actions relative to competing brand’s actions. Brand equity is thus largely viewed as a strategic outcome of branding that encompasses strategic advantages that accrue to a brand relative to its competitors (Wang and Sengupta, 2016). A number of scholars led by Aaker (1991) have stated that brand equity creates value for firms as well as their clients (García-Osma et al., 2015; Keller, 2013). This view has been supported by others such as Aaker and Jacobson (2001) who identified the impact of brand equity on firm profitability. They discovered that brand equity is positively associated with profits and return on investment. However, Johansson et al. (2012) argue that the strength of the relationship between brand equity and financial performance differs based on the measures used to capture equity. Most researchers have argued that the relationship between brand equity and financial performance is direct. But the key question outstanding is, does brand equity automatically translate into financial performance? The need for further studies to clarify this relationship is imperative.