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Stock exchange brands as an influence on investor behavior

Betül Çal (Smurfit Graduate Business School, University College Dublin, Dublin, Ireland) (Department of Business Management, Giresun Universitesi, Giresun, Turkey)
Mary Lambkin (Department of Marketing, Smurfit Graduate Business School, University College Dublin, Dublin, Ireland)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 15 May 2017




The purpose of this paper is to investigate the effect of stock exchange-related brand equity on intention to invest and the mediating role of perceived risk (PR) in this relationship in a comparative analysis between a developed and a developing market.


The study is carried out through an online survey among financially literate adults in two countries, Turkey and Ireland. Structural equation modeling is used to empirically test the relationships between brand equity dimensions and intention to invest, with a mediating role of PR.


The results indicate that the brand equity of a stock exchange is a relevant construct that significantly influences intention to invest. Also, the mediating role of PR is found to be strong in a developing market such as Turkey, but weak in a developed market like Ireland.

Research limitations/implications

One limitation of this paper is its inclusion of individual investors as the unit of analysis while leaving out institutional ones. The second limitation is the difficulty in generalizing the results to overall country populations.

Practical implications

This paper offers managerial implications regarding the need for emphasizing “stock exchange brand,” besides corporate brands traded, and customizing the management of brand-related influencers in investment decisions according to country context.


The impact of corporate brands in investment choices has been demonstrated before, but the influence of intermediaries – stock exchanges – through which investments are transacted, has not yet been investigated. This study addresses this gap, and further shows the differing extent of PR in this relationship between a developed and a developing country setting.



This study was funded by the Scientific and Technological Research Council of Turkey (TÜBİTAK), within the Graduate Scholarship Program for PhD Students (2214-A), as a part of the doctoral dissertation.


Çal, B. and Lambkin, M. (2017), "Stock exchange brands as an influence on investor behavior", International Journal of Bank Marketing, Vol. 35 No. 3, pp. 391-410.



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