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Article
Publication date: 28 April 2020

Lia Zarantonello, Silvia Grappi, Marcello Formisano and Josko Brakus

The purpose of this paper is to investigate the relationship between consumer-based brand equity (CBBE) – conceptualized as consisting of brand awareness, perceived…

Abstract

Purpose

The purpose of this paper is to investigate the relationship between consumer-based brand equity (CBBE) – conceptualized as consisting of brand awareness, perceived quality, brand associations, perceived value and brand loyalty – and market share for different brand types (global versus local) in different country groups (developed versus emerging).

Design/methodology/approach

This paper combines consumer–survey-based data, experts' coding and retail panel data of fast-moving consumer goods (FMCG) brands in 29 countries.

Findings

In developed countries, the relationship between each CBBE component (except for brand associations) with market share is stronger for local than global brands. In emerging countries, the relationship between each CBBE component with market share is stronger for global than local brands.

Research limitations/implications

This paper contributes to better understanding the relationships between CBBE and market share by showing how CBBE components relate to market share for different brand types (global and local) in different country groups (developed and emerging). Limitations arise from constraints related to existing datasets (e.g. limited number of variables and type of product categories considered).

Practical implications

This paper offers insights to managers working in multinational FMCG companies, as it suggests which CBBE components relate more strongly to the global or local brands' market shares in different countries.

Originality/value

This paper analyzes the relationship between CBBE and market share by focusing on different brand types (global versus local) in different country groups (developed versus emerging). It does so by using a company dataset and showing correspondence with conceptualizations and measures of brand equity from the academic literature. It also considers a large set of 29 countries, extending research beyond national boundaries.

Details

International Marketing Review, vol. 37 no. 2
Type: Research Article
ISSN: 0265-1335

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Article
Publication date: 2 October 2019

Rohail Ashraf, Noel Albert, Dwight Merunka and Muhammad Asif Khan

Increasing consumer skepticism of corporate behavior has led companies to actively manage and advertise their corporate brands. However, it remains unclear how receptive…

Abstract

Purpose

Increasing consumer skepticism of corporate behavior has led companies to actively manage and advertise their corporate brands. However, it remains unclear how receptive consumers across different markets are to such efforts. The purpose of this paper is to demonstrate differences and similarities between corporate and product advertising by examining consumer ad involvement (AI) levels (a motivational state activated by the personal relevance of stimuli) and its antecedents and consequences for these ad types across two markets with varying degrees of economic development.

Design/methodology/approach

Using a 2 (ad type: corporate vs product) × 2 (market type: developed vs emerging) between-subject experimental design, the study was conducted in two markets with varying degrees of economic development, specifically, the USA (n=285) and Pakistan (n=311).

Findings

Results show that consumer involvement with corporate ads varies for developed (USA: high) and emerging (Pakistan: low) markets but that it remains the same for product ads across markets. Developed market consumers tend to be as involved with corporate ads as they are with product ads, whereas emerging market consumers are more involved with product ads than with corporate ads. Aside from differences in involvement levels, the findings demonstrate substantial similarities in the antecedents and consequences of consumer involvement for both ad (corporate vs product) and market (developed vs emerging) types.

Practical implications

With advertising and communication campaigns increasingly being standardized across different markets, this study demonstrates that corporate messages do not function similar as product messages across markets. For effective corporate campaigns, ad designs should fit with the motivation levels of the target consumers across markets.

Originality/value

This study demonstrates the differences and similarities between corporate and product AI across a developed and an emerging market.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 32 no. 2
Type: Research Article
ISSN: 1355-5855

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Article
Publication date: 5 March 2019

Jae-Eun Chung, Byoungho Jin, So Won Jeong and Heesoon Yang

The purpose of this study is to examine the branding strategies of SMEs from NIEs, juxtaposing the different strategies used to specifically target developed and developing

Abstract

Purpose

The purpose of this study is to examine the branding strategies of SMEs from NIEs, juxtaposing the different strategies used to specifically target developed and developing countries with regard to brand-building approach, type and number of brands and degree of standardization.

Design/methodology/approach

A case-study approach is used. In-depth interviews are conducted with 10 Korean consumer-goods SMEs exporting their own in-house brands.

Findings

Clear differences emerge between the strategies of SMEs entering developed countries and those entering developing countries, particularly regarding brand identity development, use of foreign sales subsidiaries and number and types of brands used. The authors find an interaction effect between product characteristics and host market levels of economic development, both of which influenced the degree of product standardization.

Originality/value

This study is the first attempt to uncover the branding strategies of NIE consumer-goods SMEs. The findings contribute to the field by extending our understanding of branding strategies used by consumer-goods SMEs from NIEs, thereby providing useful insight for other NIE enterprises when establishing branding strategies aimed at foreign markets.

Details

Journal of Product & Brand Management, vol. 28 no. 1
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 2 October 2009

Sabur Mollah and Asma Mobarek

The purpose of this paper is to investigate the time‐varying risk return relationship and the persistence of shocks to volatility within GARCH framework both in developed

Abstract

Purpose

The purpose of this paper is to investigate the time‐varying risk return relationship and the persistence of shocks to volatility within GARCH framework both in developed and emerging markets.

Design/methodology/approach

This paper uses nonlinear ARCH and GARCH‐family models for testing the volatility both in developed and emerging markets.

Findings

The findings of the paper suggest that there is a long‐term persistence shock in emerging markets compared to developed markets.

Research limitations/implications

The data set used for the developed and emerging markets is not consistent in terms of sample period. However, this paper explores the venues for further research on the global diversification.

Practical implications

The implication of volatility measurement is vital in determining the cost of capital for investment and portfolio management, option pricing and for market regulations.

Originality/value

The unique features of the paper include large sample size with updated data set that reveals the nature of world economy and empirical evidence on volatility testing that reports the risk return characteristics of both developed and emerging markets.

Details

Studies in Economics and Finance, vol. 26 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 2 June 2021

Fernando Angulo-Ruiz, Albena Pergelova and William X. Wei

This research aims to assess variations of motivations when studying international location decisions. In particular, this study aims to assess the influence of diverse…

Abstract

Purpose

This research aims to assess variations of motivations when studying international location decisions. In particular, this study aims to assess the influence of diverse motivations – seeking technology, seeking brand assets, seeking markets, seeking resources and escaping institutional constraints – as determinants of the international location choice of emerging market multinational enterprises (EM MNEs) entering least developed, emerging, and developed countries.

Design/methodology/approach

The authors develop a set of hypotheses based on the ownership–location–internalization framework and complement it with an institutional perspective. The conceptual model posits that the different internationalization motivations (seeking technology, seeking brand assets, seeking markets, seeking resources and escaping institutional constraints) will impact the location choice of EM MNEs in developed economies, emerging markets or least developed countries. This study uses the 2013 survey data collected by the China Council for the Promotion of International Trade and the Asia Pacific Foundation of Canada. The final sample of analysis of this research includes 693 observations.

Findings

After controlling for several variables, two-stage Heckman regressions show there is a variation of motivations when EM MNEs enter least developed countries, emerging markets and developed economies. EM MNEs are motivated to enter least developed countries to seek markets and resources. Conversely, those firms enter developed countries in their search for technological assets and to escape institutional constraints at home. While the present study findings show a clear difference in the motivations that lead to location choice in least developed vs developed countries, the results are not as clear for location in other emerging countries.

Research limitations/implications

The paper offers empirical support for the importance of motivations as crucial determinants of location choice.

Originality/value

This paper provides a detailed quantitative study on the internationalization location choice of EM MNEs based on their motivations. Though theoretical models underscore the importance of motivations, we know very little about how, in practice, motivations drive location choice. This study contributes to the international location choice literature a deeper understanding of how diverse motivations drive choices of expansion into developed economies, emerging markets or least developed countries.

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Book part
Publication date: 25 September 2020

Letife Özdemir

Purpose: Through globalization, financial markets have become more integrated and their tendency to act together has increased. The majority of the literature states that…

Abstract

Purpose: Through globalization, financial markets have become more integrated and their tendency to act together has increased. The majority of the literature states that there is a cointegration between developed and emerging markets. How do positive or negative shocks in developed markets affect emerging markets? And how do positive or negative shocks in emerging markets affect developed markets? For this reason, the aim of the study is to investigate the asymmetric causality relationship between developed and emerging markets with Hatemi-J asymmetric causality test.

Design/methodology/approach: In this study, the Dow Jones Industrial Average (DJIA) index was used to represent developed markets and the Morgan Stanley Capital International (MSCI) Emerging Market Index was used to represent emerging markets. The asymmetric causality relationship between the DJIA Index and the MSCI Emerging Market Index was investigated using monthly data between January 2009 and April 2019. In the first step of the study, the Johansen Cointegration Test was used to determine whether there is a cointegration between the markets. In the next step, the Hatemi-J asymmetric causality test was applied to see the asymmetric causality relationship between the markets.

Findings: There is a weak correlation between developed and emerging markets. This result is important for international investors who want to diversify their portfolios. As a result of the Johansen Cointegration Test, it was found that there is a long-term relationship between the MSCI Emerging Market Index and the DJIA Index. Therefore, investors who make long-term investment plans should not forget that these markets act together and take into account the causal relationship between them. According to the asymmetric causality test results, a unidirectional causality relationship from the MSCI Emerging Market Index to the DJIA Index was determined. This causality shows that negative shocks in the MSCI Emerging Market Index have positive effects on the DJIA Index.

Originality/value: This study contributes to the literature as it is one of the first studies to examine the asymmetrical relationship between developed and emerging markets. This study is also useful in predicting the short- and long-term relationship between markets. In addition, this study helps investors, portfolio managers, company managers, policymakers, etc., to understand the integration of financial markets.

Details

Uncertainty and Challenges in Contemporary Economic Behaviour
Type: Book
ISBN: 978-1-80043-095-2

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Article
Publication date: 12 April 2021

Maretno Agus Harjoto and Fabrizio Rossi

This study examines the market reaction to the World Health Organization (WHO) announcement of the novel coronavirus disease 2019 (COVID-19) as a global pandemic on the…

Abstract

Purpose

This study examines the market reaction to the World Health Organization (WHO) announcement of the novel coronavirus disease 2019 (COVID-19) as a global pandemic on the emerging equity markets and compares the reaction with developed markets. This study also compares the market reactions to the COVID-19 pandemic with the market reactions to the 2008 global financial crisis.

Design/methodology/approach

Using the Morgan Stanley Capital International daily stock indices data and the Carhart and the GARCH(1,1) models for an event study, the authors examine the cumulative abnormal returns during 30 and 10 trading days and the extended 60 days before and after the WHO pandemic announcement. It also compares the market reactions during the COVID-19 pandemic with the reactions to the Lehman Brothers' bankruptcy announcement during the 2008 global financial crisis.

Findings

This study finds that the COVID-19 pandemic had a significantly greater negative impact to the stock markets in emerging countries than in the developed countries. The negative impact on the emerging markets is more pronounced for firms with small market capitalizations and for growth stocks. The negative impact of the COVID-19 pandemic is stronger in the energy and financial sectors in both emerging and developed markets. The positive impact of the COVID-19 pandemic occurred in healthcare and telecommunications for the emerging markets and information technology for the developed markets. This study also finds that the equity markets in both emerging and developed countries recovered faster from the COVID-19 pandemic relative to the 2008 global financial crisis.

Social implications

Investors' desire to diversify their risks across different countries and sectors in the emerging markets could bring superior returns. The diversification strategies bring critical financial supports to forestall the contagion of COVID-19, to protect lives, and to save the emerging economies, especially for those financially constrained countries that are facing twin health and economic shocks by channeling their investments to countries with weak healthcare systems.

Originality/value

This study extends the literature that examines market reactions to stock market shocks by examining the market reactions to the COVID-19 outbreak on the emerging and developed equity markets across different market capitalizations, valuation and sectors. This study also finds that the markets recovered quicker from the COVID-19 pandemic announcement than during the 2008 global financial crisis.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Book part
Publication date: 8 June 2012

Ru-Shiun Liou, Alex S. Rose and Alan E. Ellstrand

We view emerging-market multinational corporations (EMNCs) as agents for global isomorphism. EMNCs seek to enter developed markets not only to expand their business…

Abstract

We view emerging-market multinational corporations (EMNCs) as agents for global isomorphism. EMNCs seek to enter developed markets not only to expand their business operations but also to acquire advanced knowledge to enhance their core competencies. In entering these markets, EMNCs are subject to coercive, normative and cognitive pressures as they seek legitimacy. Once these firms gain legitimacy in advanced markets through the adoption of local business practices, they transfer these approaches to their headquarters in developing markets, establishing best practices in their home markets. Further, EMNCs may engage in efforts aimed at changing the institutional environment in the developing market to facilitate the transfer of learned practices from the developed market. Thus, we propose that these best practices lead to global isomorphism, but also note instances where symbolic adoption of developed market practices may slow the isomorphic process.

Details

Institutional Theory in International Business and Management
Type: Book
ISBN: 978-1-78052-909-7

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Book part
Publication date: 13 June 2013

Venkatesh Shankar and Nicole Hanson

Purpose – The purpose of the paper is to advance knowledge on how firms should rethink and develop their innovation architecture by leveraging emerging market

Abstract

Purpose – The purpose of the paper is to advance knowledge on how firms should rethink and develop their innovation architecture by leveraging emerging market opportunities.Design/methodology/approach – The paper provides a conceptual framework comprising the drivers and consequences of innovation architecture across emerging and developed markets. It also highlights emerging market innovation characteristics using detailed examples.Findings/conclusions – Most of the future growth in the global economy will come from emerging markets. Successful global firms will have to rethink and develop their innovation architecture by leveraging innovations developed for emerging markets. By balancing the long-term costs and benefits of innovations in both developed and emerging markets, global firms can successfully reshape their innovation architecture.Practical implications – From a practical perspective, the paper provides guidelines to executives for managing innovation architecture across emerging and developed markets. Innovations appropriately developed and launched in emerging markets have the potential to expand global consumer base and increase shareholder value.Social implications – From a societal standpoint, the paper helps improve consumer welfare in emerging markets by offering a roadmap to develop safe, relevant, and affordable products for mainstream customers. Reverse innovations, developed primarily for emerging markets also benefit consumers in developed markets and enhance their social welfare.Value/originality – The paper provides an original theoretical contribution in an important and underexplored research area – emerging market innovation. It is the first to develop an in-depth analysis of innovation architecture, advance a conceptual framework of the role of emerging markets in the development and consequences of innovation architecture, and offer a roadmap for strategic management of innovation architecture. Academic researchers, practitioners, and policy makers will benefit from this paper.

Details

Review of Marketing Research
Type: Book
ISBN: 978-1-78190-761-0

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Article
Publication date: 1 April 2021

Nuraddeen Sani Nuhu, Martin Owens and Deirdre McQuillan

The authors explore how home and host market institutions impact emerging market (EM) international entrepreneurship (IE) into developed markets.

Abstract

Purpose

The authors explore how home and host market institutions impact emerging market (EM) international entrepreneurship (IE) into developed markets.

Design/methodology/approach

Based on four case studies of Nigerian entrepreneurs expanding into the USA, this qualitative research adopts an institutional perspective to the study of EM IE.

Findings

The findings show home and host formal and informal institutions simultaneously enable and constrain the IE process. Weak home institutions shape the international opportunity recognition decision but seriously impede international opportunity development and exploitation activities in the developed market. EM entrepreneurs benefit from highly functioning regulation in the developed market whilst also experiencing discriminatory treatment from institutions. The findings of the study further show the positive and constraining effects of host institutions throughout the process.

Originality/value

Based on the findings, the paper details future research ideas, managerial implications and recommendation for policymakers.

Details

International Marketing Review, vol. 38 no. 3
Type: Research Article
ISSN: 0265-1335

Keywords

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