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Article
Publication date: 13 September 2021

Leeford Edem Kojo Ameyibor, Peter Anabila and Yvonne Kabeya Saini

This study aims to investigate the relationship between brand positioning and business performance, as well as the mediation effect of brand equity between them within the…

Abstract

Purpose

This study aims to investigate the relationship between brand positioning and business performance, as well as the mediation effect of brand equity between them within the context of Ghana’s alcoholic beverages industry.

Design/methodology/approach

A sample of 196 staff across four alcoholic beverage firms in Accra, Ghana was selected using a judgemental sampling technique. A structural equation modelling approach using partial least squares was used to conduct the analyses to answer the research hypotheses.

Findings

All the hypotheses were confirmed in line with extant literature. Specifically, the study found a positive relationship between brand positioning and business performance. The study also found that brand equity partially mediates the relationship between brand positioning and business performance.

Practical implications

The study serves as a useful guide to strategy and policy formulation in branding in general and specifically on how brand positioning can be effectively deployed as a key strategy to enhance business performance.

Originality/value

The study has practical implications not only for the marketing and sale of alcoholic beverages in Ghana to achieve financial performance but also for lasting competitive advantage.

Details

International Journal of Wine Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 17 September 2021

Ahmed Hassan Ahmed, Yasean Tahat, Yasser Eliwa and Bruce Burton

Earnings quality is of great concern to corporate stakeholders, including capital providers in international markets with widely varying regulatory pedigrees and ownership…

Abstract

Purpose

Earnings quality is of great concern to corporate stakeholders, including capital providers in international markets with widely varying regulatory pedigrees and ownership patterns. This paper aims to examine the association between the cost of equity capital and earnings quality, contextualised via tests that incorporate the potential for moderating effects around institutional settings. The analysis focuses on and compares evidence relating to (common law) UK/US firms and (civil law) German firms over the period 2005–2018 and seeks to identify whether, given institutional dissimilarities, significant differences exist between the two settings.

Design/methodology/approach

First, the authors undertake a review of the extant literature on the link between earnings quality and the cost of capital. Second, using a sample of 948 listed companies from the USA, the UK and Germany over the period 2005 to 2018, the authors estimate four implied cost of equity capital proxies. The relationship between companies’ cost of equity capital and their earnings quality is then investigated.

Findings

Consistent with theoretical reasoning and prior empirical analyses, the authors find a statistically negative association between earnings quality, evidenced by information relating to accruals and the cost of equity capital. However, when they extend the analysis by investigating the combined effect of institutional ownership and earnings quality on financing cost, the impact – while negative overall – is found to vary across legal backdrops.

Research limitations/implications

This paper uses institutional ownership as a mediating variable in the association between earnings quality and the cost of equity capital, but this is not intended to suggest that other measures may be of relevance here and additional research might usefully expand the analysis to incorporate other forms of ownership including state and foreign bases. Second, and suggestive of another avenue for developing the work presented in the study, the authors have used accrual measures of earnings quality.

Practical implications

The results are shown to provide potentially important insights for policymakers, creditors and investors about the consequences of earnings quality variability. The results should be of interest to firms seeking to reduce their financing costs and retain financial viability in the wake of the impact of the Covid-19 pandemic.

Originality/value

The reported findings extends the single-country results of Eliwa et al. (2016) for the UK firms and Francis et al. (2005) for the USA, whereby both reported that the cost of equity capital is negatively associated with earnings quality attributes. Second, in a further increment to the extant literature (particularly Francis et al., 2005 and Eliwa et al., 2016), the authors find the effect of institutional ownership to be influential, with a significantly positive impact on the association between earnings quality and the cost of equity capital, suggesting in turn that institutional ownership can improve firms’ ability to secure cheaper funding by virtue of robust monitoring. While this result holds for the whole sample (the USA, the UK and Germany), country-level analysis shows that the result holds only for the common law countries (the UK and the USA) and not for Germany, consistent with the notion that extant legal systems are a determining factor in this context. This novel finding points to a role for institutional investors in watching and improving the quality of financial reports that are valued by the market in its price formation activity.

Details

International Journal of Accounting & Information Management, vol. 29 no. 4
Type: Research Article
ISSN: 1834-7649

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Article
Publication date: 23 September 2021

Fei Hao and Kaye Kye-Sung Chon

Draws from the equity theory and customer equity literature, this study aims to argue that the implementation of contactless service as an innovative service design in the…

Abstract

Purpose

Draws from the equity theory and customer equity literature, this study aims to argue that the implementation of contactless service as an innovative service design in the hospitality industry can generate customers’ emotional attachment and cognitive evaluation of the brand.

Design/methodology/approach

This study uses partial least squares modeling and data from a large-scale survey of hotel guests who have experienced contactless service in mainland China. The authors performed an importance-performance map analysis to evaluate the significance of critical variables and constructs by including the performance dimension.

Findings

Customer equity is a three-dimensional higher-order construct that embraces value-, brand- and relationship equity. A pleasant experience of contactless service in hospitality encounters generates a positive effect on customer equity and delight. Additionally, increased customer equity improves satisfaction and trust.

Practical implications

This study provides practical evidence for hospitality practitioners to consider contactless service in creating memorable experiences, improve customer satisfaction, build trust and add value to hospitality brands.

Originality/value

The findings of this study add to the understanding of emerging contactless services, contribute to the development of the equity theory and current customer equity literature and advance the implementation of innovative service design in hospitality.

Details

International Journal of Contemporary Hospitality Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 13 September 2021

Mahtab Athari, Atsuyuki Naka and Abdullah Noman

This paper aims to achieve two main objectives. The first is to introduce a suitable adjustment to the conventional dividend-price ratio, which would address econometric…

Abstract

Purpose

This paper aims to achieve two main objectives. The first is to introduce a suitable adjustment to the conventional dividend-price ratio, which would address econometric concerns and improve the predictability of the equity premium. The second is to compare the predictive performance of the newly introduced adjusted dividend-price ratio with the conventional dividend-price ratio.

Design/methodology/approach

The authors hypothesize that the adjusted dividend-price ratio will have better predictive power and forecasting quality for equity premium compared to the conventional dividend-price ratio. To test the hypothesis, the authors predict equity premium with both variables on a sample of 11 developed and emerging market indexes over a period spanning June 1995 to March 2017. To accommodate time variation in parameter values or structural breaks in the data, the authors conducted a fixed window rolling regressions using both variables. A variety of forecast techniques including magnitude and sign accuracy measures are applied to compare the performance of forecasts.

Findings

The adjusted dividend-price ratio is shown to be stationary and has both lower persistence and variability compared with the conventional dividend-price ratio. The authors find that the adjusted dividend-price ratio provides superior out-of-sample (OOS) performance compared to the conventional dividend-price ratio, for both size and sign accuracy, in forecasting equity premium for the majority of the countries in the sample.

Research limitations/implications

This paper introduces an easy-to-follow modification in the conventional dividend-price ratio that can be replicated by researchers and practitioners alike. However, the study has a limitation in that it does not capture the impact of dividend-paying firms within each index on the predictive ability of the adjusted dividend-price ratio.

Practical implications

The knowledge of equity premium predictability is important in implementing market-timing strategies and could be beneficial for portfolio and risk management. The newly introduced variable is easy to construct using widely available data without the need for complex econometric estimation. Investors can use this variable to predict equity premiums in international markets, both developed and emerging. The findings of this paper will be relevant to financial analysts, portfolio managers, investors and researchers in international finance. For example, by using the adjusted dividend-price ratio, investors would see up to 0.5% improvement in their OOS monthly forecasts of the equity premium.

Originality/value

To the best of the authors’ knowledge, this is the first paper that proposes adjustment in the conventional dividend-price ratio based on the past observations of the most recent quarter. In this way, the paper offers fresh insight that dividend-price ratio is still useful to predict equity premium albeit, after some adjustments and modifications. The findings of the paper would result in renewed interest in using the dividend-price ratio as a predictor of the equity premium.

Details

Review of Accounting and Finance, vol. 20 no. 3/4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 8 September 2021

Sriparna Guha, Anirban Mandal and Fedric Kujur

First, this study aims to focus on the promotional part of the Indian handicraft products through various social media platforms such as Facebook, Twitter, Instagram and…

Abstract

Purpose

First, this study aims to focus on the promotional part of the Indian handicraft products through various social media platforms such as Facebook, Twitter, Instagram and YouTube. Second, the study measures the effectiveness of social media marketing activities (SMMA) relating to handicraft products on brand awareness, brand image and brand equity. Third, this study also measures the impact of brand awareness and brand image on brand equity and consumers’ purchase intention and further brand equity on consumers’ purchase intention of handicraft products.

Design/methodology/approach

This study used an offline questionnaire to conduct empirical research and collected and analyzed data of 609 samples by using the structural equation modeling approach.

Findings

The findings of this study showed that SMMA relating to handicraft products had a very strong impact on creating both brand awareness and brand image in the social media environment. Additionally, this study also exhibited a positive and significant impact of brand awareness and brand image on brand equity and consumers’ purchase intention and further brand equity on consumers’ purchase intention of handicraft products in the social media environment.

Practical implications

The outcome of this research will definitely motivate the handicraft industry to have a strong social media presence on various platforms for promoting their products across India and outside. Further, the promotional activities in various social media platforms will help in creating awareness about the handicraft products and give brand recognition among other industrial competitive brands which will consequently lead to an increase in the demand for these products.

Originality/value

The novelty of this study is that it has made an initial attempt to study the marketability of handicraft products using various social media platforms and also has measured the probable impact of SMMA relating to handicraft products on brand awareness and brand image and their impact on brand equity and purchase intention.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 23 no. 2
Type: Research Article
ISSN: 1471-5201

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Article
Publication date: 22 September 2021

Mahsa Hosseini, Mohammad Khodaei Valahzaghard and Ali Saeedi

This paper aims to study manipulation and performance persistence in equity mutual funds. To this end, Manipulation-Proof Performance Measure (MPPM) and Doubt Ratio, along…

Abstract

Purpose

This paper aims to study manipulation and performance persistence in equity mutual funds. To this end, Manipulation-Proof Performance Measure (MPPM) and Doubt Ratio, along with a number of current performance measures are used to evaluate the performance of equity mutual funds in Iran.

Design/methodology/approach

The authors investigate performance manipulation by 1) comparing the results of the MPPM with the current performance measures, 2) checking the Doubt Ratio to detect suspicious funds. Additionally, the authors investigate performance persistence by forming and evaluating portfolios of the equity mutual funds at several time horizons.

Findings

The authors conclude that there is no evidence of performance manipulation in the equity mutual funds. Additionally, when comparing the performance of the upper (top) tertile portfolios and the lower tertile portfolios, in all of the studied 1, 3, 6 and 12-month horizons, the authors find performance persistence in the equity mutual funds.

Originality/value

To the best of the authors’ knowledge, this research is the first study to investigate the performance manipulation in the Iranian equity mutual funds, and also is the first study in Iran that uses the MPPM and the Doubt Ratio in addition to a number of current performance measures to investigate the performance persistence in the equity mutual funds at several time horizons.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 10 September 2021

Valentina Ndou, Paola Scorrano, Gioconda Mele and Pasquale Stefanizzi

The wide development of digital platforms permitted the birth of new financing modalities, namely, crowdfunding, where the crowd of individuals and investors can supply…

Abstract

Purpose

The wide development of digital platforms permitted the birth of new financing modalities, namely, crowdfunding, where the crowd of individuals and investors can supply the necessary financial resources for venture creation and growth. While the extant literature has focused on analyzing the dynamics and features of crowdfunding campaigns, few studies have focused on understanding how crowd investors decide which ventures to invest in and which factors influence their decision-making process. Due to this gap, the purpose of this paper is to analyze the factors influencing the choice to invest in an equity crowdfunding campaign, by defining a set of indicators useful to evaluate the risk of the campaign.

Design/methodology/approach

An empirical research study of Italian equity crowdfunding campaigns has been conducted to identify quantitative indicators useful for evaluating the risk in a crowdfunding campaign.

Findings

Findings demonstrate that the risk indicators proposed to represent important gauges that investors can usefully consider ex ante to assess the degree of riskiness of the investment in the equity crowdfunding campaign.

Research limitations/implications

The limitations of the study regarding the size of the sample that is small due to the necessity to extract enough information in pre and post-equity campaigns. Also, the lack of historical data is another limitation.

Originality/value

The originality of the studies relies on the proposal of quantitative indicators for the evaluation of the risk in equity crowdfunding campaigns for “crowd” investors to reduce information asymmetries.

Details

Meditari Accountancy Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 1 July 2000

Arthur Cheng‐Hsui Chen and Shaw K. Chen

Examines the negative impacts of brand extension failure upon the original brand by calibrating the difference of brand equity. Using data collected from college students…

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Abstract

Examines the negative impacts of brand extension failure upon the original brand by calibrating the difference of brand equity. Using data collected from college students in Taiwan, establishes four hypotheses to identify various effects of a failed brand extension in diluting the original brand’s equity. Analyzes the different effects among four types of equity‐source brands for both close and distant extensions. Equity‐source and equity level of the original brand is identified first. All components of brand equity‐source are then used to evaluate the performance of a brand extension. Finds that an unsuccessful brand extension dilutes the original brand for all three high equity‐source brands. Effects of brand dilution differ according to the type of equity source possessed by the original brand, but there is no difference in brand dilution effects from close and distant extension failures.

Details

Journal of Product & Brand Management, vol. 9 no. 4
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 26 July 2021

Jihee Choi and Soobin Seo

This paper aims to investigate consumer responses to brand rumors and corporate rumor response strategies in the restaurant industry.

Abstract

Purpose

This paper aims to investigate consumer responses to brand rumors and corporate rumor response strategies in the restaurant industry.

Design/methodology/approach

A scenario-based experimental design was used to examine changes in consumers’ brand evaluation depending on level of brand equity and corporate choice of response strategy.

Findings

It was found that the impact of brand rumors on consumer responses is more negative when the restaurant’s brand equity is low compared to when it is high. It was also found that a company's use of active response strategies is more effective in combating brand rumor than a strategy of simple denial.

Practical implications

The findings have significant implications for both academics and practitioners in terms of developing effective response strategies for counteracting brand rumors.

Originality/value

Given the frequency of brand rumors in the restaurant industry and their serious negative impacts, this study extends the existing brand crisis communication literature by demonstrating how consumers respond to a rumor and the effectiveness of different corporate rumor response strategies.

Details

International Journal of Contemporary Hospitality Management, vol. 33 no. 8
Type: Research Article
ISSN: 0959-6119

Keywords

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Article
Publication date: 23 July 2021

Muhammad Sabbir Rahman, Surajit Bag, Hasliza Hassan, Md Afnan Hossain and Rajesh Kumar Singh

This paper aims to investigate the relationship between destination brand equity and tourist's revisit intention towards health tourism destinations. The study also…

Abstract

Purpose

This paper aims to investigate the relationship between destination brand equity and tourist's revisit intention towards health tourism destinations. The study also examines the mediating effect of destination brand association between destination-based brand equity and travellers' revisit intention for health tourism destinations.

Design/methodology/approach

A survey instrument is used to examine the relationships in the proposed model using the co-variance-based structural equation modelling (SEM) technique. The collected primary data from two hundred forty-six respondents (n = 246) are analysed to test the relationship amongst exogenous, mediating, moderating and endogenous constructs articulated in the proposed structural model.

Findings

Empirical findings reveal that destination brand equity influences the revisit intention of a traveller for health tourism via destination brand association. The perceived trust, reliability and soft issues of a traveller moderate the relationship between destination brand equity and destination brand association. Enduring travel involvement also proves a significant moderation effect on the relationship between destination brand association and the revisit intention of a traveller for a health tourism destination.

Practical implications

This paper is an initial attempt to develop and empirically examine a conceptual model of the intention of a traveller to revisit a health tourism destination in a dynamic process of information search using the data collected from current travellers after medical tourism-related trips. Results suggest that stakeholders must focus on hedonic and utilitarian factors of the destination that are recognised by travellers to encourage revisit for medical tourism.

Originality/value

Although there have been numerous studies on health tourism. However, to the best of the authors' knowledge, this research is a pioneer in the healthcare tourism literature that links destination brand equity, brand association and revisit intention of a traveller for health tourism. These findings extend the knowledge of how healthcare tourism that is embedded with destination brand equity and destination brand association. The study findings potentially benefit the marketers for gaining competitive advantages through considering the experience of a traveller.

Details

Benchmarking: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-5771

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