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This paper aims to draw on the appraisal theory and the theory of self-brand congruence (SBC) to study the multidimensional emotion of brand pride. It conceptualizes and validates the relationship of brand pride with SBC, brand loyalty and oppositional brand loyalty and establishes the role of narcissism as a moderator.

Standardized scales, including a new brand pride scale developed by the authors, were used to collect data from 522 respondents. Covariance-based structural equation modeling was used to test the conceptual model. Multi-group moderation analysis tested the differences in the proposed relationship between high and low narcissists.

Results posit brand pride as a multidimensional construct with SBC as its significant antecedent. The findings also support most hypothesized relationships between brand pride and behavioral outcomes. In addition, the study confirms the moderating effect of narcissism on the relationship between brand pride dimensions and brand loyalty and opposition brand loyalty.

The study sample was from a developing nation – India. Similar cohorts from developing and developed countries could provide a unique cross-nation comparison.

The role of brand pride in impacting brand loyalty and oppositional brand loyalty has significant implications for practice. Marketing communication to inculcate brand pride among consumers will significantly impact the brand’s profitability.

Validation of SBC as a precursor to brand pride and the relationship of brand pride with brand loyalty and oppositional brand loyalty contributes significantly to branding theory and practice. This study also establishes narcissism as a moderator between brand pride and loyalty outcomes.

Este artículo se basa en la teoría de la valoración y la teoría de la congruencia de la marca propia para estudiar la emoción multidimensional del orgullo de marca. Conceptualiza y valida la relación del orgullo de marca con la congruencia de marca propia, la lealtad de marca y la lealtad de marca oposicional, y establece el papel del narcisismo como moderador.

Se utilizaron escalas estandarizadas, incluida una nueva escala de orgullo de marca desarrollada por los autores, para recoger datos de 522 encuestados. Para probar el modelo conceptual se tudio un modelo de ecuaciones estructurales basado en la covarianza. El análisis de moderación multigrupo probó las diferencias en la relación propuesta entre narcisistas altos y bajos.

Los resultados tudioes el orgullo de marca como un constructo multidimensional con congruencia de marca propia como su antecedente significativo. Los resultados también apoyan la mayoría de las relaciones hipotetizadas entre el orgullo de marca y los resultados conductuales. Además, el tudio confirma el efecto moderador del narcisismo en la relación entre las dimensiones del orgullo de marca y la lealtad a la marca y la oposición a la lealtad a la marca.

La muestra del tudio procedía de un país en vías de tudioes: la India. Cohortes similares de países en tudioes y desarrollados podrían proporcionar una comparación única entre naciones.

El papel del orgullo de marca en el impacto de la lealtad de marca y la lealtad de marca opuesta tiene implicaciones significativas para la práctica. La comunicación de marketing para inculcar el orgullo de marca entre los consumidores tendrá un impacto significativo en la rentabilidad de la marca.

La validación de la congruencia con la propia marca como precursora del orgullo de marca y la relación del orgullo de marca con la lealtad de marca y la lealtad de marca de oposición contribuyen significativamente a la teoría y la práctica del branding. El tudio también establece el narcisismo como moderador entre el orgullo de marca y los resultados de lealtad.

本文借鉴评价理论和自我品牌一致性理论, 研究品牌自豪感的多维度情感。它概念化并验证了品牌自豪感与自我品牌一致性、品牌忠诚度和反对性品牌忠诚度的关系, 并确定了自恋作为调节器的作用。

使用标准化的量表, 包括由作者开发的新的品牌自豪感量表, 从522名受访者那里收集数据。一个基于协方差的结构方程模型被用来检验概念模型。多组调节分析检验了高自恋者和低自恋者之间拟议关系的差异。

结果表明, 品牌自豪感是一个多维的建构, 自我品牌一致性是其重要的前因。结果也支持品牌自豪感和行为结果之间的大部分假设关系。此外, 该研究还证实了自恋对品牌自豪感维度与品牌忠诚度和反对品牌忠诚度之间关系的调节作用。

印度。发展中国家和发达国家的类似队列可以提供一个独特的跨国比较。

品牌自豪感对品牌忠诚度和反对品牌忠诚度的影响作用对实践有重大意义。在消费者中灌输品牌自豪感的营销传播将对品牌利润率产生重大影响。

自我品牌一致性作为品牌自豪感的前兆的验证, 以及品牌自豪感与品牌忠诚度和反对性品牌忠诚度的关系, 对品牌理论和实践有很大的贡献。该研究还确定了自恋是品牌自豪感和忠诚度结果之间的一个调节器。

This study aims to evaluate the short-term impact of brokerage analysts’ recommendations on abnormal returns using a sample selected from the S&P BSE 100 in the Indian context. The efficient market hypothesis, specifically, its semi-strong form, is tested for “Buy” stock recommendations published in the electronic version of Business Standard. The crucial issue is, are there any abnormal returns that can be earned following a recommendation? If so, how quickly do prices incorporate the information value of these recommendations? It tests the impact of analyst recommendations on average abnormal returns (AARs) and standardized abnormal returns (SRs) to determine their statistical significance.

Using a sample of stock recommendations published in the e-version of Business Standard, the event study methodology is used to determine whether AARs and SRs are significantly different from zero for the duration of the event window by using several significance tests.

The findings indicate a marginal opportunity for profit in the short term, restricted to the event day. However, the effect does not persist, i.e. the market is efficient in its semi-strong form implying that investors cannot consistently earn abnormal returns by following analysts’ recommendations. Post the event date, the market reaction to analyst recommendations becomes positive, however, insignificant until the ninth day after the recommendation providing support to the underreaction hypothesis given by Shliefer (2000) and post-recommendation price drift documented by Womack (1996). The study contributes by using different statistical tests to determine the significance of returns.

There are important implications for traders, investors and portfolio managers. The speed with which market prices incorporate publicly available information is useful in formulating trading strategies. However, stock characteristics such as market capitalization, volatility and level of analyst coverage need to be incorporated while making investment decisions.

The study contributes by using different statistical tests to determine the significance of returns.