Milica Jovanović, Bojan Krstić, Sandra Milanović

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Brand valuation gained in importance in the 1980s, when a difference between the price at which some enterprises are bought and their value, according to the balance sheet, was noticed. Brand value can be considered an intangible asset of an enterprise, whose impact on the market performance indicators must be taken into account. This paper examines the relationship between brand value and selected market performance indicators using correlation and regression analysis. The analysis is based on Interbrand data on brand value and annual reports of selected enterprises from high-technology sector. The sample included top 5 enterprises from high - technology sector, whose corporate brands are on the list of the 100 most valuable brands, in all years of the analysed eight-year period (from 2012 to 2019). This paper discovered a statistically significant positive relationship between brand value and market performance indicators and that brand value positively influences those performances of high - technology enterprises. The focus of this study is on the following market performance indicators: market capitalization, Tobin's Q, market to book ratio and earnings per share. The research contributes to the field of brand value management and emphasizes the importance of investments in corporate branding process.


brand value, market performance, market capitalization, Tobin's Q, market to book ratio, earnings per share

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