ǂThe ǂimpact of brand value as intellectual asset on enterprise business performances

[M. Jovanović Vujatović]

VII, 239, 26 listova

Biografija autora: list P-26 Bibliografija: listovi 215-239

Intellectual Capital Management, Business Performance Management

The concept of intellectual capital and the study of intellectual asset for the purpose of more successful management of the enterprise's total assets is gaining particular importance in the era of the knowledge economy. The success of the world's largest enterprises, especially technological leaders, is based on intellectual assets. The dominant share of intellectual assets in the total assets of contemporary enterprises proves the importance of the brand and other intangible assets that contribute to the creation and increase of the market value of the enterprise. The purpose of the doctoral dissertation is to identify the role of the brand in the intellectual capital and total assets of the enterprise in order to more efficiently manage the value of the brand, which should be contribute to a greater difference between market and book value. The purpose of the dissertation is also based on exploring the impact of brand value on different groups of business performance indicators - enterprise results, capital employed, profitability, market performance, value for shareholders, dividend payout policy. In the theoretical segment of the doctoral dissertation, the steps and phases of brand management as intellectual asset and the benefits for enterprises from adopting such an approach, are particularly highlighted. The position of the brand in structural intellectual assets through the legal protection of a recognizable brand name, as well as the role of the brand in relational intellectual assets, through communication with consumers and other stakeholders of the enterprise, is emphasized. The influence of the brand on the creation of the enterprise's human capital was also pointed out, as well as the importance of quality human capital in the process of building brand value. A critical review of existing methods (financial and non-financial) of determining and managing brand value is given. An analysis of the treatment of the brand according to different accounting and financial reporting standards is presented. In particular, the problem of not including the value of the brand in the enterprise's financial reports was pointed out, which leads to an unrealistic determination of the value and information asymmetry. This part of the dissertation summarizes various studies on the impact of brand value on the business performance, suggesting that most researchers in the field highlight the positive impact of brand investment on financial and non-financial performance, in the long term. In the empirical segment of the doctoral dissertation, a detailed conceptual framework of the empirical research on the influence of brand value on the business performance of the enterprise, is presented. The research sample includes enterprises with the most valuable brands according to Interbrand's brand valuation methodology. It is about enterprises that have a dominant share of brand value and intellectual assets in the total assets or equity. Statistical analysis of the selected sample of "knowledge enterprises" led to the following results: 1. Higher brand value of the enterprise leads to higher enterprise results; 2. Greater value of the enterprise's brand leads to an increase in the enterprise's capital; 3. Higher brand value of the enterprise improves profitability; 4. Higher brand value of the enterprise leads to higher market performance; 5. Greater value of the enterprise's brand leads to greater value for the owners (shareholders). All defined basic hypotheses were confirmed, in full or in part. Considering the analysis of indicators and synthesizing theoretical conclusions and empirical results, the benefits that enterprises can achieve if their managers accept the concept of brand management, as an intellectual asset, for more efficient management of the enterprise's total assets, are determined.

vrednost marke, intelektualna imovina, intelektualni kapital, poslovne performanse, preduzeća

brand value, intellectual asset, intellectual capital, business performance, enterprises

003.65:005.336.4]:005(043.3)

S 190

Tekst