實證檢測 Interbrand 認定之品牌價值變化與企業股票回購、現金股利間領先落後關係

Abstract

本研究旨在探討品牌價值變化與企業財務操作之間的領先落後關係。過往研究顯示通常未入帳之品牌價值為重要的無形資產，能影響企業的經營績效與股價；然而市場對高度估計性、非財報資訊往往延遲或低估反應。若企業經理人相較於外部投資人更早、更清楚掌握品牌價值變化資訊，則企業的庫藏股或現金股利等財務決策，可能反映其對企業真實價值與市場評價之判斷。

本研究以 Interbrand 於 2001 至 2024 年發布之《Best Global Brands》全球百大最佳品牌年度報告資料為基礎，結合 Compustat 與 CRSP 資料庫，建構美國企業品牌價值與財務操作資料集，檢驗品牌價值變化與企業股票回購及現金股利政策之關聯。本研究針對品牌價值資訊公開於市場前與後兩時段，藉由迴歸模型分析品牌價值變動對兩期財務操作之影響，進一步探討企業過往上榜經驗與產品涉入程度是否對前述關係具調節效果。

研究結果主要有三項發現。第一，品牌價值成長越多的企業，在品牌價值資訊公開前傾向增發現金股利，而在品牌價值資訊公開後會執行庫藏股並繼續增發股利。第二，企業過往多次進入品牌價值榜單的經驗，會強化品牌價值成長與資訊公開前增發現金股利之間的正向關聯。第三，高涉入度產品產業企業的品牌價值成長與現金股利增加之間具有較強的正向關聯，此現象同時存在於品牌價值資訊公開前與公開後。

本研究之貢獻在於首次連結品牌價值變化與企業股票回購、現金股利決策，從企業內部資訊優勢與市場反應不足或過度之角度發想，證實企業品牌價值與財務決策存在關聯性。研究結果亦有助於擴展企業內部與外部市場針對無形資產與非財報資訊評價落差的延伸研究。

This study investigates the lead–lag relationships between changes in brand value of U.S. firms and their corporate payout policies. Prior studies have suggested that brand value, as a typically unrecorded intangible asset, is likely to influence firm financial performance and stock price. However, the capital market appears to exhibit delayed or incomplete reactions to non-financial information. We conjecture that since corporate managers may possess earlier and superior knowledge of brand value changes than outside investors, financial decisions including stock buybacks and cash dividend distributions may reflect managers’ assessments of the firms’ superior intrinsic values and their perceptions regarding the market valuation.

Using Interbrand’s Best Global Brands rankings from 2001 to 2024, combined with data from Compustat and CRSP databases, this study examines the relationship between changes in brand value and corporate stock buyback and cash dividend policies before and after the ranking of the brand value becomes publicly available. Furthermore, this study explores whether prior brand-listing experience and extent of product involvement help moderate the impact of brand value changes on corporate pay-out policies.

The empirical findings reveal three main results. First, firms experiencing greater growth in brand value tend to increase cash dividends before the public disclosure of brand value information. After the disclosure, these firms are more likely to engage in stock buybacks while continuing to increase cash dividend payouts. Second, repeated inclusion in the brand value rankings positively moderates the relationship between brand value growth and dividend increases prior to the public disclosure of brand value information. Third, the firms that offer high-involvement products exhibit a stronger positive relationship between brand value growth and dividend increases, both before and after the public disclosure of brand value.

This study contributes to the literature by being among the first to link changes in brand value to corporate stock buybacks and cash dividend decisions. Drawing upon the perspectives of managerial information advantage and market underreaction, the findings provide evidence that brand value is associated with corporate payout decisions. The results further extend research on valuation gaps between firms and capital markets regarding intangible assets pertaining non-financial information.