U-shaped Relationship between Brand Value and Financial Performance:The Moderating Role of Social Responsibility
Taking Shanghai and Shenzhen A-share listed companies in the list of China's 500 Most Valuable Brands published by World Brand Lab from 2013 to 2019 as the research object,this paper constructs a multiple regression model to empirically test the nonlinear relationship between brand value and financial performance,as well as the moderating effect of social responsibility on the relationship between them.The results show that:(1)there is a U-shaped relationship between brand value and financial performance.With the continuous implementation of brand strategy,the influence of brand value on financial performance changes from inhibiting effect to promoting effect.(2)Social responsibility moderates the U-shaped relationship between brand value and financial performance,which shows that the curve tends to be flat and the inflection point shifts to the left,indicating that corporate social responsibility can reduce the large difference in economic benefits between the early and late period of brand strategy implementation,and accelerate the positive impact of brand value on financial performance.
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