|
on Intellectual Property Rights |
| By: | Marleen Willekens; Simon Dekeyser; Lars Van Cutsem; Victor S Zuiddam |
| Abstract: | This study examines whether audit firm differentiation signaled through the strength of its intellectual property (IP) portfolio softens price competition. Following the patent and trademark literature, we focus on the stock of these intellectual property rights as an indicator of audit firm differentiation capturing an audit firm’s brand strength and technological capabilities. We hypothesize that the audit fee charged by an audit firm is increasing in its IP portfolio strength, ceteris paribus. Employing data on intellectual property (IP) of U.S. audit firms, in terms of branding and technological capabilities, we identify all active trademarks and patents for the 50 largest U.S. audit firms between 2004 and 2022. Our results suggest that the strength of an audit firm’s portfolio of trademarks and patents is significantly positively associated with audit fees, suggesting that branding and technological capabilities are means for audit firms to soften price competition through IP differentiation. |
| Keywords: | G074819N#54967485 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ete:afiper:742971 |
| By: | Ashish Ashok Uikey (Symbiosis International (Deemed University), Pune, India); Ruturaj Baber (CHRIST (Deemed to be University)) |
| Abstract: | This study attempts to examine the impact of green brand trust and self-brand connection on green brand loyalty, with green perceived value and green transparency as antecedents. The responses were collected from and users of electric vehicles, and the proposed hypotheses were tested using Structural Equation Modeling (SEM) through SmartPLS 4. The study found that green brand trust had a significant positive impact on green brand loyalty, while the relationship between self-brand connection and green brand loyalty significant but weak. The study highlighted the importance of green perceived value as an antecedent for self-brand connection and green brand trust, which was more significant than green transparency. The study offers insights to practitioners enhancing their knowledge on formation of customer, allowing them to develop effective marketing strategies. The study recommends that companies emphasize transparency in their marketing approaches and address green challenges related to their products' environmental value. Furthermore, the study suggests that green brand loyalty may be achieved through green transparency and green perceived value, which are crucial for establishing green brand trust. |
| Keywords: | Green Marketing, Green Transparency, Green Brand Trust, Self-brand Connection, Green Brand Loyalty, Consumer Behavior, Electric Vehicles |
| Date: | 2023–09–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04803874 |
| By: | Keith M. Drake; Thomas McGuire |
| Abstract: | Drug patent litigation settlements containing brand-to-generic “reverse payments” are a decades old antitrust concern that has been estimated to cost drug purchasers billions of dollars per year. Most estimates of the harm rely on the Federal Trade Commission’s calculation that such payments delay generic entry by 17 months, which is based on 15-20-year-old data. This paper takes a different approach, using stock price movements to quantify the harm. Costs to purchasers from an anticompetitive agreement are approximately equal to the brand firm’s increase in profits. If new profits are capitalized into stock prices, the change in value upon a settlement announcement can be used to estimate the new profit flows. We assembled a list of 64 settlements announced during 2014-2023. Although the announcements did not describe explicit forms of reverse payment, 16 announcements described terms that may transfer value to the generic firms. We classified these settlements as having an indication of reverse payment. Consistent with prior research, settlement announcements with no indication of reverse payment had no significant effect on the stock prices of brand firms implying that they tended to meet traders’ expectations. Stock prices increased by approximately 3.5%, on average, after settlements with indication of reverse payment, implying they increased brand profits by delaying generic entry. We estimate that these increases correspond to a total increase in purchaser spending of $2.9-$3.0 billion per year. Because our sample is not a full census of settlements, the industry-wide increase in spending may be closer to $7 billion per year. |
| JEL: | I11 L41 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33196 |
| By: | Lars Van Cutsem; Simon Dekeyser; Marleen Willekens |
| Abstract: | Accounting information aims to provide reliable information to investors, aiding accurate assessment of the economic value of firms. The full-expensing accounting treatment of investments into innovation and R&D costs in some accounting standards, such as in U.S. GAAP, restricts investors in their ability to infer economic value in firms’ R&D investments. In contrast, IFRS mandates the capitalization of internally generated development costs, enhancing the informativeness of financial statement information for innovative companies. In this study, we examine the value relevance of IFRS-mandated capitalized development costs and how this information complements or substitutes one of the most common non-financial proxies that investors use to infer the economic value of firms’ innovations, i.e., patent portfolio characteristics. We show that both are value relevant, and that information on capitalized development costs is particularly relevant to investors in settings where firms own a moderate number of patents. In contrast, information contained in capitalized development costs appears substitutional to information contained in patent portfolio characteristics where firms own many patents and in R&D intensive settings. Both observations highlight the importance of capitalized development costs as a source of information to investors in their assessment of the economic value of firms’ R&D investments. Our findings are robust for various fixed effect controls, scaling approaches, and split sample analyses. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ete:afiper:742966 |
| By: | Latifa Ayoubi (Université Hassan II, Faculté des lettres et sciences humaines, Casablanca, Maroc) |
| Abstract: | Abstract : This article aims to improve the understanding of building customer relationship and examine the role of brand identification. From this perspective, the research studied the effect of the main customer relationships variables, satisfaction, trust, attachment, and brand identification on brand loyalty and its consequences. Thus, after a qualitative exploratory phase, an empirical study was carried out with a sample of bank customers (153 in the exploratory phase and 284 in the confirmatory phase), via an access panel. A structural equation analysis was then conducted. This study demonstrated that each of the variables has a positive effect on brand loyalty. However, the weight of brand identification is higher than that of the other variables. In addition, these variables positively affect brand loyalty, customer share-of-wallet, word-of-mouth, and loyalty intention. On the other hand, they do not affect resistance to counter-persuasion. Keywords: Brand loyalty, Brand identification, Attitudinal consequences. JEL Classification: M31 Paper type: Empirical Research Résumé Cet article vise à améliorer la compréhension de la construction de la relation client et à examiner le rôle de l'identification à la marque. Dans cette perspective, la recherche a étudié l'effet des principales variables de la relation client, à savoir la satisfaction, la confiance, l'attachement et l'identification à la marque sur la fidélité à la marque et ses conséquences. Ainsi, après une phase exploratoire qualitative, une étude empirique a été réalisée auprès d'un échantillon de clients bancaires (153 en phase exploratoire et 284 en phase confirmatoire), via un access panel. Une analyse par équation structurelle a ensuite été menée. Cette étude a démontré que chacune des variables a un effet positif sur la fidélité à la marque. Cependant, le poids de l'identification à la marque est supérieur à celui des autres variables. De plus, ces variables ont des effets positifs sur la fidélité à la marque, la part de portefeuille client, le bouche-à-oreille et l'intention de fidélité. En revanche, elles n'ont aucun effet sur la résistance à la contre-persuasion. Mots clés : Fidélité à la marque, Identification à la marque, Conséquences attitudinales. Classification JEL : M31 Type du papier : Recherche empirique |
| Abstract: | Résumé : Cet article vise à améliorer la compréhension de la construction de la relation client et à examiner le rôle de l'identification à la marque. Dans cette perspective, la recherche a étudié l'effet des principales variables de la relation client, à savoir la satisfaction, la confiance, l'attachement et l'identification à la marque sur la fidélité à la marque et ses conséquences. Ainsi, après une phase exploratoire qualitative, une étude empirique a été réalisée auprès d'un échantillon de clients bancaires (153 en phase exploratoire et 284 en phase confirmatoire), via un access panel. Une analyse par équation structurelle a ensuite été menée. Cette étude a démontré que chacune des variables a un effet positif sur la fidélité à la marque. Cependant, le poids de l'identification à la marque est supérieur à celui des autres variables. De plus, ces variables ont des effets positifs sur la fidélité à la marque, la part de portefeuille client, le bouche-à-oreille et l'intention de fidélité. En revanche, elles n'ont aucun effet sur la résistance à la contre-persuasion. |
| Keywords: | Attitudinal consequences, Brand loyalty, Brand identification |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04787056 |