Browse > Article
http://dx.doi.org/10.13106/jafeb.2022.vol9.no5.0251

Assessing the Coronavirus Impact on the Asean Countries' Top 10 Most Valuable Brands  

ZAHARI, Abdul Rahman (Department of Business and Management, College of Business Management and Accounting, Universiti Tenaga Nasional)
ESA, Elinda (Department of Accounting and Finance, College of Business Management and Accounting, Universiti Tenaga Nasional)
AZIZAN, Noor Azlinna (College of Business Administration, Prince Sultan University)
Publication Information
The Journal of Asian Finance, Economics and Business / v.9, no.5, 2022 , pp. 251-260 More about this Journal
Abstract
The goal of this study is to see if the Coronavirus affects the Top 10 most valuable brands in various ASEAN countries (Malaysia, Singapore, Indonesia, and Vietnam) and industry types differently. The data for this study was collected using a secondary data method (content analysis). Based on their annual reports from 2019 to 2021, the researchers examined the brand equity of the Top 10 most valued brands in each of the four ASEAN countries. IBM Statistical Package for Social Science (SPSS) Statistics for Windows was used to examine the data. Frequency, an independent T-test, and one-way analysis of variance tests were also applied to the data. The findings revealed considerable disparities between the Top 10 most valued ASEAN country brands in 2019-2020 and 2019-2021 due to the impact of the Coronavirus. Due to the influence of the Coronavirus, the data revealed no significant differences between industry categories. Future studies could look into the disparities between the most valuable brands and the influence of the Coronavirus over a longer period of time and include a larger number of firms and countries. Brand managers in ASEAN countries' Top 10 most valuable companies must carefully manage their brands to preserve brand life and reduce the impact of future global pandemics.
Keywords
Most Valuable Brands; Brand Equity; Coronavirus Impact; ASEAN Countries;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
연도 인용수 순위
1 Morgan, P. J., & Trinh, L. Q. (2021). Impacts of COVID-19 on households in ASEAN countries and their implications for human capital development. SSRN Electronic Journal, 27, 20-28. https://doi.org/10.2139/ssrn.3870909   DOI
2 Ourusoff, A. (1993). Who said brands are dead? Brand Week, 34(32), 20-33.
3 Pakseresht, A. (2010). Brand equity and corporate responsibility-A review of brand valuation methods [Masters Thesis, Swedish University of Agricultural Sciences]. slu.se/en/departments/economics/research/projects/projects/gamla-projekt/brand-equity-and-corporate-responsibility-a-review-of-brand-valuation-methods/
4 Nguyen, H. T. X. (2022). The effect of COVID-19 pandemic on the financial performance of firms: Empirical evidence from Vietnamese logistics enterprises. Journal of Asian Finance, Economics, and Business, 9(2), 0177(2), 177-183. https://doi.org/10.13106/jafeb.2022.vol9   DOI
5 Wang, H. D., & SenGupta, S. (2016). Stakeholder relationships, brand equity, firm performance: A resource-based perspective. Journal of Business Research, 69(12), 5561-5568. https://doi.org/10.1016/j.jbusres.2016.05.009   DOI
6 Salinas, G. (2021). Covid-19: How has it impacted brand value and what can you do about it? https://brandfinance.com/insights/brand-impacted-by-covid-19
7 Solanki, M. S., & Oberoi, S. S. (2021). Impact of coronavirus on the Indian aviation industry. International Journal of Business and Economics, 6(2), 353-365. http://ijbe.ielas.org/index.php/ijbe/article/view/271
8 Tasci, A. D. A. (2020). Exploring the analytics for linking consumer-based brand equity (CBBE) and financial-based brand equity (FBBE) of destination or place brands. Place Branding and Public Diplomacy, 16(1), 36-59. https://doi.org/10.1057/s41254-019-00125-7   DOI
9 The Economist Intelligence Unit. (2020). Covid-19: The impact on the industry. https://www.incae.edu/sites/default/files/coronavirus-report-v4-1.pdf
10 Vietnam 50. (2020). The annual brand value ranking. https://brandirectory.com/rankings/vietnam/
11 Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180. https://doi.org/10.1002/smj.4250050207   DOI
12 Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108   DOI
13 Brand Finance. (2021a). China is world's 2nd most valuable nation brand. https://brandfinance.com/press-releases/china-is-worlds-2nd-most-valuable-nation-brand
14 World Health Organization (WHO). (2022a). Coronavirus. https://www.who.int/health-topics/coronavirus#tab=tab_1
15 Zahari, A. R., Esa, E., Rajadurai, J., Azizan, N. A., & Tamyez, P. F. M. (2020). The effect of corporate social responsibility practices on brand equity: An examination of Malaysia's top 100 brands. Journal of Asian Finance, Economics, and Business, 7(2), 271-280. https://doi.org/10.13106/JAFEB.2020.Vol7.No2.271   DOI
16 Dumouchel, L., Kahn, Z., Burton, C., & Hupp, O. (2020). Brand growth in times of crisis: Revisiting brand-building during the COVID-19 pandemic. https://www.ipsos.com/sites/default/files/ct/publication/documents/2020-04/ipsos-growing-brands-times-crisis.pdf
17 Aaker, D. (1996). Building strong brands. New York: Free Press.
18 Accenture. (2020). A brand: New. Purpose. navigating the human and business impact of Covid-19. https://www.accenture.com/_acnmedia/PDF-123/Accenture-COVID-19-A-Brand-NewPurpose.pdf
19 Baalbaki, S., & Guzman, F. (2016). A consumer perceived consumer-based brand equity scale. Journal of Brand Management, 23(3), 229-251. https://doi.org/10.1057/bm.2016.11   DOI
20 Balis, J. (2020). Brand marketing through the coronavirus crisis. Harvard Business Review. https://hbr.org/2020/04/brand-marketing-through-the-coronavirus-crisis
21 Brown, A. (2020). Despite Covid-19, global intangible value hits all-time high. Brand Finance. https://brandfinance.com/insights/intangible-value-hits-all-time-high
22 Campaign. (2020). Branding and marketing in the new abnormal. https://www.gfk.com/hubfs/Branding%20and%20Marketing%20in%20the%20New%20Abnormal%20GfK_Campaign%20Asia%20survey%20report.pdf?hsLang=en-us
23 Huang, Y., Yang, S., & Zhu, Q. (2021). Brand equity and the Covid-19 stock market crash: Evidence from U.S. listed firms. Finance Research Letters, 43, 53-72. https://doi.org/10.1016/j.frl.2021.101941   DOI
24 Salinas, G. (2020). Lessons from the pandemic-Brand value and leadership in times of crisis. https://brandirectory.com/reports/whitepaper-brand-leadership-and-value-during-the-times-of-crisis-lessons-from-the-pandemic
25 Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2003). Revenue premium as an outcome measure of brand equity. Journal of Marketing, 67(4), 1-17. https://doi.org/10.1509/jmkg.67.4.1.18688   DOI
26 Barney, J. B. (1986). Strategic factor markets: Expectations, luck, and business strategy. Management Science, 32(10), 1231-1241. https://doi.org/10.1287/mnsc.32.10.1231   DOI
27 Brand Finance. (2021b). Nearly RUB 750 billion of brand value at risk from COVID-19 pandemic. https://brandfinance.com/press-releases/nearly-rub-750-billion-of-brand-value-at-risk-from-covid-19-pandemic
28 Fischer, M., & Himme, A. (2017). The financial brand value chain: How brand investments contribute to the financial health of firms. International Journal of Research in Marketing, 34(1), 137-153. https://doi.org/10.1016/j.ijresmar.2016.05.004   DOI
29 Isberg, S., & Pitta, D. A. (2013). Using financial analysis to assess brand equity. Journal of Product and Brand Management, 22(1), 65-78. https://doi.org/10.1108/10610421311298713   DOI
30 Wang, H. D. (2010). Corporate social performance and financial-based brand equity. Journal of Product and Brand Management, 19(5), 335-345. https://doi.org/10.1108/10610421011068577   DOI
31 Feng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance: Comparison analyses across industries and CSR categories. American Journal of Business, 32(3-4), 106-133. https://doi.org/10.1108/AJB-05-2016-0015   DOI
32 Ciquera, F. (2020). The brand value during COVID-19. https://nowfashion.com/brand-value-during-covid-19-29758
33 Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed). Marwah: Lawrence Erlbaum Associates Publishers.
34 Esa, E., Mohamad, N. R., Wan Zakaria, W. Z., & Ilias, N. (2022). Do corporate governance and reputation are two sides of the same coin? Empirical evidence from Malaysia. Journal of Asian Finance, Economics, and Business, 9(1), 219-228. https://doi.org/10.13106/jafeb.2022.vol9.no1.0219   DOI
35 Global 500. (2022). Global 500. The annual brand value ranking. https://brandirectory.com/rankings/global/
36 Keller, K. L., & Lehmann, D. R. (2003). The brand value chain: Optimizing strategic and financial brand performance. Marketing Management, 12(3), 26-31.
37 Meyer, B. H., Prescott, B., & Sheng, X. S. (2022). The impact of the COVID-19 pandemic on business expectations. International Journal of Forecasting, 38(2), 529-544. https://doi.org/10.1016/j.ijforecast.2021.02.009   DOI
38 Malaysia 100. (2020). The annual brand value ranking. https://brandirectory.com/rankings/malaysia/
39 Rumelt, R. P. (1984). Toward a strategic theory of the firm. In: Lamb, R. (Ed.), Competitive strategic management (pp. 556-570). Hoboken, NJ: Prentice-Hall.
40 Singapore 100. (2020). The annual brand value ranking. https://brandirectory.com/rankings/singapore/
41 Hoekstra, J. C., & Leeflang, P. S. H. (2020). Marketing in the era of COVID-19. Italian Journal of Marketing, 2020(4), 249-260. https://doi.org/10.1007/s43039-020-00016-3   DOI
42 Indonesia 100. (2020). The annual brand value ranking. https://brandirectory.com/rankings/indonesia/
43 Indonesia 100. (2021). The annual brand value ranking. https://brandirectory.com/rankings/indonesia/
44 Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22. http://doi.org/10.1177/002224299305700101   DOI
45 Chong, T. T. L., Li, X., & Yip, C. (2021). The impact of COVID-19 on ASEAN. Economic and Political Studies, 9(2), 166-185. https://doi.org/10.1080/20954816.2020.1839166   DOI
46 China 500. (2021). The annual brand value ranking. https://brandirectory.com/rankings/china
47 Wolfe, R. (1991). The use of content analysis to assess corporate social responsibility. In: Post, J. E. (Ed.), Research in corporate social performance and policy (12) (pp. 281-307). Stamford: JAI Press.
48 The Brand Finance Group. (2016). The Brand Finance top 100 Malaysia brands 2016. http://brandfinance.com/images/upload/brand_finance_malaysia_100.pdf
49 Campbell, M. C. (2002). Building brand equity. Journal of Medical Marketing, 2(3), 208-218. https://doi.org/10.1057/palgrave.jmm.5040078   DOI
50 Chaudhry, A.A., & Ramakrishnan, S. (2019). International Journal of Recent Technology and Engineering, 8(2S9), 22-31. https://doi.org/10.35940/ijrte.B1006.0982S919   DOI
51 World Health Organization (WHO). (2022b). Coronavirus (COVID-19) dashboard. https://covid19.who.int/