6. Discussion
6.1. Theoretical and managerial implications This study has important implications for brand and RBT research in marketing. The first implication pertains to the RBT-based perspective of brand equity. This revised concept opens a new way for brand researchers to characterize the features that constitute the underlying branding resources stemming from stakeholder interactions. Moreover, this revised concept enables the link of brand equity with stakeholder relationships and firm performance in an integrative model. The inclusion of these linkages answers scholars' calls for research on brand equity models that include stakeholders, marketing assets, and financial performance perspectives (Davcik et al., 2015). The second implication pertains to the dynamic capabilities approach to connect stakeholder relations and brand equity, according to which brand researchers should consider broad strategic aspects when examining stakeholder–brand equity connections. In particular, this view implicitly highlights the importance of accounting for the fast-changing, complex nature of stakeholder interactions and a firm's adaptive ability. This view also aligns with brand literature that identifies the importance of being more adaptive and flexible in stakeholder interactions (Iglesias et al., 2013). Considering the finding of reciprocal effects between the quality of stakeholder relations and brand equity, and to the extent that dynamic capabilities give rise to brand equity, another implication is a potential, theoretical, virtuous cycle in which the capabilities development operates in both ways (Surroca et al., 2010). That is, if a firm possesses superior capabilities in managing stakeholder relations, this resource may support the development of new capabilities in brand building, and vice versa.
