دانلود رایگان مقاله انگلیسی برند های بورس اوراق بهادار به عنوان یک تاثیرگذار در رفتار سرمایه گذار - امرالد 2016

Introduction

Scholars in behavioral finance have expended considerable effort in trying to understand investment choices. Much of this research has focused on the decision-making behavior of the actors involved in the financial markets, particularly the institutional investors who account for the bulk of the activity (Gabaix et al., 2006; Gompers and Metrick, 2001). One strand within this research, at the finance and marketing interface, has investigated the effect of brands and brand variables in investment choices, both for individual and institutional investors (Frieder and Subrahmanyan, 2005; Huberman, 2001; Keloharju et al., 2012). The basic rationale underlying this research is that perceptions and sentiments towards corporate brands in the wider market spill over into investments in the stock market. For instance, prestigious brands (Billett et al., 2014; Frieder and Subrahmanyan, 2005), brands with high familiarity (Huberman, 2001); with high advertising spend (Grullon et al., 2004); brands with loyal customers (Keloharju et al., 2012), with high customer satisfaction, and a strong corporate reputation (Himme and Fischer, 2014), have been found to be more likely to be chosen as equity investments.

Conclusions

There is a considerable body of research focused on the decision-making behavior of investors involved in financial markets. One strand within this research has investigated the effect of brands and brand variables on investment choices at individual and institutional levels (Frieder and Subrahmanyan, 2005; Huberman, 2001; Keloharju et al., 2012). The basic finding of these studies is that perceptions and sentiments towards corporate brands in the wider consumer market spill over into the stock market.

While these studies have made an important contribution in identifying the link between consumer behavior and investment behavior, and the significant role of brands in both arenas, they ignore the influence of the intermediaries, the financial markets and the stock exchanges, through which the investments are transacted. This study addresses this gap, by investigating the effect of perceptions towards the stock exchanges in their own countries, to examine whether these intermediaries mediate the influence of corporate brands in investment decisions.

This study was based on a comparative analysis of two stock markets that have a number of important similarities, i.e. the Turkish Stock Exchange, (BIST), and the Irish Stock Exchange (ISE). The results indicated that stock exchanges act as corporate brands for private investors similar to consumer brands for individual consumers, and possess differing levels of brand equity. The brand equity manifests itself through brand awareness, brand quality and brand loyalty variables, and these have significant impact on investors’ intention to invest, with the highest impact deriving from the brand loyalty in both contexts. In other words, any increase (decrease) in the level of brand loyalty affects intention to invest in the stock market.