The Effect of Brand Reputation on Stock Price: Focused on Game Firms

브랜드 평판이 주가에 미치는 영향: 게임 기업을 중심으로

  • 이창섭 (세종대학교 경영학부) ;
  • 이현정 (중앙대학교 융합교양학부) ;
  • 우소희 (우송대학교 앤디컷국제대학 글로벌비즈니스학과)
  • Received : 2019.02.14
  • Accepted : 2019.03.11
  • Published : 2019.04.28


Recently, the importance of not only financial factors from financial statements but also non-financial factors such as consumers' evaluation and loyalty to game content is more emphasized when assessing the value of game companies. In this study, we suggest the brand reputation index as an appropriate measure of a game company's valuation and examine the effect of the brand reputation on game companies' stock price using the observations of Korean major 30 game companies. From the empirical results, we find that there is a significantly positive association between the brand reputation index and the game companies' stock price. This explains that the brand reputation of game companies can directly affect their firm value. The findings are expected to contribute to capital markets and academia as they have presented empirical evidence of the importance of brand reputation as a non-financial measure for the valuation of game companies.


Game Companies;Brand Reputation;Stock Price;Firm Value;Valuation

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Fig. 1. Model Specification

Table 1. Brand Reputation Index of Major 30 Korean Game Companies Disclosed on 13th November 2017

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Table 2. Explanation of the Five Indices for Measuring Brand Reputation Index of Major 30 Game Companies

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Table 4. Explanation of Variables

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Table 5. Descriptive Statistics

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Table 6. Empirical results#1

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Table 7. Empirical results#2

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Table 3. Examples of One-on-one Response of the Brand Reputation Index and Stock Price

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Supported by : 한국연구재단


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