Characteristics of Board of Directors, Innovation Input and Brand Value——An Empirical Study Based on Endogenous Perspective

Abstract

Abstract:

Taking A-share listed companies in China's Top 500 Brand Value List from 2012 to 2017 as samples, this paper uses equations model and estimation method of three-stage least squares to study the relationship between innovation input and brand value, and the mechanism by which board of directors functions in this relationship. The results show that there is an endogenous relationship between innovation input and brand value. Innovation performance has a periodic effect, increasing innovation input in the early stage will enhance the current brand value, and the current brand value will promote the intensity of innovation input in the future. In addition, among characteristics of board of directors, the size of the board of directors has a significant positive moderating effect on the relationship between innovation input and brand value. The combination of the chairman and general manager in one role shows a significant negative moderating effect, while the proportion of independent directors and shareholding ratio of board of directors do not show a significant moderating effect in the study. Based on the endogenous perspective, the relationship between innovation input and brand value is studied innovatively, which has practical significance for listed companies to balance innovation input and brand value in business decision-making and board governance.

Key words: characteristics of board of directors, innovation input, brand value, endogenous relationship

Liu Jianhua, Li Yuanyuan, Duan Shen, Meng Lu. Characteristics of Board of Directors, Innovation Input and Brand Value——An Empirical Study Based on Endogenous Perspective[J]. , 2019, 31(12): 136-145.

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