• Andre Suryadinata Universitas Pelita Harapan
  • Sung Suk Kim Universitas Pelita Harapan




Abstract. We study the relationship between brand value and stock return in Indonesian market, using brand value published in annual reports by Brand Finance between 2014-2020. Using the capital asset pricing model (CAPM) and Fama-French plus momentum factor, we find that brand value does not have positive effects on stock returns. Portfolio of stocks with higher brand value does not yield higher return and lower risk compared to benchmark portfolio. Further analysis also shows that brand values published by Brand Finance are not fully reflected in Indonesian market.


Abstrak. Kami mempelajari hubungan antara nilai merek dan pengembalian saham di pasar Indonesia, dengan menggunakan nilai merek yang diterbitkan dalam laporan tahunan oleh Brand Finance antara 2014-2020. Dengan menggunakan model penetapan harga aset modal (CAPM) dan faktor Fama-French plus momentum, kami menemukan bahwa nilai merek tidak berpengaruh positif terhadap return saham. Portofolio saham dengan brand value yang lebih tinggi tidak menghasilkan return yang lebih tinggi dan risiko yang lebih rendah dibandingkan portofolio benchmark. Analisis lebih lanjut juga menunjukkan bahwa brand value yang diterbitkan oleh Brand Finance tidak sepenuhnya tercermin di pasar Indonesia

Author Biography

Andre Suryadinata, Universitas Pelita Harapan

Magister Manajemen, Fakultas Ekonomi dan Bisnis


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How to Cite

Suryadinata, A., & Kim, S. S. (2023). EFFECTS OF BRAND VALUE ON STOCK RETURN IN INDONESIA. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 10(2), 702–714. https://doi.org/10.35794/jmbi.v10i2.44462

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