The Effect of Firm Growth on Brand Value: Evidence from Brand Finance Turkey-100

A variety of groups are increasingly using brand value for different purposes; thus, a range of consultancy firms calculate, by different methods, and publish brand values annually. The effect of many variables on brand value has been examined previously, but few studies have explored the relationship between brand value and firm growth. This study aims to bridge this gap in the literature, since this relationship is important to maximizing brand value. The research was based on the companies listed in Brand Finance Turkey-100 between 2012 and 2018. Sales, operating income, R&D, and marketing, selling, and distribution (MSD) expenditures were adopted as firm growth indicators, which revealed that: increasing operating income and MSD caused a significant increase in brand value, whereas increasing R&D reduced brand value; and there was no significant relationship between increased sales and brand value.