Brand capital and corporate investment efficiency
基于1975至2021年美国企业数据，研究发现品牌资本能提升投资效率，尤其对融资约束大、信息不对称高的企业效果更明显，其作用机制是缓解融资约束和信息不对称。
Abstract Using a sample of US firms from 1975 to 2021, we show that brand capital improves investment efficiency, which is robust to various measures of brand capital and investment efficiency. To mitigate endogeneity concerns, we exploit the passage of the Federal Trademark Dilution Act as an exogenous shock to brand capital and find that it strengthens the positive effect of brand capital. Our cross‐sectional analyses show that this positive relationship is more pronounced for firms with greater financial constraints and higher information asymmetry. These results suggest that brand capital reduces over‐ and under‐investment through alleviating financial constraints and information asymmetry.