Marketing Accountability and Financial Performance: Measuring Brand Value in Technology-Driven Markets

Marketing and finance are two disciplines traditionally considered to operate in opposite directions. This separation stems from their organizational differences, the distinct time horizons within which they operate, and the methods they use to measure results. To bridge this gap, the literature has proposed various approaches to marketing accountability that help establish a link between marketing initiatives and their financial effects. An analysis of the historical evolution of marketing performance measurement systems reveals that the focus has shifted from operational metrics to market-based assets. Among all intangible constructs, brand equity has received the most scholarly attention, and its ability to improve and stabilize cash flows, reduce financial risk, and positively influence stock market performance has been demonstrated. However, most of the available research is based on well-established theories, highlighting the need to reassess the validity of the relationships between brand value and financial performance in a contemporary context. For this reason, the empirical part of this study focuses on the technology sector, which differs substantially from the contexts examined in much of the existing literature because it is characterized by rapid innovation and product obsolescence. The sample was constructed by selecting NASDAQ-listed companies based on their market capitalization and the Interbrand ranking was then used as a benchmark to estimate brand value using predictive models, with the ultimate goal of analyzing its impact on companies' financial performance. The results show that there is a positive relationship between brand value, market capitalization, and stock volatility. This means that, especially for technology companies, financial markets take brand-related information into account when valuing firms. Furthermore, in the modern economy, brand value is increasingly linked to company size and investments in research and development, rather than to traditional profitability metrics. This study supports the view of the brand as a pillar of corporate strategy. Investments in branding should not be considered merely as operating costs but should be interpreted as a lever for building and maintaining a long-term competitive advantage.