Available online at www.HighTechJournal.org HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 787 ISSN: 2723-9535 Relationships between Brand Value and Country's GDP Wilert Puriwat 1 , Suchart Tripopsakul 2* 1 Chulalongkorn Business School, Chualongkorn University, 254 Phyathai Road, Pathumwan, Bangkok 10330, Thailand. 2 School of Entrepreneurship and Management, Bangkok University, 9/1 Moo 5 Phaholyothin Road, Pathumthani 12120, Thailand. Received 24 August 2023; Revised 02 November 2023; Accepted 11 November 2023; Published 01 December 2023 Abstract Brand development has emerged as a critical strategy for economic prosperity where assets from both physical and nonphysical sources significantly influence a nation's economy. However, the impact of these intangible assets on economic growth still requires further clarification. This study aims to investigate the relationship between nation brand value and economic growth and to examine whether this impact varies depending on countries' income levels. Based on data from the global soft power index and gross domestic product (GDP) of 120 countries from Brand Finance Nation Brands and Word Bank in 2022, linear regression and moderation analysis results reveal that nation brand values positively impact national economic growth. The results of the moderation effect analysis by the PROCESS macro reveal that the impact of nation brand value on economic growth is significantly more substantial for lower-income economies than for higher-income economies. Our study is one of a few attempts to clarify the effect of nation brand value on a nation's economic growth. The outcome of this research provides more understanding for exploiting the nation brand development concept to create a superior competitive advantage, consequently leading to the prosperity of nation economies. Keywords: Brand Value; GDP; Global Soft Power Index; Economic Growth. 1. Introduction The idea of brand value in today's global economy stretches beyond the boundaries of individual companies to include entire countries [1]. Traditional economic models have long emphasized tangible assets and industrial output as the primary growth indicators. However, in the current era of globalization and digitalization, these models are being supplemented and, at times, overshadowed by the power of branding [2]. A nation's brand—an amalgamation of its perceived image, cultural influence, political stability, and economic potential—has emerged as a pivotal factor in attracting investment, tourism, and international partnerships [3]. The focus of marketing scholars and practitioners has moved from product brands to company brands and, more lately, to national brands over the past few decades [4]. Although national branding investments and building a nation's brand value often have unfavorable short-term effects, they usually pay off in the long run. A well-established national brand may raise a nation's profile abroad, draw in foreign capital, increase tourism, and make its goods and services more globally marketable. The GDP reflects how these elements may support long-term economic growth [5]. Thailand's brand value calculated from the country's leading brand names was estimated to be worth 509 billion dollars or 16.6 trillion baht – a 5% increase from last year's 483 billion dollars or 15.7 billion baht [6]. According to the Global Soft Power Index report in 2022, Thailand is one of 25 countries where recovery and response to the COVID-19 * Corresponding author: suchart.t@bu.ac.th http://dx.doi.org/10.28991/HIJ-2023-04-04-08 ➢ This is an open access article under the CC-BY license (https://creativecommons.org/licenses/by/4.0/). © Authors retain all copyrights. https://creativecommons.org/licenses/by/4.0/ https://orcid.org/0000-0001-8891-3637 https://orcid.org/0000-0002-8031-8056 HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 788 pandemic were best. However, currently, the war in Ukraine and inflation are slowing growth. The banking (28%), oil and gas (20%) and telecoms (16%) sectors performed well and contributed the most to the nation's growth. More empirical data are still needed to firmly establish and elucidate the relationship between nation brands and economic development, even if prior research has noted the beneficial effects of nation brands on economic growth. This article aims to explore the relationship between economic progress and the value of a nation's brand. The remainder of the article is structured as follows. A literature review on brand value and the connection between brand development and economic growth is presented in the next section. The research methodology is covered in the third section. A portion of the quantitative analysis comes next. The fifth section is devoted to discussion—last, the conclusion, limitations, and suggestions for further research are presented. 2. Literature Review 2.1. Brand Value Organizations are named before they are created, just as individuals connect with names from birth; every product is named before it is pushed [7]. Similarly, nations, cities, and regions each have unique brands. A country's brand domain is one of the most important domains. Researchers and executive managers are now paying attention to country branding since it promotes countries' reputations in various situations, including public diplomacy, strategy, investment, export, tourism, and economic development. Cultivating a population interested in and supportive of a country's success is known as nation branding. In the era of globalization, the interaction between consumers and various international products and services has significantly increased. This has sparked a growing interest in understanding consumer behavior concerning global brands. Researchers and marketers are keen to explore why consumers prefer global brands over local or less-known brands [8, 9]. A previous study found that brand innovativeness and national traditions positively affect brand-nation connections [10]. Consequently, the national brand gives domestic products a distinct competitive edge. It can also eliminate preconceived conceptions about a nation's reputation and boost its status in its target markets [11]. Like a brand's image, a national brand embodies its identity, sustainability, and superior product quality. It can also increase or decrease the value of those products [12]. Moreover, a powerful and valued national brand can provide its possessing country with a competitive edge or a sense of identity. It can promote business, attract investment, further the goals of the tourism sector, improve public diplomacy, uphold the benefits and interests of the exporting sector, strengthen national identity, and increase self-esteem [3]. Many countries have concluded that they must take care of their trademarks and increase their value to reap these benefits. Changes in the production and consumption structures brought about by more intense competition forced firms to focus on increasingly complex products. Investing more in intangible assets could result in the development of more complex products. In conclusion, economies become more complex as they rely more on intangible assets. Scholars have long maintained that brand value is an essential precondition for economic success, but they cannot agree upon an economic development model that incorporates brand value. 2.2. Brand Development and Economic Growth Economists define economic development as a multidimensional process involving significant changes in social structures, people's attitudes, national institutions, economic growth acceleration, and decreasing inequality [13]. Similarly, there has been a long-term increase in the ability to deliver increasingly diverse economic goods to the population; this growing capacity based on improving technology and the institutional and ideological adaptations it demands is defined as economic growth [14]. Even though these two ideas are frequently used synonymously and mistakenly, they differ significantly from one another. In contrast to economic development, the scope of economic expansion is constrained. It denotes an increase in the value of all the goods and services produced in a territory during a specified period or an increase in the per capita GDP. On the other hand, economic development is a comprehensive concept that includes national decisions and activities related to a country's social and political well-being. Nation branding is vital for countries to differentiate themselves in a globalized environment [15, 16]. Building a nation brand is challenging due to the involvement of various stakeholders. In a globalized world, a robust nation brand is crucial for drawing foreign businesses and tourists and enhancing the reputation of brands from that country [17, 18]. A country can nurture favorable attitudes worldwide and internally by combining country-of-origin and place branding [19]. This will likely shape a solid global reputation, attract tourists, increase exports, and encourage foreign investment. States compete for resources, investments, and recognition in a globalized world. Using nation branding to provide an excellent and unique image, smaller nations have an opportunity to make an impression on the global market [19]. A nation may employ its brand to accomplish various objectives, such as increasing exports, drawing in foreign capital, attracting skilled labor from overseas, and enhancing tourism income [20]. These locations aim to raise awareness and present a clear, positive picture worldwide [21]. Cities and countries are pressured to compete more quickly and fiercely for resources, investments, tourism, and recognition during heightened and intensified globalization [22]. Brands are the pinnacle of a nation's or organization's intangible competitive assets; they encapsulate the unique qualities of promises [23]. HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 789 3. Research Methodology The global soft power index evaluates and ranks a nation's soft power, considering elements such as foreign policy, political ideals, and cultural influence. On the other hand, the idea of a nation brand describes how the outside world views a nation's reputation and overall image. There is a strong correlation between nation branding and the global soft power index. The index offers a quantitative evaluation of a nation's soft power, which is essential to that nation's total nation brand. A country's worldwide image and influence in various domains, including culture, government, and international relations, can be reflected in its strong position on the global soft power index, indicating a favorable and powerful nation brand. This approach adds many attributes to our analysis that encapsulate the essence of a nation's soft power and international image and bridges the gap created by the shortage of direct nation brand value data. The author used the gross domestic product—the total monetary worth of all products and services produced and sold in a nation over a given period—usually one year—to illustrate each nation's economic progress. Figure 1 represents the research procedure. Figure 1. Flowchart of the research methodology SPSS software was used for analysis after establishing a linear regression model. One technique for examining the numerical relationship between dependent and independent variables is regression analysis. It is expected in this strategy that the independent variable has an impact on the dependent variable. The independent variable influences the dependent variable. The dependent variable x in the regression model represents the independent variable y [24]. A simple regression model is installed. In the equation, Y= β0 + β1X + ε (1) Y = Dependent variable X = Independent variable β0 = It is a constant value and is the value of Y when X = 0. β1 = It is the regression coefficient. It expresses the change in the dependent variable in response to the 1 unit change in the independent variable. ε = It is the random error term. It is assumed that the dependent variable contains a certain error. The Regression Model was established for the analysis: Economic growth (Y) = β0 + β1 Brand value + ε (2) Our hypothesis for analysis is as follows. H1: There is a relationship between economic growth and national brand value. The World Bank assigns the world's economies to four income groups—low, lower-middle, upper-middle, and high income [25, 26]. These classifications are based on Gross National Income (GNI) per capita and are updated annually. Asfuroglu et al. (2020) studied the relationship between economic growth and human capital by concentrating on the growth effects of an average number of brands in the economy and found a greater correlation between brands and GDP per capita in emerging markets, compared to the developed countries [27]. Based on this premise, the authors propose the following hypothesis. Identification of problems Reviews of the literature Formulation of hypotheses Gathering secondary data Data analysis and findings synthesis Conclusion HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 790 H2: The relationship between national brand value and economic growth is moderated by the income levels of the economy. The authors used the GDP of 120 countries to reflect the level of economic growth and the global soft power index for nation brand value. The details of these data are shown in Table 1. Table 1. Gross Domestic Product (GDP) and global soft power index by country Country Global Soft Power Index GDP ($ billion) Country Global Soft Power Index GDP ($ billion) Country Global Soft Power Index GDP ($ billion) United States 70.7 25,462,700 Luxembourg 37.6 82,275 Iraq 31.1 264,182 United Kingdom 64.9 3,070,668 Mexico 37.5 1,414,187 Peru 31.0 242,632 Germany 64.6 4,072,192 Croatia 35.4 70,965 Pakistan 31.0 376,533 China 64.2 17,963,171 Czech Republic 35.3 290,924 Slovakia 30.9 115,469 Japan 63.5 4,231,141 Hungary 35.2 178,789 Uzbekistan 30.7 80,392 France 60.6 2,782,905 Morocco 34.9 134,182 Ghana 30.3 72,839 Canada 59.5 2,139,840 Indonesia 34.8 1,319,100 Lithuania 30.1 70,334 Switzerland 56.6 807,706 Colombia 34.7 343,939 Kazakhstan 30.0 220,623 Russia 56.1 2,240,422 Oman 34.6 114,667 Venezuela 30.0 72,793 Italy 54.7 2,010,432 Romania 34.4 301,262 Seychelles 30.0 1,588 Spain 53.0 1,397,509 Ukraine 34.2 160,503 Estonia 29.9 38,101 South Korea 52.9 1,665,246 Maldives 34.0 6,190 Bolivia 29.9 43,069 Australia 52.7 1,675,419 Cuba 34.0 545,218 Barbados 29.7 5,638 Sweden 52.3 585,939 Panama 33.9 76,523 Madagascar 29.6 14,955 UAE 52.0 507,535 Chile 33.8 301,025 Kenya 29.5 113,420 Netherlands 50.6 991,115 Jordan 33.5 47,451 Côte d’Ivoire 29.4 70,019 Norway 49.7 579,267 Georgia 33.4 24,605 Montenegro 29.3 6,096 Denmark 48.8 395,404 Cyprus 33.3 28,439 Ecuador 29.3 115,049 Belgium 48.5 578,604 Vietnam 33.3 408,802 Latvia 29.3 41,154 Singapore 48.5 466,789 Philippines 33.2 404,284 Cambodia 29.3 29,957 New Zealand 48.4 247,234 Dominican Republic 32.9 113,642 Tanzania 29.1 75,709 Turkey 47.8 905,988 Bulgaria 32.9 89,040 Nepal 29.1 40,828 Israel 47.6 522,033 Iran 32.7 388,544 Ethiopia 29.1 126,783 Saudi Arabia 47.1 1,108,149 Slovenia 32.6 62,118 Albania 29.1 18,882 Finland 47.1 280,826 Malta 32.5 17,765 Bangladesh 29.0 460,201 Qatar 45.8 237,296 Uruguay 32.3 71,177 Laos 28.9 15,724 Austria 43.4 471,400 Costa Rica 32.1 68,381 Zambia 28.8 29,784 Brazil 43.4 1,920,096 Bahrain 32.0 44,391 Myanmar 28.6 59,364 India 43.2 3,385,090 Nigeria 32.0 477,386 Botswana 28.5 20,352 Ireland 41.9 529,245 Jamaica 32.0 17,098 Senegal 28.4 27,684 Egypt 41.6 476,748 Mauritius 31.9 12,898 Guatemala 28.2 95,003 Portugal 41.0 251,945 Bosnia & Herzegovina 31.8 24,528 Cameroon 27.9 44,342 Greece 40.4 219,066 Sri Lanka 31.8 74,404 Turkmenistan 27.7 45,611 South Africa 40.2 405,870 Rwanda 31.4 13,313 Angola 27.7 106,714 Thailand 40.2 495,341 Algeria 31.4 191,913 Uganda 27.3 45,559 Kuwait 39.1 184,558 Tunisia 31.3 46,665 Dem. Rep. Congo 27.1 58,066 Iceland 38.6 27,842 Azerbaijan 31.3 78,721 Mozambique 26.5 17,851 Argentina 38.5 632,770 Serbia 31.2 63,502 Honduras 26.5 31,718 Malaysia 38.5 406,306 Lebanon 31.2 23,132 Sudan 26.0 51,662 Poland 38.2 688,177 Paraguay 31.1 41,722 Trinidad and Tobago 25.3 27,899 Note: GDP (Nominal, 2022); Global Soft Power Index in 2022. HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 791 4. Results In total, 120 countries were involved in investigating the relationship between national brand value and economic growth. A linear regression model was employed for this study. Since it assumes a linear relationship, delivers efficiently interpretable results, is user friendly, and offers tools to verify model assumptions, a linear regression model is a good choice for analyzing the relationship between the GDP and the global soft power index. It is adaptable and valuable as a starting point for more intricate studies. The requisite assumptions of a regression model were examined. Pearson's correlation was initially used to confirm the relationship between the global soft power index and GDP. Table 2 shows that the global soft power index is significantly associated with GDP (Pearson's correlation = 0.799, Sig = 0.000). Table 2. The result of the correlation between nation brand value (global soft power index) and economic growth (GDP) Symmetric Measures Value Asymptotic Standardized Error a Approximate T b Approximate Significance Interval by Interval Pearson's R 0.799 0.034 14.442 0.000 c N of Valid Cases 120 a. Not assuming the null hypothesis; b. Using the asymptotic standard error assuming the null hypothesis. c. Based on normal approximation. After that, to avoid the normality issue of a dependent variable, log transformation, a widely used method to address skewed data in social research, was applied [28]. A normality test was performed to test the Shapiro‒Wilk W test and Kolmogorov‒Smirnov test results. The results of normality testing (Table 3) showed that the log of GDP in 120 countries was a dependent variable in this study (Kolmogorov-Smirnova sig. = 0.050; Shapiro‒Wilk sig. = 0.344; skewness value = 1.253; kurtosis value = 0.205), as suggested by Hair, Black, Babin, and Anderson (2010) and Kline (2011) [29, 30]. Table 3. The normality test results Tests of Normality Kolmogorov-Smirnova Shapiro‒Wilk Statistic df Sig. Statistic df Sig. LogGDP 0.081 120 0.050 0.988 120 0.344 a .Lilliefors Significance Correction Descriptives Statistic Std .Error LogGDP Mean 5.2002 0.06847 95% Confidence Interval for Mean Lower Bound 5.0646 Upper Bound 5.3358 5% Trimmed Mean 5.1884 Median 5.0828 Variance 0.563 Std .Deviation 0.75009 Minimum 3.20 Maximum 7.41 Range 4.21 Interquartile Range 1.04 Skewness 0.277 0.221 Kurtosis 0.090 0.438 Many disciplines, including economics, finance, and the social sciences, frequently employ linear regression to assess and forecast data patterns [31-33]. Linear regression analysis estimated the relationship between a nation's brand value and economic growth. The results of linear regression analysis are shown in Tables 4 to 6. HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 792 Table 4. Model summary of linear regression analysis Model Summary b Model R R Square Adjusted R Square Std .Error of the Estimate Change Statistics R Square Change F Change df1 df2 Sig .F Change 1 0.799 a 0.639 0.636 0.45279 0.639 208.562 1 118 0.000 a. Predictor: GSPI (Constant) b. Dependent Variable: LogGDP Table 5. ANOVA results of linear regression analysis ANOVA a Model Sum of Squares df Mean Square F Sig. 1 Regression 42.760 1 42.760 208.562 0.000 b Residual 24.193 118 0.205 Total 66.953 119 a. Dependent Variable: LogGDP b. Predictor: GSPI (Constant) Table 6. Results of linear regression analysis Coefficients a Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std .Error Beta Tolerance VIF 1 (Constant ) 3.015 0.157 0.799 19.214 0.000 1.000 1.000 GSPI 0.059 0.004 14.442 0.000 a .Dependent Variable :LogGDP Note: GSPI = Global Soft Power Index; LogGDP = Log transformation of GDP According to Tables 4 to 6, the results showed that national brand value (global soft power index) significantly impacts economic growth (GDP). With an R2 of 0.639, the global soft power index can account for a significant amount of the variation in GDP. The findings show a strong correlation between economic growth and nation brand value (as measured by the global soft power index and GDP). With a very significant t value of 14.442 (p value < 0.001) and a normalized coefficient (Beta) of 0.799, the coefficient for nation brand value is 0.059. This result shows a positive correlation between nation brand value and economic growth, validating Hypothesis 1 (H1), which states that a relationship exists between nation brand value and economic growth. Figure 2 displays the relationship between nation brand and economic growth, representing that countries with greater nation brand values possess greater economic growth. Figure 2. The relationship between nation brand and economic growth of 120 counties 0 0.2 0.4 0.6 0.8 1 1.2 N o r m a li z a ti o n v a lu e o f L n 1 0 G D P a n d G lo b a l S o ft P o w e r I n d e x Country Name Normalization of Global Soft Power Index Normalization of Ln10 GDP Linear (Normalization of Ln10 GDP) HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 793 To examine the proposed moderation, the authors used the Hayes Process Macro in SPSS to run the analysis. The PROCESS macro, developed by Hayes (2012), allows the computation of regression analyses containing various combinations of mediators, moderators, and covariates [34]. Table 7 contains the results of the moderation analysis, which was performed using Model 1 of Process Macro by Hayes (2012) [34]. The change in R2 due to the interaction term was significant (ΔR2 = 0.0216, p<0.001), and the F- statistic (F = 7.8666) supported the model's significance. The interaction between GSPI and income level (IL) is significant (β=−0.0190, p<0.01), indicating that the effect of GSPI on GDP varies across different income levels. The beta coefficient for the conditional effect shows that the impact of the GSPI on GDP is weaker in higher-income economies. The strength of the effect of a nation's brand value on economic growth decreases as the economy's income level increases. This finding suggests that nation-brand value is more influential in lower- and upper-middle-income economies than in high-income economies. Therefore, hypothesis 2 is supported. Table 7. Moderation results GDP β SE LLCI ULCI Constant 0.9633 0.8034 -0.6279 2.5544 Global Soft Power Index (GSPI) 0.1359*** 0.0255 0.0853 0.1865 Income level (IL) 0.4676* 0.2196 0.0326 0.9026 Interaction (GSPI x IL) -0.0190** 0.0068 -0.0323 -0.0056 ∆R² due to Interaction 0.0216*** F 7.8666 Conditional effects of the focal predictor at values of the moderator(s) Moderator (the level of income economy) GDP Lower Middle-Income Economies 0.0980*** 0.0125 0.0733 0.1227 Upper Middle-Income Economies 0.0791*** 0.0067 0.0659 0.0922 High-Income Economies 0.0601*** 0.0049 0.0504 0.0699 Note: *p<0.05; **p<0.01; ***p<0.001; Bootstrap sample size = 5,000. LL = lower limit; CI = confidence interval; UL = upper limit; Low-Income Economics is the reference group. 5. Discussion Academic research has been conducted on building brand value to obtain a competitive edge and promote long-term economic growth. However, quantitative studies on the link between brand value and economic growth are still lacking. This study also focuses on GDP as an indication of economic growth because it is claimed to be the most commonly used instrument for comprehending a nation's economic development. A good stand-in for nation brand value is the Global Soft Power Index, which captures a nation's appeal and influence abroad in various areas, including foreign policy, education, and culture. These factors directly influence a country's brand since they represent its standing, capacity to draw in foreign investment, and efficacy of its public diplomacy—all of which are essential to nation branding. The results of this study support the idea that nation brand value enhances economic growth. This finding is in line with that of a previous study by Ökten (2019) in which investing in national brands and raising national brand values were shown to have a favorable long-term impact on the economic prosperity of the nation [5]; moreover, consistent with the study of Asfuroglu et al. (2020), there is positive co-movement in brands and GDP per capita. They also suggest that to attain an economic performance comparable to that of developed countries, emerging nations should transition from traditional mass production to high value-added production, such as brand creation [27]. The study recommends that national governments make strategic investments to boost their nation's brand value through strengthening soft power assets such as foreign policy, education, and culture. This is because it has been demonstrated to positively affect economic growth and draw in foreign capital, resulting in long-term prosperity and a competitive edge in the global arena. Countries must implement comprehensive brand strategies, including brand creation, to shift from traditional mass production to high-value-added sectors. This is especially true for rising countries. HighTech and Innovation Journal Vol. 4, No. 4, December, 2023 794 6. Conclusion This study provides strong evidence that expanding national brand value is essential for economic progress, especially in the face of international competition. Using GDP measures and global soft power index data, this study establishes a positive association between a country's economic prosperity and brand value. Interestingly, the results indicate that this association is more substantial in lower-income than higher-income economies, with a more significant effect of nation- branding on economic growth in these areas. This emphasizes the significance of nation branding as a tactical instrument for economic growth, particularly for developing nations attempting to shift from low-end mass production to high-end industries such as brand building. This study has certain limitations. First, even though the global soft power index is helpful, not all nation-branding factors that affect economic growth may be included. Second, focusing solely on GDP to measure economic growth might overlook other aspects, such as economic health. Subsequent research endeavours may integrate supplementary economic variables, such as employment rates, quality of life measurements, and GDP, to offer a more exhaustive perspective on economic prosperity. Qualitative research techniques, such as case studies and policymaker and brand strategist interviews, may offer a more profound understanding of the workings behind the patterns being seen. 7. Declarations 7.1. Author Contributions Conceptualization, W.P. and S.T.; methodology, W.P. and S.T.; formal analysis, W.P. and S.T.; data curation, W.P. and S.T.; writing—original draft preparation, W.P.; writing—review and editing, W.P. and S.T. All authors have read and agreed to the published version of the manuscript. 7.2. Data Availability Statement The data presented in this study are openly available at “https://brandirectory.com” and “https://databankfiles. worldbank.org/public/ddpext_download/GDP.pdf”. 7.3. Funding The authors received no financial support for the research, authorship, and/or publication of this article. 7.4. Institutional Review Board Statement Not applicable. 7.5. Informed Consent Statement Not applicable. 7.6. Declaration of Competing Interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper. 8. References [1] Erixon, F., & Salfi, M. (2015). 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