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Brand equity, media attention, and stock price volatility

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  • Peng, Xinyu
  • Zhong, Mingdong

Abstract

This study systematically explores the impact mechanism of brand equity on stock price volatility based on data from China's Shanghai and Shenzhen A-share listed companies from 2011 to 2023. The findings reveal that brand equity is significantly positively correlated with stock price volatility. The acceleration of information diffusion and the simplification effect of investor decision-making amplify the impact of brand equity changes on stock prices. Heterogeneity analysis shows that the explanatory power of brand equity for stock price volatility in private enterprises is significantly stronger than that in state-owned enterprises, along with the strengthening effect of brand-building investment on market expectations.

Suggested Citation

  • Peng, Xinyu & Zhong, Mingdong, 2026. "Brand equity, media attention, and stock price volatility," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325024870
    DOI: 10.1016/j.frl.2025.109238
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    References listed on IDEAS

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