The synergistic drivers of beverage brand value: marketing, R&D, and corporate social responsibility

This study selects 32 Chinese beverage companies from 2013 to 2022 and investigates the synergistic influence mechanism of marketing, R&D, and corporate social responsibility (CSR) on brand value. The results show that marketing expenditure, R&D investment, and CSR all improve brand value. Further analysis reveals that dual investments in marketing and R&D generate a synergistic effect, where their combined impact is greater than the sum of individual investments. The interaction between CSR and marketing also positively influences brand value. Using the Generalized Method of Moments (GMM) model to address endogeneity, the empirical results confirm the robustness of the findings, with no issues of second-order autocorrelation or over-identification. These conclusions provide valuable insights for brand managers.