In recent decades, firms from emerging countries gradually became
notable in the international market. Although most international markets
had been occupied by European and American brands for long, which has
become a hindrance for companies from emerging countries to develop
a global market, enterprises from emerging countries still strive to build
their own brands and internationalize in their own fashion.
This study focuses on the enterprises from China, a notable emerging
economy. Based on the "China's 50 Best Brands List" released by
Interbrand from 2012 to 2021, this paper attempts to discover whether
and when the source of brand value for enterprises in emerging markets
is from industrial effect or corporate effect? Moreover, what role does
corporate internationalization play in this process? The empirical results
show that in a rapidly growing market, industry factors play an important
role for brand value. Contrastingly, in mature markets, corporate factors
play the important role for brand value. In addition, the contribution
of corporate internationalization to corporate brand value varies with
the maturity of the market. The more mature a market is, the higher the
impact of corporate internationalization on brand value becomes.