Abstract As the downward pressure on the economy increases, firms are faced with increasing default risk, risk prevention is imminent. Brand equity, as a crucial intangible asset, holds significant importance in driving firm development. Using a dataset of firms in China, this paper examines the relationship between brand equity and firms’ default risk, with a focus on the mechanisms through how brand equity mitigates default risk and the moderating role of product market competition. The results reveal that brand equity significantly reduces firms’ default risk by mitigating operating risk and lowering debt financing costs. Additionally, product market competition amplifies this default risk-reducing effect, highlighting the heightened importance of brand equity in highly competitive environments. This research makes a multidisciplinary contribution to both marketing and financial risk management literature, offering valuable theoretical insights and practical implications.

Abstract Drawing inspiration from masstige theory, this study investigates the influence of consumers’ ethical orientations (idealism and relativism) and dark personality traits (narcissism and Machiavellianism) in shaping their perceptions of masstige fashion brands and, subsequently, their brand evangelism behaviors. The study further examines the mediating role of masstige perception within this framework. Using convenience sampling method, a quantitative survey of Indian fashion consumers has been conducted and 303 valid responses were collected and analyzed with PLS-SEM. The findings indicate that idealism significantly enhances masstige perception, whereas relativism has no notable effect. Furthermore, both the dark traits positively predict masstige perception and brand evangelism, with masstige perception serving as a significant mediator in all relationships except that involving relativism. This research extends knowledge on consumer ethics, masstige marketing, and personality traits by offering empirical evidence from an emerging market context and integrating psychological dispositions with brand value perceptions.

Abstract This study aims to conceptualize and develop a reliable and valid scale to measure Masstige Consumption Propensity (MCP) as a multidimensional consumer trait. While the concept of masstige consumption, where consumers seek prestige through accessible brands, has garnered increasing academic interest. Prior research has primarily focused on brand-level attributes or consumer attitudes, overlooking the individual predispositions that drive such behavior. Addressing this gap, the study adopts a four-study, mixed-method research design in accordance with established scale development protocols. Study 1 involved generating items and validating them through expert validation using open-ended qualitative responses. Study 2 employed a split-sample technique (n = 230) to conduct both exploratory and confirmatory factor analyses, resulting in a 19-item scale encompassing six dimensions: Uniqueness, Price-based Symbolic Orientation, Status Symbolism, Social Approval, Perceived Excellence, and Self-Identity Expression. Study 3 (n = 300) validated the hierarchical structure using second-order confirmatory factor analysis (CFA) and established nomological validity through structural equation modeling by linking MCP to status consumption and bandwagon behavior. Study 4 assessed temporal reliability via a matched-sample test–retest design over a seven-month interval (n = 142), demonstrating strong internal consistency, robust construct validity, and high intertemporal correlations. This study conceptualizes masstige consumption as a stable, trait-like consumer orientation. It offers a psychometrically rigorous scale for advancing theory in symbolic consumption and aspirational branding. The findings provide strategic insights for marketers seeking to target middle-income consumers with prestige-driven, value-aligned branding. Future research should explore cross-cultural applications, demographic invariance, and behavioral outcomes in digital and experiential consumption contexts.

Abstract This study investigates the effects of anthropomorphism and animism on social presence as well as the mediating effect of trust in the relationship between social presence and Consumers’ intention to follow Virtual influencers (VI)’s sponsored recommendations. Two top VIs from Japan, Imma (n = 229) and Lil Miquela (n = 232), were selected for this study. Participants viewed the VIs’ profiles and Instagram posts before completing an online survey. PLS-SEM analysis was then used to test the proposed model. The findings suggest that animism has a stronger influence on social presence than anthropomorphism. Social presence then fosters trust in VIs, leading to an increased intention to follow their sponsored recommendations. This study is one of the first to explore the role of animism as a characteristic of VIs appearance, in relation to social presence and behavioral intentions, thereby extending the concept of animism to the context of VIs.

Abstract Due to its speed, volume, and validity, online word-of-mouth, or e-WOM, has garnered increasing attention recently and greatly impacted customers’ decision-making. This study investigates how particular antecedents influence e-WOM’s perceived credibility and how that credibility influences consumers’ intentions to make a purchase. Through an exhaustive assessment of the literature, the study focuses on customers who use online platforms to make purchasing decisions and identifies six important antecedents. Using a structured online questionnaire, primary data were gathered from 522 online buyers to investigate these connections. The structural equation modelling (SEM) method was used to test the suggested model. Five of the six antecedents had a substantial effect on e-WOM credibility, according to the research. The most significant influences among them are argument quality, review sidedness, and source reliability. Review quantity and consistency also exhibit modest but significant impacts. Nevertheless, homophily had no discernible effect on the perceived trustworthiness of e-WOM, indicating that consumers place more weight on reviewer popularity and experience than on resemblance. These observations provide marketers and e-commerce platform builders with useful advice. By strengthening the elements that contribute to trustworthiness, companies can increase the efficacy of their marketing communications and fortify their online presence.

Abstract This study investigates how role conflicts experienced by consumers – specifically inter-role and intra-role conflict – affect outcomes in value co-creation activities. As consumers increasingly participate in co-creation with firms, they face tensions arising from multiple role expectations, yet existing literature largely neglects these psychological dynamics. Drawing on role theory, this study conducts four controlled experiments – including T-shirt and clay design tasks – to manipulate and compare these conflict types. Results show that inter-role conflict positively influences value creation outcomes, whereas intra-role conflict negatively affects them. Moreover, the study highlights the mediating role of deviant behavior and the moderating effect of chronic regulatory focus. By examining the distinct mechanisms through which inter-role and intra-role conflicts shape value creation, this research advances theoretical understanding of consumer role dynamics in co-creation and offer actionable insights for firms aiming to optimize collaborative value generation.

Abstract Prior research on motivations for sharing travel experiences on social media offers fragmented and inconsistent findings due to the ad-hoc selection of constructs, the use of diverse terminologies for the same motivations, the combination of different motivations into single constructs, and the lack of distinction between different social media platforms. To address these limitations, we review existing literature and categorise the motivations for sharing based on two dimensions: the orientation of the motive (i.e. functional, affective and expressive) and the sphere of action (i.e. self-sphere and social-sphere). Then, based on Uses and Gratifications (U&G) theory, we empirically examine the effect of these motivations on actual travel experience sharing. The results identify four key motivations (gratifications) for travellers in profile-based social media (i.e. enjoyment, expressing positive feelings, documentation of experiences, and helping the service provider) and three in content-based social media (i.e. helping the service providers, helping other travellers, and enjoyment). Finally, the implications for encouraging travel experience sharing behaviours in social media are discussed.

Abstract This study aims to develop a comprehensive model that integrates service quality, student satisfaction, university brand love, and key relational constructs by investigating how higher education service quality (HESQ) shapes student satisfaction and influences downstream effects on university brand love and relational outcomes. Specifically, it examines the role of university brand love as a mediator between student satisfaction and relational constructs, including university brand trust, university brand commitment, university brand loyalty, and word-of-mouth. The study used a mixed-methods approach, combining in-depth interviews with business scholars, administrative staff, and business students, and a quantitative survey of 754 Thai business students, to test the proposed framework. The findings indicate that HESQ, particularly transformative quality, significantly affects student satisfaction. In turn, student satisfaction has a positive influence on university brand love. The mediation analysis reveals that university brand love fully mediates the relationship between student satisfaction and key relational constructs. This study suggests that transformative quality is essential for enhancing student satisfaction and developing university-student relationships. The concept of transformative quality integrates knowledge and skill enhancement with decision-making authority over students’ transformation processes during their university years.

Abstract This study examined the impact of consumer animosity on brand attitudes and boycott intention within the Egyptian context. Building upon existing literature, it explores the complex nature of animosity, its antecedents, and its implications for consumer intention. A survey of 336 Egyptian consumers was conducted to investigate the mediating role of attitudes in the relationship between animosity and boycott intention, as well as the moderating roles of xenocentrism and materialism/post-materialism. The study employs non-probability sampling, specifically convenience sampling, and utilizes partial least squares structural equation modelling (PLS-SEM) using Smart-PLS version 4.0 for data analysis. The findings reveal a significant positive association between animosity and negative brand attitudes, which in turn positively influence boycott intention. Interestingly, xenocentrism was found to enhance boycott intention, while materialism and post-materialism did not significantly moderate the relationship, possibly reflecting the dominant role of socio-political factors in this context. These findings underscore the importance of understanding consumer animosity in the context of geopolitical tensions and economic conditions, providing valuable insights for marketers and policymakers to foster ethical and people-centred strategies that promote social well-being and mutual respect.