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چکیده
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Customer-oriented management approaches challenge traditional performance measurement criteria because they recognize that producing goods and providing services does not necessarily create value for a firm. With customer value creation treated as the primary driver of corporate investment activity, this study examined the effects of brand capital and the determinants of brand value on investment efficiency and firm asset growth. The statistical population comprised all firms listed on the Tehran Stock Exchange from 2015 to 2024. Data from a final sample of 151 firms (1,510 firm-year observations) were analyzed. The results showed that brand capital and brand age negatively affect firms' investment efficiency and asset growth, whereas advertising intensity and market share improve both investment efficiency and asset growth. Firms characterized by inflexibility and limited adaptability to market conditions, together with firms experiencing unfavorable growth in advertising and marketing expenditures, showed lower investment efficiency and financial stability, particularly among older firms. By contrast, firms that used targeted and effective advertising, as well as those whose sales ratio was higher than that of other firms operating in the same industry, were more successful in undertaking investments and increasing the value of their assets. Managers should therefore emphasize market orientation rather than devote excessive resources to short-sighted marketing activities. In addition, shareholders and boards of directors can align managerial actions more closely with customer needs and preferences by developing reward plans based on customer acquisition and customer-orientation indicators. Such alignment provides a basis for sales growth, financial stability, and greater investment efficiency.
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