Factors influencing brand equity a case study of bank for investment and development of vietnam (BIDV)

MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN AU VUONG FACTORS INFLUENCING BRAND EQUITY: A CASE STUDY OF BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM (BIDV) GRADUATE THESIS MAJOR: BUSINESS ADMINISTRATION CODE: 272757960 HO CHI MINH CITY, 2021 MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY NGUYEN AU VUONG FACTORS INFLUENCING BRAND EQUITY: A CASE STUDY OF BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM (BIDV) GRADUATE THESIS MAJOR: BUSINESS ADMINISTRATION CODE: 272757960 SUPERVISOR Dr PHAM HUONG DIEN HO CHI MINH CITY, 2021 DECLARATION I hereby declare that this is my own research work, the research results presented in the thesis are honest and objective The sources of information cited in this thesis are clearly indicated I am responsible for my thesis Signature Nguyễn Âu Vương ACKNOWLEDGE I want to express my sincere thanks to my family and friends who have supported and encouraged me throughout studying and implementing this thesis Nextly, I would like to express my sincere thanks and deep gratitude to my supervisor, Dr.Pham Huong Dien Her encouragement and comments had significantly enriched and improved my work Without her motivation and instruction, the thesis would have been impossible to be done effectively Once again, I would like to sincerely thank Miss Dien Finally, I would like to thank all my friends when I was working on this thesis, who always encouraged and helped me when I faced difficulties CONTENTS CHAPTER 1: INTRODUCTION 1.1 Research Statement .1 1.2 Research Objectives 1.3 Research Questions .3 1.4 Research Subjects and Scope 1.5 Research Methodology 1.6 Research Significance 1.7 Expected Contribution 1.8 Thesis Outline .4 Summary of Chapter CHAPTER 2: LITERATURE REVIEW 2.1 Basic Concepts .6 2.1.1 Concept of brand 2.1.2 Composition and function of the brand 2.1.3 Concept of brand equity 2.1.4 Measure of brand equity 10 2.1.5 Brand equity of the commercial bank 11 2.1.6 Benefits of brand equity for commercial banks 12 2.2 Theoretical Models on Equity Brand 13 2.3 Previous Research .15 2.3.1 Studies on Brand Equity 15 2.3.2 Studies on Corporate Social Responsibility and Brand Equity 19 2.4 Research Model and Hypotheses 25 2.4.1 Research Model 25 2.4.2 Hypotheses 27 Summary of Chapter 32 CHAPTER 3: METHODOLOGY 33 3.1 Research Process 33 3.2 Research Steps 34 3.3 Research Method 37 3.4 Research Design 38 3.4.1 Sample size 38 3.4.2 Sampling method 38 3.4.3 Scale formulation 38 3.4.4 Questionnaire Design 42 3.4.5 Data collection .43 3.5 Data Analysis 43 3.5.1 Descriptive statistics 43 3.5.2 Scale test 43 3.5.3 Regression analysis 45 Summary of Chapter 45 CHAPTER 4: RESULT 47 4.1 Sample Description .47 4.2 Scale Reliability Testing .50 Brand awareness scale 50 Brand loyalty scale .50 Satisfaction scale 50 Perceived quality scale 50 Corporate social responsibility scale 50 4.3 Exploratory Factor Analysis .53 4.3.1 Factor analysis for the independent variable 53 4.3.2 Factor analysis for the dependent variable 55 4.4 Correlation Analysis 57 4.5 Regression Analysis 57 4.6 Testing differences based on Controlled Variables 61 4.6.1 The differences in gender .61 4.6.2 The differences in age 63 4.6.3 The differences in occupation 63 4.6.4 The differences in income 64 4.6.5 The differences in frequency 65 Summary of Chapter 69 CHAPTER 5: IMPLICATIONS 70 5.1 Conclusion 70 5.2 Implications 70 5.3 Limitations and future research 74 APPENDIX 1: FOCUS GROUP DISCUSSION 87 APPENDIX 2: QUESTIONNAIRE SURVEY 89 APPENDIX 3: DATA ANALYSIS RESULT 94 LIST OF ACRONNYMS Acronnyms ANOVA BAW Meaning Analysis of Variance Brand awareness BL Brand loyalty BE Brand equity BIDV BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM CSR Corporate social responsibility CRM Customer Relationship Management CBBE Consumer-Based Brand Equity EFA EVFTA KMO Exploratory Factor Analysis European-Vietnam Free Trade Agreement Kaiser-Mayer-Olkin PQ Perceived quality SIG Significance level SPSS Statistical Package for the Social Sciences SAT Satisfaction VIF Variance inflation factor LIST OF FIGURES NUMBER NAME PAGE Figure 2.1 Brand Equity Model 14 Figure 2.2 Brand Equity Model 15 Figure 2.3 Proposed research model 27 Figure 3.1 Research Process 34 SAT4 680 SAT5 679 SAT3 370 350 646 SAT1 634 CSR2 741 CSR3 736 CSR1 712 CSR4 678 The result of KMO and Bartlett’s Test for independent variable (2nd time) KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy .929 Bartlett's Test of Approx Chi-Square 4809.327 Sphericity df 231 Sig .000 107 Eigenvalues and covariance deviations for independent variables (2nd time) Initial Eigenvalues Component Total % of Variance Cumulative % 10.021 45.550 45.550 2.101 9.548 55.098 1.251 5.688 60.786 1.041 4.731 65.517 1.016 4.617 70.134 EFA in the 2nd time Rotated Component Matrixa Component BL4 779 BL1 777 BL2 773 BL3 745 PQ5 733 PQ6 704 PQ4 693 PQ7 673 PQ3 597 PQ1 522 BAW1 858 BAW2 844 BAW3 718 BAW4 625 CSR2 759 108 CSR3 748 CSR1 717 CSR4 683 SAT2 763 SAT5 686 SAT4 685 SAT1 614 Result of factor analysis with additional variable awareness csr Rotated Component Matrixa Component ACSR3 797 ACSR4 793 ACSR2 761 CSR3 747 ACSR1 746 CSR2 708 CSR1 672 CSR4 670 BL1 783 BL2 766 BL4 758 BL3 730 PQ5 721 PQ4 695 PQ6 691 PQ7 682 109 PQ3 587 PQ1 BAW1 851 BAW2 842 BAW3 732 BAW4 614 SAT2 736 SAT5 680 SAT4 668 SAT1 593 The result of KMO and Bartlett’s Test for dependent variable KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Approx Chi-Square Sphericity df 784 1020.065 10 Sig .000 Eigenvalue and covariance deviations for dependent variables Initial Eigenvalues Component Total % of Variance 3.328 Cumulative % 66.560 The factor rotation matrix of the dependent variable 110 66.560 Component Matrixa Component BE2 865 BE3 835 BE1 834 BE4 771 BE5 770 Result of Correlations Correlations BAW BAW Pearson Correlation BL PQ SAT CSR BE 320** 552** 548** 515** 539** 000 000 000 000 000 350 350 350 350 350 350 320** 575** 597** 628** 683** 000 000 000 000 Sig (2-tailed) N BL Pearson Correlation PQ Sig (2-tailed) 000 N 350 350 350 350 350 350 552** 575** 669** 638** 672** Sig (2-tailed) 000 000 000 000 000 N 350 350 350 350 350 350 548** 597** 669** 647** 673** Sig (2-tailed) 000 000 000 000 000 N 350 350 350 350 350 Pearson Correlation SAT Pearson Correlation 111 350 CSR Pearson 515** 628** 638** 647** Sig (2-tailed) 000 000 000 000 N 350 350 350 350 350 350 539** 683** 672** 673** 702** Sig (2-tailed) 000 000 000 000 000 N 350 350 350 350 350 Correlation BE Pearson Correlation 702** 000 350 ** Correlation is significant at the 0.01 level (2-tailed) REGRESSION ANALYSIS Model Summary Std Error of the Model R R Square 814a Adjusted R Square 663 Estimate 658 42469 a Predictors: (Constant), CSR, BAW, BL, PQ, SAT ANOVAa Sum of Model Squares Regressio n Residual Total Mean df Square 122.019 24.404 62.045 344 180 184.064 349 a Dependent Variable: BE b Predictors: (Constant), CSR, BAW, BL, PQ, SAT 112 F 135.303 Sig .000b Coefficientsa Unstandardized Standardized Collinearity Coefficients Coefficients Statistics Std Model B (Const Toler Error Beta t Sig ance VIF 209 153 1.361 174 BAW 155 042 148 3.680 000 603 1.659 BL 244 035 305 6.970 000 511 1.958 PQ 173 049 169 3.566 000 434 2.303 SAT 156 052 146 3.016 003 419 2.387 CSR 218 045 232 4.865 000 433 2.311 ant) a Dependent Variable: BE Result of regression analysis with additional variable awareness CSR Model Summary Std Error of the Model R 815a R Square Adjusted R Square 664 Estimate 659 42382 a Predictors: (Constant), ACSR, BAW, BL, PQ, SAT ANOVAa Sum of Model Squares Regression 122.272 df Mean Square F 24.454 113 Sig 136.141 000b Residual 61.791 344 Total 184.064 349 180 a Dependent Variable: BE b Predictors: (Constant), ACSR, BAW, BL, PQ, SAT Coefficientsa Unstandardized Standardized Collinearity Coefficients Coefficients Statistics Std Model Tolera B Error Beta t nce VIF 170 154 1.105 270 BAW 162 042 155 3.869 000 611 1.636 BL 246 035 308 7.107 000 519 1.928 PQ 172 048 169 3.560 000 435 2.300 SAT 144 052 135 2.766 006 411 2.432 ACSR 232 046 237 5.018 000 437 2.289 (Consta nt) Sig a Dependent Variable: BE TESTING OF THE SAMPLE One – way Anova by Gender Std Descriptive N Mean Deviation Std Error Male 123 3.8358 66037 05954 Female 220 3.6036 75246 05073 Other 3.2857 50143 18952 Total 350 3.6789 72622 03882 114 Test of Homogeneity of Variances BE Levene Statistic df1 df2 950 Sig 347 388 ANOVA BE Sum of Mean Squares Between df Square 5.355 2.678 Within Groups 178.708 347 515 Total 184.064 349 Groups F Sig 5.199 006 Post Hoc test by Gender Multiple Comparisons Dependent Variable: BE LSD 95% Confidence Interval Mean (I) (J) SEX SEX Male Female 23214* 08080 004 0732 3910 Other 55006* 27885 049 0016 1.0985 Female Male -.23214* 08080 004 -.3910 -.0732 Other 31792 27552 249 -.2240 8598 Male -.55006* 27885 049 -1.0985 -.0016 -.31792 27552 249 -.8598 2240 Other Female Difference Std (I-J) Error Lower Sig 115 Bound Upper Bound * The mean difference is significant at the 0.05 level One - way Anova by Age Std Descriptive N Mean Deviation Std Error 18-23 231 3.7169 74671 04913 24-29 77 3.6260 71256 08120 30-35 25 3.3840 62960 12592 Over 35 17 3.8353 53495 12975 350 3.6789 72622 03882 Total Test of Homogeneity of Variances BE Levene Statistic df1 df2 1.463 Sig 346 224 ANOVA BE Sum of Squares Between Mean df Square 3.139 1.046 Within Groups 180.925 346 523 Total 184.064 349 Groups F Sig 2.001 114 One – way Anova by occupation Descriptive N Mean 116 Std Std Error Deviation Student 240 3.7042 75589 04879 Employed 107 3.6262 66280 06408 3.5333 46188 26667 350 3.6789 72622 03882 Unemployed Total Test of Homogeneity of Variances BE Levene Statistic df1 df2 844 Sig 347 431 ANOVA BE Sum of Squares Between Mean df Square 514 257 Within Groups 183.549 347 529 Total 184.064 349 Groups F Sig .486 615 One – way Anova by Income Std Descriptive Under 3.000.000VND N Mean 154 117 3.6247 Deviation 76400 Std Error 06157 3.000.000VND 5.000.000VND 5.000.000VND10.000.000VND Above 10.000.000VND Total 113 3.8053 72134 06786 44 3.5273 59469 08965 39 3.6974 68805 11018 350 3.6789 72622 03882 Test of Homogeneity of Variances BE Levene Statistic df1 df2 1.256 Sig 346 289 ANOVA BE Sum of Squares Between Mean df Square 3.283 1.094 Within Groups 180.780 346 522 Total 184.064 349 Groups F Sig 2.095 101 One – way Anova by Frequency Std Descriptives N Mean Deviation Std Error Once a week 37 3.8811 69675 11455 Once a month 77 3.8961 64204 07317 118 At least once three 65 3.5354 78031 09679 At least once six months 171 3.5918 72155 05518 Total 350 3.6789 72622 03882 months Test of Homogeneity of Variances BE Levene Statistic df1 df2 317 Sig 346 813 ANOVA BE Sum of Squares Between Mean df Square 7.781 2.594 Within Groups 176.283 346 509 Total 184.064 349 Groups 119 F Sig 5.091 002 Post Hoc test by Frequency Multiple Comparisons Dependent Variable: BE LSD Mean (I) Frequency (J) Frequency Once a week Once a month months least once six months Once a month Once a week months least once six months At least once three months Once a week least Error Sig .34570 28927 36072* 30429* -.34570 Once a month At (I-J) 01502 At least once three At Std -.01502 At least once three At Difference once months 120 -.36072* six -.05643 1359 1499 1271 1359 1213 0916 1499 1213 1114 1.000 134 151 1.000 021 007 134 021 997 At least once six months Once a week Once a month At least once three months -.28927 -.30429* 05643 * The mean difference is significant at the 0.05 level 121 1271 0916 1114 151 007 997 ... Associaton and global banks in Turkey Brand Image Brand Loyalty Nadernezhad Measuring brand equity in the banking Brand Loyalty and Vakilalroaia industry: A case study of Mellat Bank Brand Awareness... Effects of Brand Loyalty, Image and Brand Loyalty and Quality on Brand Equity: A Study Brand Image Permarupan among Bank Islam Consumers in Perceived Quality (2014) Kelantan, Malaysia Singh and How... that brand awareness has a positive impact on brand equity at BIDV Relationship between brand loyalty and brand equity Aaker (1991) defines brand loyalty as a customer's attachment to a brand