This research investigates brand equity’s role in mitigating the impact of the COVID-19, a complex crisis, on firms’ stock performance. It also compares a high brand equity stock (HBES) portfolio with the overall market during three periods of the crisis (downturn, upturn, and total disturbance). To delineate brand equity’s influences across different periods of the COVID-19 crisis, I distinguish between three market periods: (1) market downturn; (2) market upturn; (3) total disturbance. Furthermore, the excess returns of the HBES portfolio with the overall market, containing all the firms listed collectively on the Center for Research in Security Prices (CRSP), NYSE, AMEX, and NASDAQ, are compared. The Fama-French (FF; Fama and French, 1993) method is used to examine the brand equity’s effects on stock return and risk factors, namely volatility and beta. Using the Behavioral Portfolio Theory (BPT), this research shows brand equity insulates firm performance during the COVID-19 crisis by improving stock return and mitigating risks. However, brand equity effects vary across the three market periods, improving stock return and reducing volatility in the downturn. Nevertheless, brand equity does not buffer stock return in the upturn. Overall, during the total disturbance period, brand equity protects stock return and diminishes risk. The comparative findings indicate brand equity is a strong protector of stock return in the downturn, while it is more effective in reducing risk in the upturn. The findings advance research by providing evidence pertaining to brand’s role in mitigating the impact of unpredictable market shocks and crises, such as the COVID-19 pandemic, on stock performance. While brands are mostly viewed as drivers of sustained competitive advantage and profitability, their protective role in times of crisis is noteworthy. The findings can potentially help marketing and brand managers justify marketing spending and aid them in crafting strategies to enhance firm performance during crises similar to the COVID-19. The marketing-finance interface can benefit from insights offered by the COVID-19 pandemic, as such crises are becoming prevalent and are capable of damaging various stakeholder’s outcomes (firms, investors, customers).

Purpose -- Given the enduring COVID-19 pandemic, this thesis set out to reveal an updated perspective of the service-oriented small business experience, particularly in their access and choice of financial resources to fund operations and adapt marketing strategy. By the time this study started, it was clear which businesses had been rising with the new tides of swelled categorical demand vs. those that were persevering like embers in a 'slow burn' state of low income against persistent expenses. Therefore, the research sought to compare the results of marketing experimentation with current plans for increasing resiliency, or enabling robust growth, coming out of the pandemic.  Methodology / Design / Approach -- As the quantitative understanding of the business impacts had been generalized, a closer look was needed into what entrepreneurs and small business leaders were thinking about in the present moment, by reflecting on factors for survival / thriving, until this point and going forward. To capture this wide range of perspectives and strategies in formulation, qualitative methods with a diverse set of businesses were selected. Theoretically, customer-centric marketing principles were employed, focusing on three intangible firm resources (of the resource-based view): 1) Stakeholder Relationships; 2) Brand Equity and 3) Knowledge / Capabilities. Findings -- With the realization that adequate financing is inaccessible and government support perceivably unreliable, small businesses naturally tested several emergent strategies within the limits of their available resources. During times of crisis and radical change, as entire industry ecosystems are reassuming their fundamentals, companies have the opportunity to maximize and develop their resources, in alignment with differing and changing customer demands.  Practical Implications -- While the recommendations are tailored for small business and optimistically many, cities are also suggested to take a resource-based VRIO (Value, Rarity, Imitability and Organizability) approach to supporting the economic value and potential of their retail, restaurant and service-oriented business communities.  Originality / Value -- Applying a modern customer-centric view for the small business resources most potentially valuable and developable, this research contributes a unique crisis-borne framework, which may be conceptually used as a hotbed -- by both internal and external (i.e. municipalities, partners and customers) stakeholders -- for ideating novel marketing strategies and supporting business growth / resilience.  Keywords: Adaptation, Crisis Management, Financial Liquidity, Access to Capital, Government Aid, Alternative Finance, Marketing Strategy, Resource-based View (RBV), Customer-Centric, Stakeholder View, Brand, Authenticity, Knowledge, Capabilities, Marketing Management, Marketing-Finance Interface, Paid Marketing, Organic Marketing, Customer Loyalty, Community and Decision-Making