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Acquiring foreign brands enable firms to efficiently and effectively compete internationally and globally by changing their brand portfolios while lowering risk. Therefore, foreign brand acquisitions can be a crucial strategy for a firm that desires to enter a foreign market. Despite this strategic importance, there have been few studies on factors affecting firm value changes following foreign brand acquisitions. Drawing heavily on the belief that the stock return to an international marketing strategy signifies long-term financial performance, the present study aims to identify factors affecting firm value changes after foreign brand acquisitions. A conceptual framework was developed, based on the resource-based theory of firm, to explain factors affecting firm value changes after foreign brand acquisitions. The current study proposed that foreign brand acquisitions provide positive returns and that these returns are larger when the target brand is strong. In addition, two types of three-way interactions were proposed. One is among the presence of a brand management system, fit between the target and acquirer’s brands, and brand strategy. The other is among the presence of a brand management system, fit, and diversification level.
