This study analyzes the impact of cultural, regional, and demographic factors on nation brand across 39 countries, and verifies the mediating and moderating effects. Firstly, the analysis was conducted using NBV (nation Brand Value) model which is a hybrid nation brand model incorporating both respondent’s perception surveys and secondary statistical data. Nation brand determinants of this model are categorized into five main components: national image, national relationships, nation brand strategy, national competitiveness, and nation brand earnings. National image includes leadership, human rights, stability, morality, and culture, while national relationships encompass current and past relationships, experiences, tourism, and physical distance. Secondly, the perception survey method involved investigating the nation brands of 39 countries through responses from 1,600 participants residing in 56 countries. Thirdly, the statistical survey method utilized data from international organizations on factors such as physical distance, corruption index, tourism, quality of citizens, and nation brand earnings. Lastly, this study statistically verifies that cultural factors play mediating role in the relationship between psychological proximity and nation brand, and identifies the moderating effects of regional and demographic factors by country. Furthermore, countries with similar or identical results regarding the moderating effects of regional and demographic factors were classified into five groups, and the characteristics of each group and country were analyzed. This research holds academic significance in that it verified the distinct role of cultural factors among the nation branding antecedent factors, and conducted case studies on groups and individual countries classified based on the moderating effects of regional and demographic factors. Practically, this enhances the understanding of cultural, regional, and demographic factors that influence nation brand, and helps to develop appropriate nation branding strategies tailored to each country.