期刊
INTERNATIONAL JOURNAL OF RESEARCH IN MARKETING
卷 35, 期 4, 页码 611-627出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ijresmar.2018.08.005
关键词
Advertising expenditure; Affordability method; Marketing expenditure; Investor sentiment; Stock market; Advertising effectiveness
类别
A strategic issue facing marketing managers is 'how much and when' to spend on advertising. We argue that investor sentiment in the stock market may influence advertising expenditure by affecting firms' ability to raise new funds. We show that during periods of low (high) investor sentiment, firms decrease (increase) their advertising expenditure, even though the effectiveness of advertising is greater (lower) during such periods. We also find that these results are stronger for financially constrained firms that rely more on external financing. Our findings suggest that marketing managers can improve the efficiency of their advertising expenditure by raising (reducing) it during periods of low (high) sentiment. (C) 2018 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据