Universität zu Köln

Edeling, Alexander ORCID: 0000-0002-1815-6439 and Fischer, Marc (2016). Marketing's Impact on Firm Value: Generalizations from a Meta-Analysis. J. Mark. Res., 53 (4). S. 515 - 535. CHICAGO: AMER MARKETING ASSOC. ISSN 1547-7193

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Abstract

The interest in the value relevance of marketing investments has given rise to numerous studies on the marketing-finance interface. This study integrates extant research findings and establishes empirical generalizations on marketing's impact on firm value. Specifically, the authors conduct a meta-analysis of prior econometric elasticity estimates of the stock market impact of marketing actions and marketing assets. Analyses based on 488 elasticities drawn from 83 studies reveal a mean elasticity of .04 for advertising expenditure variables and of .54 for marketing asset variables. Among marketing assets, customer-related assets show a higher mean elasticity of .72, compared with .33 for brand-related assets. Further analyses show that advertising elasticities are lower in more concentrated industries and that marketing asset elasticities are higher during recession times. Researchers should also be aware that characteristics of the research design (e.g., the type of firm value metric used, the omission of control variables, or not accounting for endogeneity) may affect the estimation results.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Edeling, Alexander UNSPECIFIED orcid.org/0000-0002-1815-6439 UNSPECIFIED Fischer, Marc UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-268958
DOI:	10.1509/jmr.14.0046
Journal or Publication Title:	J. Mark. Res.
Volume:	53
Number:	4
Page Range:	S. 515 - 535
Date:	2016
Publisher:	AMER MARKETING ASSOC
Place of Publication:	CHICAGO
ISSN:	1547-7193
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language RESEARCH-AND-DEVELOPMENT; FINANCIAL-PERFORMANCE; CUSTOMER SATISFACTION; FUTURE-DIRECTIONS; SHAREHOLDER VALUE; PACKAGED GOODS; BRAND EQUITY; METRICS; MODELS; SALES Multiple languages Business Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/26895