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The impact of avertising and R&D expenditureson corporate brand value…
The impact of avertising and R&D expenditureson corporate brand value and firm-level financialperformance
Robert A. Peterson & Jaeseok Jeong
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Foundational
Research
Ben-Zion (1978)
First studies on (contemporaneous) relationship between advertising expenditures and research and development expenditures and market value.
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Chauvin and Hirschey (1993)
investigated the influence of advertising
and R&D expenditures on the market value of common equity.
O’Brien (2003)
Analyzed the contemporaneous relationship between advertising expenditure intensities and R&D expenditure intensities and the log of market-to-book ratio.
Connolly et al. (1986)
investigated the relationships in which advertising and research and development expenditures (defined relative to sales) predicted a measure of market value.
All of these studies assumed, either explicitly or implicitly,
that there is somesort of directrelationship between
advertising expenditures, research and
development expenditures, and a firm-level
financial metric in that expenditure levels
directly impact firm performance.
Marketing
Perspective
Tended to focus on intangible assets created
by marketing-related activities such as advertising (expenditures) and research and
development (expenditures).
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Parsimonious model
Current thinking about the relationships among advertising expenditures, research and development expenditures, market-based assets, andfirm-level financial performance
Brand Value
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defined as the dollar-based marketing
effects or outcomes that accrue to a
product or service dueto its brand name,
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