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dc.contributor.authorMian, M.
dc.contributor.authorSharma, Piyush
dc.contributor.authorGul, F.
dc.date.accessioned2018-12-13T09:13:49Z
dc.date.available2018-12-13T09:13:49Z
dc.date.created2018-12-12T02:46:23Z
dc.date.issued2018
dc.identifier.citationMian, M. and Sharma, P. and Gul, F. 2018. Investor sentiment and advertising expenditure. International Journal of Research in Marketing. 35 (4): pp. 611-627.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/72554
dc.identifier.doi10.1016/j.ijresmar.2018.08.005
dc.description.abstract

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.

dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.titleInvestor sentiment and advertising expenditure
dc.typeJournal Article
dcterms.source.volume35
dcterms.source.number4
dcterms.source.startPage611
dcterms.source.endPage627
dcterms.source.issn0167-8116
dcterms.source.titleInternational Journal of Research in Marketing
curtin.departmentSchool of Marketing
curtin.accessStatusOpen access
curtin.contributor.orcidSharma, Piyush [0000-0002-6953-3652]


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