메뉴 건너뛰기




Volumn 44, Issue 2, 2009, Pages 187-206

The value relevance of major media advertising expenditures: Some U.K. evidence

Author keywords

Advertising; Disclosure; Intangible assets; Value relevance

Indexed keywords


EID: 65149094192     PISSN: 00207063     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.intacc.2009.03.004     Document Type: Article
Times cited : (38)

References (65)
  • 1
    • 17844396544 scopus 로고    scopus 로고
    • Advertising investments in the UK brewing industry: An empirical analysis
    • Abbott A.J., Lawler K.A., and Ling M.C.H. Advertising investments in the UK brewing industry: An empirical analysis. Economic Issues 2 1 (1997) 55-66
    • (1997) Economic Issues , vol.2 , Issue.1 , pp. 55-66
    • Abbott, A.J.1    Lawler, K.A.2    Ling, M.C.H.3
  • 2
    • 0009992151 scopus 로고
    • Advertising effectiveness and accounting policy
    • Abdel-Khalik A.R. Advertising effectiveness and accounting policy. The Accounting Review 50 4 (1975) 657-669
    • (1975) The Accounting Review , vol.50 , Issue.4 , pp. 657-669
    • Abdel-Khalik, A.R.1
  • 3
    • 67349237002 scopus 로고    scopus 로고
    • Advertising Statistics Yearbook, Annual Editions, NTC Publications Ltd, London
    • Advertising Statistics Yearbook, Annual Editions, NTC Publications Ltd., London.
  • 4
    • 27844545462 scopus 로고    scopus 로고
    • Deflators, net shareholder cash flows, dividends, capital contributions and estimated models of corporate valuation
    • Akbar S., and Stark A.W. Deflators, net shareholder cash flows, dividends, capital contributions and estimated models of corporate valuation. Journal of Business Finance & Accounting 30 9 & 10 (2003) 1211-1233
    • (2003) Journal of Business Finance & Accounting , vol.30 , Issue.9-10 , pp. 1211-1233
    • Akbar, S.1    Stark, A.W.2
  • 8
    • 0002604906 scopus 로고    scopus 로고
    • The relevance of the value relevance literature for financial accounting standard setting: Another view
    • Barth M.E., Beaver W.H., and Landsman W.R. The relevance of the value relevance literature for financial accounting standard setting: Another view. Journal of Accounting and Economics 31 (2001) 77-104
    • (2001) Journal of Accounting and Economics , vol.31 , pp. 77-104
    • Barth, M.E.1    Beaver, W.H.2    Landsman, W.R.3
  • 11
    • 0347758657 scopus 로고    scopus 로고
    • Comments on an empirical assessment of the residual income valuation model
    • Beaver W. Comments on an empirical assessment of the residual income valuation model. Journal of Accounting and Economics 26 (1999) 35-42
    • (1999) Journal of Accounting and Economics , vol.26 , pp. 35-42
    • Beaver, W.1
  • 12
    • 0001837476 scopus 로고    scopus 로고
    • 2 in accounting research: Measuring changes in value relevance over the last four decades
    • 2 in accounting research: Measuring changes in value relevance over the last four decades. Journal of Accounting and Economics 28 (1999) 83-115
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 83-115
    • Brown, S.1    Lo, K.2    Lys, T.3
  • 13
    • 0000964255 scopus 로고
    • The information in discretionary outlays: Advertising, research and development
    • Bublitz B., and Ettredge M. The information in discretionary outlays: Advertising, research and development. The Accounting Review 64 1 (1989) 108-124
    • (1989) The Accounting Review , vol.64 , Issue.1 , pp. 108-124
    • Bublitz, B.1    Ettredge, M.2
  • 14
    • 0000975241 scopus 로고
    • Advertising, R&D expenditures and the market value of the firm
    • Chauvin K.W., and Hirschey M. Advertising, R&D expenditures and the market value of the firm. Financial Management 22 4 (1993) 128-140
    • (1993) Financial Management , vol.22 , Issue.4 , pp. 128-140
    • Chauvin, K.W.1    Hirschey, M.2
  • 15
  • 16
    • 34547499914 scopus 로고    scopus 로고
    • The issues of endogeneity within theory-based, quantitative management accounting research
    • Chenhall R.H., and Moers F. The issues of endogeneity within theory-based, quantitative management accounting research. European Accounting Review 16 (2007) 173-195
    • (2007) European Accounting Review , vol.16 , pp. 173-195
    • Chenhall, R.H.1    Moers, F.2
  • 17
    • 38249033644 scopus 로고
    • On cross-sectional analysis in accounting research
    • Christie A. On cross-sectional analysis in accounting research. Journal of Accounting and Economics 9 (1987) 231-258
    • (1987) Journal of Accounting and Economics , vol.9 , pp. 231-258
    • Christie, A.1
  • 18
    • 1342282718 scopus 로고    scopus 로고
    • The valuation of deferred taxation: Evidence from the UK partial provision approach
    • Citron D. The valuation of deferred taxation: Evidence from the UK partial provision approach. Journal of Business Finance & Accounting 28 7 & 8 (2001) 821-852
    • (2001) Journal of Business Finance & Accounting , vol.28 , Issue.7-8 , pp. 821-852
    • Citron, D.1
  • 19
    • 28644448474 scopus 로고    scopus 로고
    • Market valuation models of the effect of advertising and promotional spending: A review and meta-analysis
    • Conchar M.P., Crask M.R., and Zinkhan G.M. Market valuation models of the effect of advertising and promotional spending: A review and meta-analysis. Journal of the Academy of Marketing Science 33 4 (2005) 445-460
    • (2005) Journal of the Academy of Marketing Science , vol.33 , Issue.4 , pp. 445-460
    • Conchar, M.P.1    Crask, M.R.2    Zinkhan, G.M.3
  • 20
    • 0037219731 scopus 로고    scopus 로고
    • Market valuations in the new economy: An investigation of what has changed
    • Core J.E., Guay W.R., and Buskirk A.V. Market valuations in the new economy: An investigation of what has changed. Journal of Accounting and Economics 34 (2003) 43-67
    • (2003) Journal of Accounting and Economics , vol.34 , pp. 43-67
    • Core, J.E.1    Guay, W.R.2    Buskirk, A.V.3
  • 22
    • 0005522412 scopus 로고    scopus 로고
    • An econometric study of advertising and cigarette demand in the United Kingdom
    • Duffy M. An econometric study of advertising and cigarette demand in the United Kingdom. International Journal of Advertising 15 (1996) 262-284
    • (1996) International Journal of Advertising , vol.15 , pp. 262-284
    • Duffy, M.1
  • 23
    • 0000454541 scopus 로고    scopus 로고
    • The influence of advertising on the pattern of food consumption in the UK
    • Duffy M. The influence of advertising on the pattern of food consumption in the UK. International Journal of Advertising 18 (1999) 131-168
    • (1999) International Journal of Advertising , vol.18 , pp. 131-168
    • Duffy, M.1
  • 24
    • 0000797845 scopus 로고    scopus 로고
    • Discussion of revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates
    • Easton P. Discussion of revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates. Journal of Accounting Research 36 (1998) 235-247
    • (1998) Journal of Accounting Research , vol.36 , pp. 235-247
    • Easton, P.1
  • 25
    • 0000344244 scopus 로고
    • Gaining comparative advantage through discretionary expenditures: The returns to R&D and advertising
    • Erickson G., and Jacobson R. Gaining comparative advantage through discretionary expenditures: The returns to R&D and advertising. Management Science 38 9 (1992) 1264-1279
    • (1992) Management Science , vol.38 , Issue.9 , pp. 1264-1279
    • Erickson, G.1    Jacobson, R.2
  • 26
    • 0034311155 scopus 로고    scopus 로고
    • The contribution of changes in advertising expenditures to earnings and market values
    • Graham Jr. R.C., and Frankenberger K.D. The contribution of changes in advertising expenditures to earnings and market values. Journal of Business Research 50 (2000) 149-155
    • (2000) Journal of Business Research , vol.50 , pp. 149-155
    • Graham Jr., R.C.1    Frankenberger, K.D.2
  • 27
    • 84985195552 scopus 로고
    • International perceptions of cost constraints on voluntary information disclosures: A comparative study of U.K. and U.S. multinationals
    • Gray S.J., Radebaugh L.H., and Roberts C.B. International perceptions of cost constraints on voluntary information disclosures: A comparative study of U.K. and U.S. multinationals. Journal of International Business Studies 21 4 (1990) 597-622
    • (1990) Journal of International Business Studies , vol.21 , Issue.4 , pp. 597-622
    • Gray, S.J.1    Radebaugh, L.H.2    Roberts, C.B.3
  • 28
    • 0001236896 scopus 로고    scopus 로고
    • UK evidence on the market valuation of research and development expenditures
    • Green J.P., Stark A.W., and Thomas H.M. UK evidence on the market valuation of research and development expenditures. Journal of Business Finance & Accounting 23 2 (1996) 191-216
    • (1996) Journal of Business Finance & Accounting , vol.23 , Issue.2 , pp. 191-216
    • Green, J.P.1    Stark, A.W.2    Thomas, H.M.3
  • 29
    • 0001188867 scopus 로고
    • On the impossibility of informationally efficient markets
    • Grossman S.J., and Stiglitz J.E. On the impossibility of informationally efficient markets. American Economic Review 70 3 (1980) 393-408
    • (1980) American Economic Review , vol.70 , Issue.3 , pp. 393-408
    • Grossman, S.J.1    Stiglitz, J.E.2
  • 32
    • 84885627663 scopus 로고
    • Intangible capital aspects of advertising and R&D expenditures
    • Hirschey M. Intangible capital aspects of advertising and R&D expenditures. The Journal of Industrial Economics 30 4 (1982) 375-389
    • (1982) The Journal of Industrial Economics , vol.30 , Issue.4 , pp. 375-389
    • Hirschey, M.1
  • 33
    • 0003114392 scopus 로고
    • Market structure and market value
    • Hirschey M. Market structure and market value. Journal of Business 58 1 (1985) 89-98
    • (1985) Journal of Business , vol.58 , Issue.1 , pp. 89-98
    • Hirschey, M.1
  • 34
    • 0010090150 scopus 로고
    • Size effects in the market valuation of fundamental factors
    • Hirschey M., and Spencer S. Size effects in the market valuation of fundamental factors. Financial Analyst Journal 48 2 (1992) 91-95
    • (1992) Financial Analyst Journal , vol.48 , Issue.2 , pp. 91-95
    • Hirschey, M.1    Spencer, S.2
  • 35
    • 0001753445 scopus 로고
    • Amortization policy for advertising and research and development expenditures
    • Hirschey M., and Weygandt J.J. Amortization policy for advertising and research and development expenditures. Journal of Accounting Research 23 1 (1985) 326-335
    • (1985) Journal of Accounting Research , vol.23 , Issue.1 , pp. 326-335
    • Hirschey, M.1    Weygandt, J.J.2
  • 36
    • 13844281536 scopus 로고    scopus 로고
    • The effects of R&D and advertising on firm value: An examination of manufacturing and nonmanufacturing firms
    • Ho Y.K., Keh H.T., and Ong J.M. The effects of R&D and advertising on firm value: An examination of manufacturing and nonmanufacturing firms. IEEE Transactions on Engineering Management 52 1 (2005) 3-13
    • (2005) IEEE Transactions on Engineering Management , vol.52 , Issue.1 , pp. 3-13
    • Ho, Y.K.1    Keh, H.T.2    Ong, J.M.3
  • 37
    • 0001895052 scopus 로고
    • Contribution of diversification, promotion, and R&D to the value of multiproduct firms: A Tobin's q approach
    • Jose M.L., Nichols L.M., and Stevens J.L. Contribution of diversification, promotion, and R&D to the value of multiproduct firms: A Tobin's q approach. Financial Management 15 (1986) 33-42
    • (1986) Financial Management , vol.15 , pp. 33-42
    • Jose, M.L.1    Nichols, L.M.2    Stevens, J.L.3
  • 38
    • 1342266669 scopus 로고    scopus 로고
    • The value relevance and reliability of brand assets recognized by U.K. firms
    • Kallapur S., and Kwan S.Y.S. The value relevance and reliability of brand assets recognized by U.K. firms. The Accounting Review 79 1 (2004) 151-172
    • (2004) The Accounting Review , vol.79 , Issue.1 , pp. 151-172
    • Kallapur, S.1    Kwan, S.Y.S.2
  • 40
  • 41
    • 0038356110 scopus 로고    scopus 로고
    • Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays
    • Kothari S.P., Laguerre T.E., and Leone A.J. Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies 7 (2002) 355-382
    • (2002) Review of Accounting Studies , vol.7 , pp. 355-382
    • Kothari, S.P.1    Laguerre, T.E.2    Leone, A.J.3
  • 43
  • 45
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20 (1988) 293-315
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 46
    • 0000699742 scopus 로고
    • Why investors value multinationality
    • Morck R., and Yeung B. Why investors value multinationality. Journal of Business (1991) 165-187
    • (1991) Journal of Business , pp. 165-187
    • Morck, R.1    Yeung, B.2
  • 47
    • 0001691992 scopus 로고    scopus 로고
    • An examination of the voluntary recognition of acquired brand names in the United Kingdom
    • Muller K.A. An examination of the voluntary recognition of acquired brand names in the United Kingdom. Journal of Accounting and Economics 26 (1999) 179-191
    • (1999) Journal of Accounting and Economics , vol.26 , pp. 179-191
    • Muller, K.A.1
  • 49
    • 84984180909 scopus 로고
    • Earnings, book values, and dividend in equity valuation
    • Ohlson J.A. Earnings, book values, and dividend in equity valuation. Contemporary Accounting Research 11 2 (1995) 661-687
    • (1995) Contemporary Accounting Research , vol.11 , Issue.2 , pp. 661-687
    • Ohlson, J.A.1
  • 50
    • 5744234216 scopus 로고
    • The measurement of cumulative advertising effects
    • Palda K.S. The measurement of cumulative advertising effects. Journal of Business 38 2 (1965) 162-179
    • (1965) Journal of Business , vol.38 , Issue.2 , pp. 162-179
    • Palda, K.S.1
  • 53
    • 0008137046 scopus 로고    scopus 로고
    • Advertising and firm performance: Some new evidence from UK firms
    • Paton D., and Williams L.V. Advertising and firm performance: Some new evidence from UK firms. Economic Issues 4 2 (1999) 89-105
    • (1999) Economic Issues , vol.4 , Issue.2 , pp. 89-105
    • Paton, D.1    Williams, L.V.2
  • 54
    • 29244461049 scopus 로고
    • A reconsideration of the recognition of advertising assets on the financial statements
    • Picconi M.J. A reconsideration of the recognition of advertising assets on the financial statements. Journal of Accounting Research 15 2 (1977) 317-326
    • (1977) Journal of Accounting Research , vol.15 , Issue.2 , pp. 317-326
    • Picconi, M.J.1
  • 55
    • 8644252569 scopus 로고    scopus 로고
    • How is manifest branding strategy related to the intangible value of a corporation
    • Rao V.R., Agarwal M.K., and Dahlhoff D. How is manifest branding strategy related to the intangible value of a corporation. Journal of Marketing 68 (2004) 126-141
    • (2004) Journal of Marketing , vol.68 , pp. 126-141
    • Rao, V.R.1    Agarwal, M.K.2    Dahlhoff, D.3
  • 56
    • 47549106992 scopus 로고
    • Profitability and intangible assets: Another look at advertising and entry barriers
    • Reekie W.D., and Bhoyrub P. Profitability and intangible assets: Another look at advertising and entry barriers. Applied Economics 13 (1981) 99-107
    • (1981) Applied Economics , vol.13 , pp. 99-107
    • Reekie, W.D.1    Bhoyrub, P.2
  • 57
    • 0010209122 scopus 로고    scopus 로고
    • The impact of dividends, debt and investment on valuation models
    • Rees W.P. The impact of dividends, debt and investment on valuation models. Journal of Business Finance & Accounting 24 7 & 8 (1997) 1111-1139
    • (1997) Journal of Business Finance & Accounting , vol.24 , Issue.7-8 , pp. 1111-1139
    • Rees, W.P.1
  • 58
    • 70350108827 scopus 로고
    • Inter-industry studies of structure and performance
    • Schmalensee R.C., and Willig R.D. (Eds), North-Holland, Amsterdam
    • Schmalensee R.C. Inter-industry studies of structure and performance. In: Schmalensee R.C., and Willig R.D. (Eds). Handbook of industrial organization, 2 (1989), North-Holland, Amsterdam
    • (1989) Handbook of industrial organization, 2
    • Schmalensee, R.C.1
  • 59
    • 0002111199 scopus 로고
    • The accounting based valuation of corporate R&D
    • Sougiannis T. The accounting based valuation of corporate R&D. The Accounting Review 69 1 (1994) 44-68
    • (1994) The Accounting Review , vol.69 , Issue.1 , pp. 44-68
    • Sougiannis, T.1
  • 60
    • 0032337939 scopus 로고    scopus 로고
    • On the empirical relationship between market value and residual income in the U.K
    • Stark A.W., and Thomas H.M. On the empirical relationship between market value and residual income in the U.K. Management Accounting Research 9 4 (1998) 445-460
    • (1998) Management Accounting Research , vol.9 , Issue.4 , pp. 445-460
    • Stark, A.W.1    Thomas, H.M.2
  • 61
    • 20144374460 scopus 로고    scopus 로고
    • The eyeballs have it: Searching for the value in internet stocks
    • Truman B., Wong F., and Zhang X. The eyeballs have it: Searching for the value in internet stocks. Journal of Accounting Research 38 (2000) 137-162
    • (2000) Journal of Accounting Research , vol.38 , pp. 137-162
    • Truman, B.1    Wong, F.2    Zhang, X.3
  • 64
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 4 (1980) 817-837
    • (1980) Econometrica , vol.48 , Issue.4 , pp. 817-837
    • White, H.1
  • 65
    • 67349167955 scopus 로고
    • The effects of advertising on fast-moving consumer goods markets
    • Yasin J. The effects of advertising on fast-moving consumer goods markets. International Journal of Advertising 14 (1995) 133-147
    • (1995) International Journal of Advertising , vol.14 , pp. 133-147
    • Yasin, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.