Advertising expenditure, intangible value and risk: A study of restaurant companies

被引：51

作者：

Hsu, Li-Tzang ^{[1
]}

Jang, SooCheong ^{[2
]}

机构：

[1] Kansas State Univ, Dept Hotel Restaurent Inst Management & Dietet, Manhattan, KS 66506 USA

[2] Purdue Univ, Dept Hospitality & Tourism Management, W Lafayette, IN 47907 USA

来源：

INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT | 2008年 / 27卷 / 02期

关键词：

advertising; restaurant firm; risk; intangible value; Tobin's Q;

D O I：

10.1016/j.ijhm.2007.07.012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the relationships between advertising expenditure, intangible value, and risk in stock returns of restaurant firms between 2000 and 2005. Tobin's Q was used to examine intangible value, and the variance of common stock return was used to measure the investment risk. The results indicate that the level of advertising expenditure has a significant positive effect on the intangible value of the firm, suggesting that advertising expenditures could help generate intangible value in restaurant firms. However, this study did not support a significant relationship between the advertising expenditure level and the stock return risk of restaurant firms. (C) 2007 Elsevier Ltd. All rights reserved.

引用

页码：259 / 267

页数：9

共 49 条

[1]

ALIOUCHE EH, 2005, P ANN INT SOC FRANCH

[2]

ALON I, 2004, P ANN INT SOC FRANCH

[3]

[Anonymous], 2006, USING ECONOMETRICS

[4]

[Anonymous], 2003, J PRIVATE EQUITY

[5]

Barnes P., 1987, Journal of Business Finance Accounting, V14, P449, DOI DOI 10.1111/J.1468-5957.1987.TB00106.X

[6]

BENZION U, 1975, J FINANC, V30, P1015

[7] Information technology effects on firm performance as measured by Tobin's q [J].

Bharadwaj, AS ;

Bharadwaj, SG ;

Konsynski, BR .

MANAGEMENT SCIENCE, 1999, 45 (07) :1008-1024

[8]

Borde S. F., 1998, Cornell Hotel and Restaurant Administration Quarterly, V39, P64, DOI 10.1177/001088049803900210

[9]

BUBLITZ B, 1989, ACCOUNT REV, V64, P108

[10] Toward a strategic theory of risk premium: Moving beyond CAPM [J].

Chatterjee, S ;

Lubatkin, MH ;

Schulze, WS .

ACADEMY OF MANAGEMENT REVIEW, 1999, 24 (03) :556-567

← 1 2 3 4 5 →