Advertising expenditure,intangible value and risk: A study of restaurant companies |
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Authors: | Li-Tzang Hsu SooCheong Jang |
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Institution: | 1. Department of Hotel, Restaurant, Institution, Management and Dietetics, Kansas State University, Manhattan, KS 66506-1404, USA;2. Department of Hospitality and Tourism Management, Purdue University, West Lafayette, IN 47907-0327, USA |
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Abstract: | 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. |
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Keywords: | Advertising Restaurant firm Risk Intangible value Tobin's Q |
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